Last week I attended the Lowe’s investor day & met with leaders across the business.
With 1700+ stores & a team exceeding 300,000, Lowe’s has a leading footprint in the largest asset class in the world – US real estate.
In 10 months, the MyLowe’s Rewards program has been a roaring success:
1. Members are spending 50% more than non-members
2. Customers receive points on every purchase
My discussion with Jennifer Wilson, the CMO & loyalty program lead, suggests the team is just getting started.
The data driven insights are influencing all aspects of the business, from:
- Tailored marketing based on past purchases & region
- Inventory management (now enhanced by AI)
- Store layout & returns per square meter
Critically, the next generation of consumers, Millennials & Gen-Z are highly engaged. We’ve observed the impact this can have at other consumer companies.
The passion & attention to detail of the executive team was clear, yet this is amplified when you walk around a store, covering all parts of the business.
Lowe’s Companies, Inc.’s has been in business for over a century.
In less than a year, the loyalty program is driving higher engagement, increased repeat purchases & customer outcomes through personalised experiences.