Score one for the guys! After all these years, the groom finally has a reason to look forward to getting married. (I'm kidding, people. Settle down.)
Last week, home-improvement king Home Depot (NYSE:HD) launched an online gift registry program. The retailer is offering an alternative to the typical fine china registries offered by high-end outfits like Tiffany (NYSE:TIF) and Nordstrom (NYSE:JWN).
Home Depot already has an in-store registry, but it apparently hasn't been a huge success since it's only available to friends and family living nearby. The online registry is a huge leap forward in convenience. Shoppers across the country will be able to hop online, search out a registered friend or family member, buy something, and have the goods delivered to the lucky recipient's door. No muss, no sawdust fuss.
Home Depot is also considering offering access to its online registry from within its stores. This would allow customers to add to their registries while at the stores. It would also allow those doing the shopping to access the registries from within the store even if they don't live in the same area.
The online registry is being marketed to couples getting married, but customers can also use it for other occasions, such as Father's Day, a house warming, or a baby shower. (I guess my wife's uncle was on to something when he told his wife she should have bought us a drill when we were expecting our first child.)
According to Home Depot, the bulk of people signed up for the online registry so far are couples getting married. According to Conde Nast Bridal Infobank, wedding registries accounted for $6 billion in revenues for retailers last year. When you consider that the total accounts for all retailers offering registries, it's obvious Home Depot's sales won't be drastically improved with this new offering, given that its 2003 revenues totaled $64.8 billion. The hope, however, is that the company's relationship with its customers will be enhanced further. The online registry is a quick, cheap, and easy way to accomplish this goal.
Although stores such as Target (NYSE:TGT) and Wal-Mart (NYSE:WMT) already have "stuff for guys" in their online registries, Home Depot is the first home-improvement retailer to offer such a feature. Competitor Lowe's (NYSE:LOW) is also looking into an online gift registry, but hasn't gotten into the game just yet. The rival may want to think about providing online access to registry services within its stores. It's already giving Home Depot a head start and would need to do all it can to catch up.
Launching an online registry is a great idea for Home Depot. I only wish it were available when I got married six years ago this April 25. (See, Dear, I do remember our anniversary date.)
Talk about Home Depot's latest venture with other Fools on the Home Depot discussion board.
Fool contributor Mike Cianciolo welcomes feedback and doesn't own any of the companies in this article.
