Online business is expected to grow by $83.3 billion! Lowe's is betting on e-commerce

Home improvement retailer Lowe’s plans to increase market share by further expanding its e-commerce sales by revamping its B2B website , building on moves it made in 2020 .

Improving LowesforPros.com functionality

Lowe’s migrated its main website, Lowes.com, to the cloud in 2020 and will move LowesforPros.com to the cloud this year .

Additionally , Lowe’s will increase the functionality of LowesforPros.com , including the ability to track purchases , view order history , contractor open positions and annual spending, and invest in online selling tools, such as enabling virtual in-home measurement technology .

The home improvement company has focused more on B2B business in large part because building and construction professionals shop more frequently than the average consumer.

Lowe’s President and CEO Marvin R. Ellison said in December that e-commerce is an underpenetrated market segment and that growth in e-commerce sales, especially to professionals, will be a top priority going forward.

"Continuing to grow sales to Pro customers is critical to Lowe 's total home strategy and supports its goal of overall market share growth, " Ellison said .

Among the initiatives in Lowe’s plan is to allow building and construction professionals to reserve rental tools and equipment online. Ellison said 70% of building and construction professionals rent tools at least once a year, and currently, this is an underserved market for Lowe’s.

Overall, Lowe’s has increased the inventory on its e-commerce site to 2 million SKUs, up from about 400,000 in 2018. The retailer has also added buy online , in-store lockers and three new e-commerce fulfillment centers as a way to handle orders for large, bulky items.

Global online home improvement market expected to grow by $83.32 billion

A report previously released by Technavio showed that the global online home decoration market size is expected to grow by US$83.32 billion from 2020 to 2024 , growing at a compound annual growth rate of nearly 13% during the forecast period.

I believe that with the rapid development of e-commerce and the continuous innovation of related technologies, the integration of AR/VR technology will further enhance customers' online shopping experience, and the e-commerce process of the home improvement market will be further accelerated.

Lowe's

Home Improvement E-Commerce