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Personalization is at the Forefront of Retail this Year

January 23, 2018

During the first few weeks into a new year, we can expect to find prediction articles aimed to inspire change upon a number of things for the coming year. One prediction that is highlighted repeatedly in the fashion retail space is the increased importance of personalization. We see it in the media on a daily basis, we read about it in The 2018 State of Fashion report from Business of Fashion and McKinsey and Company, and we certainly heard about it from many folks at NRF last week – did you hear “personalization is the new omnichannel” floating around too?
 

An article in Forbes states: “Young fashion shoppers today are demanding personalization more than ever. According to an IBM study, 52% of female Generation Z would like to see tools that allow them to customize products for themselves.”


We ourselves report that 62% of adults in the U.S. have chosen, recommended or paid more for a brand that provides a personalized service or experience. So what are retailers doing about it?

Veronika Sonsev wrote a recap from NRF in Forbes called “Retail Technology and Marketing Trends On the Rise for 2018” and here is what she reported on retailers and personalization.

According to Terry Lundgren, Executive Chairman at Macy’s, personalization is key at Macy’s. The article cites Lundgren saying “The whole concept of personalization is simply on steroids right now. It’s all about the consumer in that one moment in time. We’re doing anything we can do to connect directly with consumers and make shopping convenient for them.”

Sonsev reports that Karen Katz, President and CEO of Neiman Marcus says “Great customer experience in 2018 will come from blending technology with a more personalized touch. I think the people that can combine technology-powered personalization with a human will be the winners.”
 
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The article also says Charlie Cole, Global Chief eCommerce Officer at Samsonite, calls 2018 the year that “artificial Intelligence will have its breakthrough moment. More and more retailers will start using it to power various parts of the retail and ecommerce experience.” We’ve seen this with other True Fit clients like Levi’s recently, and signs of the potential are everywhere.
 
Veronika Sonsev concluded her piece by saying that “the executives I spoke with seemed confident and eager for their 2018 technology, data and AI implementations.” We couldn’t agree more, and are excited to spend 2018 innovating with AI and personalization as well.
 

To read more about the future of personalization, visit here.