Personalization in Retail and Apparel: Strategic Intelligence
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Although personalization has been present in retail for decades, it has become more prevalent and important to consumers in recent years, tied to the rise of online shopping. Instore shopping experiences can easily be made more personal, such as through interactions with staff, but retailers have had to innovate to create personalization online.
Personalization relies on a retailer’s ability to collect, analyze, and utilize consumer data being aided by the effective use of analytics tools. Instore shopping experiences can easily be made more personal, such as through interactions with staff, but retailers have had to innovate to create personalization online. Consumers are increasingly individualistic, especially Gen Z, and want products targeted to their needs and goals. These consumers are often willing to pay a premium for such items. This is another driver of increased interest in personalized products, although this is not a new phenomenon, such as with tailored clothing. Personalized products are especially prevalent in the health and beauty, due to the links to the health & wellness trend, which is also particularly important to young consumers.
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, and the timeline of developments in the theme. The report also details the relevant trends across technology and retail trends.
Key Highlights
- Consumers are 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 creates an 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.
Reasons to Buy
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Aesop
Amazon
AO
Apple
ASOS
Best Buy
Bloomingdales
Boots
Carrefour
Converse
Crocs
Currys
Dermatica
Doji
DUSK
Fabletics
Function of Beauty
Giant Eagle
H&M
IKEA
Instacart
Jo Malone
John Lewis
Kroger
Levi's
LookFantastic
Lululemon
Macy's
Marks & Spencer
Monica Vinader
Moonpig.com
Nike
Nordstrom
Not On The High Street
Ralph Lauren
Sainsbury's
Sephora
Shein
Skin + Me
Space NK
Stitch Fix
Target
Tesco
Toolstation
Uniqlo
Waitrose
Walgreens
Walmart
Wayfair
Zalando
Zegna
Table of Contents
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