Connect with us

Business

Lowe’s launches ‘Shark Tank’ like effort for small businesses

Published

on


While many small businesses face challenges during the coronavirus pandemic, Lowe’s is giving them a chance to get their products off the shelves of its stores and website.

Lowe CEO Marvin Ellison said on CNBC’s “Squawk on the Street” Tuesday that the home improvement retailer is teaming up with ABC’s “Shark Tank” star Daymond John to mentor contractors, listen to their pitches and restrict the pool to the best. The initiative will ultimately culminate in a one-day pitch competition judged by Lowe’s executives and moderated by John.

“We are thrilled to create the opportunity for the American Dream for an entrepreneur to get their products into a mass market to serve customers,” he said.

Home improvement retailer pledged $ 55 million in small business grants to support minority and women-owned businesses and rural small businesses, many of which struggled as Covid-19 spread, closed stores and created economic uncertainty.

Ellison said on Tuesday the new effort was inspired by the surge of interest and the great need. He said Lowe’s had received more than 800,000 grant applications since the program began in May.

“The demand for this program made us realize that we should be doing a lot more,” he said. “So we had an idea to try to have more products on our shelves and on Lowes.com that are coming from various contractors.”

The new initiative is called “Making it … With Lowe’s”. Small businesses can apply for the competition from September 15 to September 25.

Lowe’s tried to build relationships with professionals in the home, such as plumbers, contractors, and electricians, and try to earn more from their business. About 20% to 25% of its sales come from professionals, compared to about 45% at rival Home Depot. Lowe’s launched a loyalty program, added new products tailored to them, and began offering a free video tool that allows professionals to take virtual home tours during the pandemic. She recently started a tool rental business, which she plans to expand nationwide.

“We will be committed to serving this really, really important and very influential customer, while ensuring that our e-commerce business continues to be something customers think of first,” he said.

In addition to shining a light on small businesses, the pitch competition could help differentiate Lowe’s. This could add a unique assortment of products that customers cannot find at other retailers. The retailer already offers exclusive brands of power tools and other home improvement items.

Lowe’s benefited during the pandemic as Americans work, learn and spend more time at home. Customers refreshed their lawns, replaced their appliances, and completed DIY projects. This boosted second quarter revenue by 30% and website sales by 135%.

Shares rose about 1% early Tuesday. Its shares are up almost 38% so far this year.

Disclosure: CNBC owns the exclusive off-grid cable rights to “Shark Tank”.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos



picture credit

ExBUlletin

to request, modification Contact us at Here or [email protected]

Please disable the ad-blocker on this page to see the content

plus