Home improvement retailer Lowe's has collaborated with marketplace technology company Mirakl to expedite the growth of its e-commerce Marketplace.
Since its inception, Lowe's Marketplace has broadened its range, incorporating products from third-party sellers.
The expanded selection includes items across categories such as indoor and outdoor furnishings, kitchen and bath essentials and home décor.
This expansion provides customers with a more diverse selection of products, supplementing the already extensive array of items available both in-store and on Lowes.com.
Lowe's Marketplace will also enable Lowe's to venture into new product categories within the home segment.
Additional advantages for Lowe's Marketplace include benefits for MyLowe's Rewards loyalty programme members who can earn points on any marketplace purchases.
The convenience for customers is enhanced by the availability of home delivery for all marketplace products and the option to return items purchased through Lowes.com at any of Lowe’s 1,700 stores.
Lowe's chief digital and information officer Seemantini Godbole stated: "Our partnership with Mirakl allows Lowe's Marketplace to offer a full complement of products to homeowners for every project around the home, driving our Total Home Strategy forward."
In the first quarter (Q1) of fiscal 2025 (FY25), Lowe's has recorded net earnings of $1.64bn and diluted earnings per share (EPS) of $2.92.
Total sales reached $20.93bn, down from $21.36bn in the corresponding quarter of the previous year.
Comparable sales saw a decline of 1.7%, which was attributed to unfavourable weather conditions mitigated by mid-single-digit growth in Pro and online sales.
For the full fiscal year 2025, Lowe’s has forecasted total sales ranging between $83.5bn and $84.5bn.
Comparable sales are anticipated to be flat or increase up to 1% compared to the previous year.
Diluted EPS is expected to be in the range $12.15 to $12.40 in FY25.
Lowe's chairman, president and CEO Marvin Ellison stated: "Despite near-term uncertainty and housing market headwinds, our team's unwavering focus on exceptional customer service has elevated satisfaction scores and earned Lowe's the number 1 ranking in customer satisfaction among home improvement retailers by JD Power.
"Strategic investments in technology, inviting store environments, and our dedicated associates continue to solidify our commitment to serving our customers and communities.”
As of 2 May 2025, Lowe's managed a network of 1,750 retail outlets with a total selling space of 195.3 million ft².
In early May 2025, Lowe’s introduced a new AI-powered tool to enhance customer service and expedite the onboarding process for new associates.
