by Christopher Freeburn | January 14, 2014 10:49 am
Big box home supply chain Lowe’s (LOW) will team up with Porch.com to help consumers find the right contractors for home renovation products.
Under the deal, Lowe’s has made an unspecified investment in Porch.com. The website compiles project data from home improvement professionals and clients, but also searches municipal data bases to track city permits and orders from material suppliers to better track projects. Contractors are recommended based on a number of criteria, including repeat business from customers, the New York Times notes.
Porch.com’s system is currently in use at more than 130 Lowe’s stores across North Carolina and South Carolina, as well as the Seattle metropolitan region. Lowe’s is betting the Porch.com’s system is less likely to be manipulated by misleading reviews. A number of other business guidance websites, including Yelp (YELP) and Angie’s List (ANGI), rely heavily on customer reviews, which are open to gaming by contractors.
LOW stock sank modestly in Tuesday morning trading. LOW stock hit a high around $52 a share back in November, but Lowe’s shares have traded between $48 and $50 a share since late December. Lowe’s shares have risen more than 25% since April 2013.
Source URL: http://investorplace.com/2014/01/forget-angies-list-lowes-bets-porch-com/
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