Sellers of anything from dress shirts to handbags and even consumer packaged goods are seeing the value of allowing customers to customize their own items. Big Data is being used by retailers to deliver a tailored collection of products to their customers, and it has been a key factor in Amazon’s success. Now, brands are moving beyond personalization and into mass customization. They’re learning how to increase client loyalty and engagement while also using their customer base as a source of referrals to future buyers. Brands can use product customization to increase sales on their own websites or acquire market share on a retailer’s site. Customers can now design Goldfish crackers from Pepperidge Farm, and Jawbone customers can Customize Packaging their Jambox speakers. Trek allows bikers to design their own bicycle from the ground up. Brooks Brothers, on the other hand, allows men to design their own outfits. This appears to be a huge opportunity: According to a Bain poll of over 1,000 online shoppers, while less than 10% have attempted personalization options, 25% to 30% are interested in doing so. While it’s difficult to estimate the whole potential of customization, if 25% of online footwear sales were customized, the market would be worth $2 billion each year.
What does it mean to Customize a Product?
The concept that you can adjust the design of a product in your online store to suit your clients’ preferences. We’re not talking about going completely handcrafted here, but rather giving customers the choice to adjust minor details like color, pattern, or material at little or no additional expense during the manufacturing process. Extras could be ordered as part of the customization process.
Customization vs. Product Personalization
What’s the difference between product personalization and customization, you might wonder? Personalization should be thought of in terms of personas, or personalizing services or goods to match the demands of groups of people rather than individuals. Customization does not group people together, making them more individualized and maybe unique. It’s worth emphasizing that most of the time it’s not a question of selecting between personalization and customization, but rather of bringing personalization to its logical conclusion.
Why Does Your Company Need to Provide Customized Products?
The number of customers wanting to acquire eight or more personalized products surged by 233 percent over the previous year, according to our 2020 consumer insights research. Why should you offer personalized products to your customers, aside from the fact that they are massively desired? There are numerous other reasons why enabling product modification and personalization can help your company. According to studies, delivering bespoke (and personalized!) products can boost sales by as much as 30%. These products also include:
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- Boost Your Revenue
Customizable products increase revenue in a variety of ways, including increasing overall sales and increasing average order value. (According to our research, 90% of clients are willing to pay more for a personalized product!)
- Loyalty to a Brand can be Improved
Exposure breeds attachment, which has been scientifically verified. It doesn’t matter if it’s a person or a product setup that’s entertaining to play with. Meet the demands of intangible customers. Users’ demands for self-expression and individuality are satisfied by customizable items, which are otherwise difficult to achieve in a world of mass-produced commodities.
- Boost your Sense of Worth
The Endowment Effect can be used to benefit customized items. It’s a psychological bias that causes us to place a higher value on items that we made (and now own).
Considerations when Preparing for Product Customization
Collecting Digital Assets
When it comes to product personalization, having the right and appealing assets is crucial. Consider the following aspects when gathering and organizing assets:
- Photo quality is excellent (pixels)
- Angles in number
- Real photography vs. graphic rendering
- Two-dimensional vs. three-dimensional
- Multiple color assets vs. colorization
Determine your Company’s Goals and Needs
It’s critical to develop and record functional and technological requirements that benefit both customers and the company’s goals. While the majority of modification initiatives are focused on the user interface, operational aspects such as:
- Output files that are ready for production
- Product administration, including rules
- Addition of new items on a large scale with additional customizable rules
- Product design templates
- Price changes in real time
- Compare and save
- Integrations with social media
Try customizing your product offerings if it’s possible. Even the option of adding initial engravings can result in greater word-of-mouth, recommendations, and customer satisfaction. If you don’t sell a real product, there are a plethora of ways to personalize an experience. Get inventive, and keep an eye out for new ways to improve the brand experience for each of your customers or clients.