The Personalization in Modern Retailing

Violeta Peteva ()
Additional contact information
Violeta Peteva: University of Economics - Varna, Varna, Bulgaria

Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, 2023, issue 3, 62-71

Abstract: In today's conditions, the retail industry is undergoing significant transformations. They are dictated by the need for the business to respond to the dynamically changing needs and expectations of the market. Personalization, which is based on the idea of a personal relationship with consumers, is not at all a new concept for business. But, in the current third decade of the 21st century, the concept of personalization has risen to a whole new level. What is new is the mechanism of its implementation in modern retailing, in an electronic and omnichannel environment. Personalization is becoming an essential component of modern marketing and retailing, a key element of business strategy and a sustainable competitive advantage. Retailers and marketers strive to create exceptional personalized brand experiences to keep consumers coming back. Omnichannel consumers expect personalization throughout their entire interaction with the retailers – across all possible touchpoints. The article examines the concept of personalization as history and present, its importance for modern retailing, the main definitions, the "4Ds" operating model, omnichannel personalization and the barriers to it, as well as the important role of the human factor in the implementation of the personalization system.

Keywords: personalization; consumer experience; retailing; omnichannel retailing; omnichannel personalization (search for similar items in EconPapers)
JEL-codes: L81 M31 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.su-varna.org/journal/IJUSV-ESS/2023.12.3/?article=62-71.pdf.html (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:vrn:suvrna:y:2023:i:3:p:62-71

Access Statistics for this article

Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series is currently edited by Yanka Aleksandrova

More articles in Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series from Union of Scientists - Varna
Bibliographic data for series maintained by Sabka Pashova ( this e-mail address is bad, please contact ).