Final answer:
The statement is true; modern retailers rely on data analytics to understand consumer behavior and satisfy customer needs in a competitive market accentuated by technology and globalization.
Step-by-step explanation:
The statement that modern retailers will increasingly rely on data analytics to distinguish patterns or trends in consumer shopping behavior across channels to identify the best ways to satisfy customer needs is true. Historical shifts in consumerism, such as the rise of department stores and the emergence of thoughtfully branded products, have set the stage for modern commerce. In our digital era, the proliferation of technology and globalization has further redefined market dynamics, allowing consumers to make purchases from anywhere in the world, thereby escalating competition among retailers. Now, data analytics plays a critical role in understanding a wealth of information, from consumer preferences to shopping habits, enabling retailers to navigate fiercely competitive landscapes and meet customers' evolving needs effectively.
Understanding and responding to these trends are imperative for businesses that wish to thrive. For example, storefront displays in Figure 5.1.9 are a part of larger marketing strategies designed to shape consumer perceptions and preferences. Likewise, the increased competition noted in Figure 11.2 emphasizes the urgency for small retailers to harness data analytics to remain competitive against larger superstores.