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Since the late 1990s, when internet shopping took off, brands have been using technology to better understand their customers. The goal is to give online shoppers the same fully personalised shopping experiences as they get at their favourite mom-and-pop business. Since 1998, I've been a student of this field, initially as a creator of ProfitLogic (bought by Oracle), the original pioneer in merchandising analytics and optimization.

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We leveraged POS data from retailers to assist them better understand customer demand patterns, shopping behaviours, and price elasticities at ProfitLogic. And, as an investor at Bain Capital Ventures over the past 15 years, I've funded a range of commerce-tech startups that have worked hard in the guts of ecommerce infrastructure to help both brick-and-mortar and online retailers and brands get closer to the objective of true, real-time personalisation. But, until lately, the dream of a one-on-one engagement was primarily just that: a dream.

Things are finally starting to change. Retail and marketing technology providers are finally enabling companies to fully engage with customers on a personal level at scale, thanks to advances in AI and machine learning approaches. In essence, technology is bringing internet retail back to the “good old days” of personalised service.

If you've worked in business for a while, you're definitely familiar with the name Jack Mitchell. He is the owner of Mitchell's of Westport, a high-end clothes store in Connecticut, and a true retail pioneer, as documented in his excellent book, Hug Your Customers. In Jack's opinion, businesses should know everything about their clients, not just their item requirements.

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