Strategic Intelligence: Personalization in Retail and Apparel, 2024

Strategic Intelligence: Personalization in Retail and Apparel, 2024

Summary

Although personalization is a theme that has been present in retail for decades, it has become more prevalent and important to consumers in recent years. This is tied to the rise of online shopping. A consumer’s instore shopping experience can easily be made more personal, such as through interactions with store staff, but retailers have had to actively innovate to create personalization in the online space. Consumers are increasingly individualistic, especially Gen Z, and want products specifically targeted to their needs and goals. These consumers are often willing to pay a premium for such items.

Personalization in retail and apparel has become more important as online shopping has grown, with retailers finding new ways to make shopping experiences feel personal. The use of shopper data and AI, particularly generative AI, allows retailers to offer personalized marketing and recommendations, such as Zalando's chatbot, which provides product recommendations based on what consumers are looking for. While this helps improve personalization, it also brings risks, such as AI making errors or showing bias. Advances in technology have made it easier for retailers to use customer data to offer more customized experiences. This trend is especially popular with Gen Z, who are often willing to pay more for products that fit their specific needs and preferences

Scope

• GlobalData provides detailed insight into the theme of personalization, specifically focusing on its impact on the Retail and Apparel sectors. The report provides an overview of personalization and its components, the leading companies, the timeline of developments, and related mergers and acquisitions. The report also details the relevant trends across technology and retail trends.

Reasons to Buy

• Themes are disruptive, so it's easy to be blindsided by industry outsiders who invade your sector. Understanding the themes ecosystem will get you ahead of the curve.
• Understand the important themes in 2024 and beyond, allowing you to grasp a wider view of changes in consumer behaviour and how it will impact your markets.
• Explore how emerging themes in retail are allowing industry leaders to evolve, so you can better position yourself for long-term success.
• An easy-to-use framework for tracking themes across all companies in all sectors.
• Companies who invest in the right themes become success stories; those who miss the big themes end up as failures.