Lowe’s Introduces ‘Mylow,’ a New Virtual Assistant Powered by OpenAI
Lowe’s Unveils AI-Powered Virtual Assistant: Mylow
Introduction to Mylow
Lowe’s, a leading home improvement retailer, has launched an innovative virtual assistant named Mylow, which is powered by artificial intelligence (AI). This new tool was announced on March 12 and aims to assist customers with project-related inquiries. Mylow not only provides answers to various how-to questions but also helps users find the right products for their home improvement tasks.
How Mylow Works
Mylow is designed to bring the expertise typically associated with a Lowe’s associate right to the user’s fingertips. Developed in partnership with OpenAI, the assistant offers practical advice and clear instructions for a range of home improvement projects.
Key Features of Mylow:
- Accessible Anytime, Anywhere: Users can inquire about project steps and product recommendations from any device.
- Available on Multiple Platforms: Mylow can be accessed through both desktop and mobile versions for MyLowe’s Rewards members at lowes.com/Mylow.
- Future Updates: Lowe’s plans to introduce voice capabilities and potentially integrate Mylow into its mobile application later this year.
Lowe’s Strategy in a Challenging Market
Amid a tough economic environment for home improvement, Lowe’s is focusing on digital innovation to drive sales growth. According to CEO Marvin R. Ellison, the company recognizes the utility of AI tools like Mylow in enhancing customer experiences and supporting sales.
Competitive Landscape
Lowe’s is not the only retailer leveraging AI technology. Home Depot has also implemented a generative AI assistant designed to answer queries about its products and project execution. The executive vice president of customer experience at Home Depot, Jordan Broggi, discussed ambitions to expand AI capabilities to include design ideas and product comparisons. However, he acknowledged challenges such as mixed consumer opinions on AI and ensuring the technology does not detract from the shopping experience.
The Role of Generative AI in Retail
Research shows that a significant majority of business leaders consider generative AI to be the most transformative emerging technology. A report titled What Generative AI Has in Store for the Retail Industry highlighted that about 16% of consumer and retail companies are utilizing generative AI, primarily in marketing and sales sectors. In these departments, 57% are currently engaged with generative AI initiatives, compared to only 31% in other industries.
Expert Insights on AI’s Future in Retail
Industry experts are optimistic about the future of AI in the retail sector. Arvind Purushotham, Head of Citi Ventures, emphasized that personalized online shopping experiences will be greatly enhanced through AI. Retailers will increasingly rely on AI technologies to predict and meet individual customer preferences at unprecedented levels.
Summary of Mylow’s Features and Benefits
- Expert Support: Offers guidance based on professional knowledge.
- Convenient Access: Available on desktop and mobile for easy use.
- Product Search Assistance: Helps find the right tools and materials.
- Future Developments: Enhancements like voice control and app integration planned.
With Mylow, Lowe’s aims to redefine customer support in the home improvement space, making expert advice readily available to enhance shopping experiences and project success. The introduction of such AI-driven tools marks a significant trend in the retail industry, with other companies like Home Depot following suit to engage customers more effectively.
