Home Depot Reportedly Banking on AI to Rebuild Sales

Core Insights - Home Depot is leveraging generative AI to enhance its online shopping experience, aiming to replicate the customer service found in physical stores [1][2] - The AI tool assists customers with product inquiries and will eventually include features like design ideas and product comparisons [2][3] - Home Depot has been utilizing generative AI for about a year and plans to expand its applications, particularly for professional contractors and business account customers [3][4] Company Strategy - The company is focusing on improving the online experience for both general consumers and professional customers, which is crucial as DIY sales have declined [3][4] - Investments in AI and site improvements are driving better conversion rates and increased engagement across channels [4] - Home Depot's strategy aligns with the trend of omnichannel shopping, where nearly 40% of consumers engage with both digital and physical shopping [4][5] Industry Trends - Generative AI is recognized as a significant emerging technology, with over 75% of business leaders identifying it as impactful [6] - Marketing and sales departments in the retail sector are leading the adoption of generative AI, with 57% of these teams pursuing initiatives compared to 31% in other industries [6]