This article’s main focus is on what lowe focuses on to gain a bigger customer base. There are various factors that are considered as a competitive advantage for Lowe’s compared to their competition. You can categorize a competitive advantage in many ways. The price or the value of customer services. All these can become a factor for competitive advantage. This article will show you what lowe’s have been working on to get the majority of customers for themselves. We will point out a few points that we think made Lowe’s a successful company.
Lowe’s Competitive Edge
Now according to us, there are 4 points that we think Lowe’s focused on in a very structured way and hence they made this there differentiating point and conquered the industry. These factors help a company to gain profits as your company is known to be unique in that particular way. Let us now move on to the 4 points.
One of the very important things yet not very highlighted point. Very rarely someone focuses on the store layout as much as Lowe’s. The stores of Lowe’s and the garden centers of Lowe’s are huge. To be precise 113,000 and 32,000 square feet huge. This gives their customers space even at the time of high demand. Having space will not give you the advantage. You have to learn how to use that space.
Lowe’s have experimented with space and with an experience they have learned how to create an effective layout that will increase the chance of customer’s purchase. This creates a remarkable experience for customers. They have also utilized the space so that in case of storing and loading the products customers don’t get interrupted. Even with their shopping trolls, they must feel comfortable and that is the purpose of Lowe’s.
Lowe’s also had a competitive advantage when it comes to their product availability. They store larger stocks of products compared to other companies or say their rival. The product selection for customers is also diverse with Lowe’s. They have a variety in range and hence it makes them a better choice to shop. Lowe also stated that they focus on private brands to stand out from the competition. They have a very structured procedure of restocking quickly this gives them an upper hand.
Product placement does not get enough appreciation or focus. Many companies just place the products category wise. Well, it is more than that as a technique. You should what customers like to purchase more. What kinds of products are in demand. What should be highly seen to the customer? What kind of products are in an offer right now. How you can increase the selling chances of one product using another product. All these elements are important to understand. Lowe does a perfect work in understanding this and therefore they gain a competitive advantage from product placement.
It is very important in today’s world that you create a good experience for your customers. You will need to understand what they need. You also have to focus on solving their issues as quickly as possible. How to be empathetic is very important to learn in customer service.
Our main motive was to show you how Lowe’s has gained a competitive advantage in the market through their different strategies. This is our perspective and based on our research we put this article together. The above points can also help you to understand how you can help your business grow and become successful. It will give you an idea of what things you should focus on. In case you found any kind of difficulty or you want to share your experience with us then simply comment on the section below.