The personalization economy is huge. As consumers aspire to set themselves apart from the crowd, they are always looking for ways to customize their products, from shoes and bags to shirts and even furniture. It’s quickly become the hottest trend for businesses with the ability to offer a variety of customization options. So, what are the seven key benefits of product customization and personalization for your brand?
1. Boost your sales
Tapping into consumer desires is a sure fire way to increase sales, especially in ecommerce. Giving customers the ability to influence their end product increases buyer satisfaction, with a Deloitte study finding that 36% of consumers covet customized products, it’s guaranteed to attract purchasers. With 48% stating they would be willing to wait longer to receive a customized product or service, the demand for personalization is an upward trend brands must be aware of.
2. Grow your profit margin
Not only will you gain more sales by offering product personalization, but you can also increase the markup on products, therefore increasing the bottom line. The Deloitte study found that 1 in 5 shoppers were willing to pay more for a personalized product or service. Why? Because it is all part of the experience economy. When demand for unique products exists, people are willing to pay more for what they want.
3. Greater customer insight
Tracking customer trends and data can give you better insight into what your customers want. This offers your business a competitive advantage. Whereas brands who don’t have customization are limited to simply monitoring stock levels, you can understand exactly what is and isn’t working, which means you can tailor the experience and tap into the buyer personas with greater precision.
4. Offer a personalized experience
Make it all about your customer. If you offer an easy to use customization service, they’re likely to return or refer others to your brand. According to Dan from Doogma.com “With millennials making more than 60% of their purchases online, they want the best experience. Customization offers this, from personalizing their user experience to offering unique choices for your products.”
5. Increase customer loyalty
Customization increases the opportunity for buyer satisfaction. Offering products that meet the specific needs and wants of your customers encourages returning purchasers. By covering more choices across more products, you are able to accommodate a broader scale of product which helps you stand out against the competition. Take full advantage of the opportunity and tap into that personalized experience to hone your customer loyalty.
6. Create wider product offering without higher inventory costs
Whether you make to order or have base products that can be customized with their own twist, offering customization means you don’t need to invest in large inventory that may not shift if it isn’t meeting buyer interest. From simple personalization such as monograms to offering larger scale designs such as customizable t-shirts, it’s a smarter way to do business.
7. Attract a wider customer base
Reach more people by offering more choice. The wider your product selection and the customization options that accompany it, the broader your audience will be. Harness this and you will see increased sales, greater customer loyalty and a boost to your profit margins.