The lockdown induced by the pandemic boosts Home Depot and Lowe’s sales
Home Depot and Lowe’s, both valued clients of JRTech Solutions, reported that the pandemic-induced ‘nesting’ fuels their digital and in-store sales.
In fact, when the pandemic hit, communities switched to working remotely, cooking more meals, but also taking on DIY projects in order to bring comfort at home. The upstick in DIY projects and home renovations translated to a jump in sales online and in stores by 25% in the quarter for Home Depot and about 30% for Lowe’s.
Like other retailers, the companies have seen a shift toward online spending, with many customers picking up their purchases at curbside.
This new normal is one of the reason why retailers have decided to use new technologies such as electronic shelf labels to efficiently manage and respond quickly to increasing online demand increase.
At Home Depot, digital sales rose 80% year over year — and customers picked up about 60% of those orders at its stores, the company’s CEO, Craig Menear, said. At Lowe’s, digital sales more than doubled, with 106% of year over year growth.
Despite the economic toll of the pandemic on millions of unemployed Americans, some consumers feel like they have more money as they skip vacations and nights out to dinner. Those customers have been more willing to splurge on big-ticket items such as riding mowers and even seasonal decor — like a 12-foot skeleton that became a breakout hit and sold out at Home Depot before October.