Turning customisation into a commodity served Dell exceptionally well, and not just in the PC market: it successfully used the same approach with server computers, printers and storage devices. Yet just when the firm seemed unstoppable, its world began to change. Growth migrated from corporate markets to consumers and from rich countries to emerging markets, where people are warier of shopping online. What is more, as PCs became more powerful, buyers could no longer be persuaded to add extra processing power or a bigger hard drive when they bought them—one of the firm's specialities. Profits began to erode. Add exploding batteries, deteriorating customer service and accounting problems to the mix, and it is easy to see why Mr Dell felt he needed to come back.

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