Mass Customisation

Writes Brad DeLong, echoing what CK Prahalad said in his interview:

Now we may be on the verge of the era of mass customization. Today, it’s possible – if not quite easy – to keep track of which pair of pants sewn in Mexico goes to which US consumer. And it is the extraordinarily low cost of information processing that is the key.

How important is all this? It may be very important. There may be a huge array of goods for which people are willing to pay a hefty premium to get exactly what they want. From custom Baby Gap sweaters and Barbies to personalized golf clubs and perfect reproductions of your broken-in jeans, mass customization is rapidly replacing one-size-fits-all commodities.

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