For Lowe’s, the rollout of its digital twin is part of its ongoing investment in new technologies.
The digital twin, which is a complete virtual replica of one of the company’s home improvement stores, combines spatial data with Lowe’s data, including product location and historical order information. Those sources are integrated into a visual package that can be accessed on a range of devices.
The company is exploring a number of functions with the technology. Associates can view a hologram of the digital twin overlaid with the physical store in augmented reality. This helps compare what a store shelf should look like with what it actually looks like so it is stocked with the correct products. Additionally, associates can view sales performance and customer traffic data by using 3D heatmaps and distance measurements of items that are frequently purchased together, among other operations.
“We're thrilled to pioneer retail digital twins and elevate experiences for both our associates and customers,” Seemantini Godbole, Lowe's executive vice president, chief digital and information officer, said in a statement. “Through emerging technology, we are always imagining and testing ways to improve store operations and remove friction for our customers.”
Before the COVID-19 pandemic upended the retail industry, Lowe’s had unveiled mobile apps with augmented reality technology . The retailer unveiled its Measure Your Space tool last November to allow customers to scan and measure their spaces before making home improvements. In June, the retailer debuted more than 500 free digital assets in Lowe’s Open Builder, its metaverse hub. It also released a limited-edition, wearable NFT collection on Decentraland, another digital asset platform.
As Lowe’s introduces digital tools and goods, it faces competition from its rival Home Depot. While Lowe’s saw its Q2 2022 net sales dip by 0.3% from 2021 to $27.5 billion, Home Depot reported a 6.5% rise in second-quarter net sales compared to last year to $43.8 billion.
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With Target taking the vocal lead, retailers are flushing out excess inventory to reset for the holidays. How much they’ll sell then is anybody’s guess.
Rivals Pacsun and American Eagle Outfitters have similar target audiences but are approaching the rising popularity of digital currency differently.
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