Lowe’s home improvement is an e-commerce site that is one of the leading companies at the moment. But they have sufficient scopes to improve i.e. reviews and feedback are limited in this area whereas sites like GotAbout – Buyers’ Guide and CrazyFin Tools are allowing the potential buyers to have in-depth knowledge about the product. We have reviewed Lowe’s business with SWOT analysis based on their internal and external aspects of the business.
Lowe’s is an American retailer that specializes in the home improvement sector. They are one of the top competitors in the market and have a good name for their long journey in the industry.
Competitors of Lowe’s
Numerous companies have heavy competition with Lowe’s. At the moment, the company is competing with Home Depot, Target, Costco, Walmart, and Bed Bath, and beyond. Business organization like GotAbout is providing related facilities e.g. Product reviews, which are rare among all of the competitors; so, the market is currently saturated with high competition.
Lowe’s product lineup
Lowe’s home improvement has a huge collection of products. They have accessible home products to cleaning supplies. Animal and pet care products are also a major part of their collection. Clothing and work apparel is a part of their product lineup, even though there aren’t many to choose from. Hardware is a major selling point of their business. For contractors and anyone who is looking for products on budget, lowe’s a no brainer.
Dining and home appliances are a part of their business too with outdoor products and sports accessories. Food and electrical products are also available in their departments. Grooming and personal care can be found with the best products set up for the customers to pick from. Apart from that, Lowe’s home improvements have lighting, flooring and home decor products to give a one-stop solution for anyone interested to buy.
SWOT Analysis of Lowe’s Home Improvement
SWOT Analysis is an illustrated management structure that enables a brand like Lowe’s Companies to benchmark its business and execution when contrasted with the contenders and industry. To learn about the current situation of the company, and to learn about their state in the market, SWOT analysis can help to have a clear view.
Strength of Lowe’s Home Improvement
Lowe’s home improvements serve more than 14 million clients every week, which is one of the prime strengths of their business. This is conceivable because they serve across the boundaries and guarantee the quality in each store with standardized methods. For having a loyal customer base, they have a stable financial state that permits them to have consistent development each time.
They ensure the quality which is turned into a strong brand reputation. They are perceived to be the top 50 brand name candidates by the United States Patent and Trademark Office. All of this together puts Lowe’s home improvement in a strong position in a competitive market. Their strengths if utilized properly can help them, in the long run, to grow as an international brand.
Weakness of Lowe’s Home Improvement
One of their top weaknesses that were found by the survey is that Lowe’s doesn’t have centralized processing of their corporation. This may become trouble in quality control if something goes wrong. The entire organization’s name is associated with every one of the stores they have so a minor issue can hurt the name of the organization. The worldwide presence might be beneficial to Lowe’s home improvement in the long but no centralized processing is a huge drawback here. If Lowe’s company can fix these issues, it can become a home name in the industry.
Opportunity for Lowe’s Home Improvement
As it was referenced previously, Lowe’s can tap the business in the mainstream market by extending its essence in various nations. This way they will be able to boost their revenue and help the company to grow. For that, they will have to have a centralized process to handle the huge collection they have available. Also, to enhance the customer experience, they can deliver free of charge. This will help the organization with building a more loyal customer base who’d vouch for them later on. To run on a large scale, they will have to expand their product line up and have strong standards as operational policy.
Threats for Lowe’s Home Improvement
Even though there are a lot of chances accessible for Lowe’s, they can pursue them down with their strengths. But the threat arises as there is a growing number of competitors entering the market. The tough competition isn’t allowing them to expand their business on a large scale. In order of shipment, it is impossible that clients can contact or feel the item. Humane interaction is a huge key in the sector of this business and the availability of doing so is a major threat as the other companies are offering it. Just transportation to a specific number of customers and depending on web-based business can hamper the development of the business over the long run. As the market is growing and making it harder for old school players like Lowe’s to compete, new tactics should be adopted to grow in this hugely saturated business place.
Recommendations
Lowe’s home improvements can have fair competition in the market with their qualities on the table. Yet, the shortcomings must be fixed fast to keep away from the threats and snatch the opportunities to them. Approaching a wider audience will be able to help them grow and have a strong base from themselves. The strengths they have are unique and the weaknesses can be overcome. The market has enough space for them to grow with their potential. But the growing competition in the market can threaten the growth of the company which can be faced. Lowe’s home improvement can use their experience in the market to be the market leader if they took a closer look at their internal as well as external aspects of the business.