Personalization in Retail and Apparel - Thematic Intelligence

Summary

Although personalization is a theme that has been present in the retail industry for decades, it has become more prevalent and important to consumers in recent years. This increase is tied to the rise of online shopping. A consumer’s shopping experience in a store 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.

Key Highlights

Consumers are also increasingly individualistic, especially Gen Z, and want products that are specifically targeted to their needs and goals. These consumers are often willing to pay a premium for such items. This is another reason for the increased interest in personalized products, although this is not a new phenomenon, such as with tailored clothing.
Personalized products are currently especially prevalent in the health & beauty sector, due to the links to the health & wellness trend, which is also particularly important to young consumers.
Personalization is a clear focus among retailers’ online operations. Amazon has set the bar high in defining how retailers can personalize a shopper’s journey, with others investing to keep up.

Scope

• The author 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 in omnichannel, and related mergers and acquisitions. The report also details the relevant trends across technology, marcoeconomic, and retail trends.

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