The retail industry has been undergoing a rapid digital transformation, particularly since the COVID-19 pandemic, which accelerated the shift from a broad, supply-driven model to a more data-focused, ultra-personalised approach. This shift has been driven by evolving consumer expectations, technological advancements, and the increasing need for businesses to remain competitive in a digitally dominated marketplace. The Evolution of Retail: A Shift from Mass Supply to Individualised Demand Traditionally, the retail industry operated on a supply-driven model, where products were manufactured and distributed based on broad market research and past sales trends. Retailers focused on economies of scale, standardising product offerings to reach the widest possible audience. However, this approach often led to inefficiencies such as overstocking, wastage, and misalignment with changing consumer preferences. The pandemic highlighted these inefficiencies, exposing vulnerabilities in supply chains and creating an urgent need for greater agility. Retailers were compelled to rethink their strategies, leading to an increased reliance on data analytics, artificial intelligence (AI), and machine learning to understand and anticipate customer behaviour in real time. The Rise of Personalised Shopping Experiences Consumers today expect highly tailored experiences that cater to their unique preferences. With access to vast amounts of data, retailers can now […]
Click here to view original web page at internationalsupermarketnews.com
