Lowe’s is getting into the metaverse, CNBC reported Tuesday (June 21), and the home improvement retailer will make virtual products available through its own hub and for free.
Other brands have chosen to put products on a virtual platform or game such as Fortnite.
Marisa Thalberg, Lowe’s executive vice president and chief brand and marketing officer, said Lowe’s goal is to “to take this new frontier and help people use their imaginations and help them make their virtual spaces as exciting and inspirational and enjoyable as their real world spaces.”
“It’s all emerging, and it’s all up for exploration,” Thalberg told CNBC, adding that the retailer wanted to go for an “agnostic” approach, rather than team with a metaverse platform.
The Lowe’s metaverse can be used to visualize home improvement projects. The assets will be based on real products available at Lowe’s. Lowe’s already uses 3D digital versions of its products so online customers can visualize dimensions and features.
CNBC wrote that Lowe’s is the first big home improvement retailer to enter the metaverse with free products. But CNBC speculated that Lowe’s wants to watch customer behavior and look for ways it can capitalize in the future.
The report notes that by 2026, a quarter of consumers will spend “at least one hour” a day in the metaverse, according to estimates from Gartner, a consulting and research firm. And Morgan Stanley said there’s an estimated total addressable market for ad and eCommerce opportunities for the metaverse that could reach $8.3 trillion, with $697 billion in home and related spending.
See also: Lowe’s Posts Mixed Q1 Earnings as Chilly Spring Cools Demand
Lowe’s had a drop in first-quarter fiscal year sales, a PYMNTS report said, with $23.7 billion, compared to $24.4 billion from the same time in 2021.
Marvin R. Ellison, Lowe’s chairman, president and CEO, said the numbers were in line with the company’s expectation, except for the negative numbers for outdoor seasonal categories, due to colder April temperatures than usual.
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