The past year was tough for home-improvement retailers like Home Depot and Lowe’s, with foot traffic declines due to economic challenges. Home sales stagnated as prices and mortgage rates soared, impacting consumer spending. Lowe’s CEO mentioned affordability concerns and high interest rates affecting the housing market. In response, Lowe’s implemented AI voice agents to enhance customer service. The AI tool helps workers have more face-to-face interaction with customers. Lowe’s SVP emphasized the importance of starting small and iterating when implementing new technology. Beyond phone calls, Lowe’s is also exploring the use of AI and robotics to improve their supply chain. Additionally, Home Depot launched an AI tool called Material List Builder to assist contractors and renovators in creating shopping lists quickly. The new feature interprets project ideas and generates a grouped list of needed materials. Home Depot’s Material List Builder AI streamlines job lists for professionals, saving time and enhancing focus on customers. Home Depot and Lowe’s are investing in AI differently – Home Depot focuses on specific areas while Lowe’s rebuilds around AI. Lowe’s uses AI to enhance human expertise and improve in-store customer interactions.

Industry data shows that consumer perceptions of a brand’s value are influenced by factors beyond price. Lowe’s AI strategy aims to improve customer experience, but data suggests consumers prefer human interaction over AI agents. Despite Lowe’s SVP Nair saying containment rates are good, 84.7% of consumers prefer speaking with a human rather than an AI agent.

Read more at Yahoo Finance: Lowe’s makes major change to how you interact with its stores