Product customization typically focuses on satiating the individual needs of a customer. But, in today’s age; it uses the help of technologies and the definition pretty much stands on the back of flexible manufacturing systems, agile manufacturing and progressive communication and information systems.
When it comes to product customization, the strategy is slowly aligning with the changing global patterns in consumer demands. This changing customer demands give product customization the much needed edge over conventional production. While for most enterprises, customization is a temporary means of earning revenue; while for many enterprises, it is the ultimate way of surviving in the market place.
Companies adopting product customization:
If we carefully think about it, when we go to buy a car also, we pay a lot of heed to the kind of car covers to the kind of wheels and much more. This is just a basic bent towards customization that we feel. What is holding certain companies back, is that they get into product customization without systematically implementing a well documented strategy. However, a lot of enterprises that can afford a vertical like Nike ID has used product customization and have really benefitted from it. Well, no more beating around the bush. In this article, we would be covering the top industries that benefit from product customization:
For the fashion industry, at the moment; brand loyalty comes with low probability due to competition but demand is at an all-time high. In such a situation, it really does not come as a surprise, that customization is quite on the rise. Right from Louis Vuitton’s Neverfull Tote put up for customization to simple funky brands putting up t-shirts for customer preferences, there is plenty that fashion industry is benefitting from in product customization. But, clothes and bags are not the only avenue where an enterprise can adopt product customization. Infact, for our client Alfred Cloutier, we helped implement a product customization platform where their customers can choose shoes and pick products that suit them the most.
Infact product customization is beneficial for all ages and fashion industry statistics stand as a testament for the same. For instance, a study found that amongst the people who are aged between eighteen to twenty-four, 37% of people preferred to choose an item of clothing. As did, one-third of the people aged between 35-49; the number however falls to about 18% for the age of 50-64-year-olds.
Another industry that’s greatly benefiting from product customization is Personalized Gifting. We have all heard of hampers and personalized cards as well as mugs, etc. But, there are a lot of business ventures that have understood the power of a human making their loved ones happy. For most people, curating a gift that would make their dear ones happy can be slightly challenging. The issues may arise due to lack of time or lack of creativity in certain cases. However, with multiple enterprises venturing into custom gifting, you surely can put up your product to spread happiness too.
As per a study published by Technavio, the personalized gifting industry market in USA holds quite a lot of potential. To get a better idea, here are the statistics. In the year 2017, the non-photo personalized gifts segment almost accounted for 68.12% of the entire global market. It is projected to reach 69.20% by the year 2022, which is exhibiting almost 1.08% increase in market share. With the potential that this industry holds, it does not come as a surprise that it’s definitely one of the most lucrative industries to get into.
Technology and Gadgets
While the simplest way to look into product customization for technology and gadgets is the different colors and space that we pick, even the top leaders are now venturing into the world of product customization.
The biggest example of this would be accessorizing your gadgets with products that are easily customizable. So, the iPad sleeves, messenger bags that come with the laptops and phones are giving way to so many business ventures where in enterprises are offering the option of end user customization to their consumers.
But, let’s show you a slightly different side of customization in technology too. So many apps that we play on have the option of consumers building products they like. Right from city building to building salads, the idea of uniqueness in technology is not lost on us.
However, another way to look at product customization in these industries would be to simply look at the space, color, body and a lot more when it comes to your gadgets. For our laptops, we can pick operating systems that use us…and this comfort that a customer derives from product customization is what industries can actually benefit from.
Product customization is not exactly a novelty concept, but it is definitely innovating with time. Engineering, designing and manufacturing hold multiple variations of the automobiles. Meeting the specific requirements of a consumer can really help. Current product customization can really help in enhancing what manufacturers have always known.
For instance, Ford gives an option of F-150 truck with a choice of 5 different engines as well as 6 different trim levels. It is also available in three different cab sizes and even two drive trains. The best thing here is that the possibilities for customizing that truck are endless. But, something that even the automotive industry stands for has to grow with is customer’s expectations. The added expectations through which automakers will be flexible and agile enough to incorporate the latest technologies into existing product line ups as well as product offerings.
The prospects are unfathomable
While the aforementioned industries have dipped their toes and are forerunners in churning out profits from product customization, they are not the only ones who are capable of doing so. When it comes to agile technology, all it needs is back end support and the end-user gets the chance to customize your product as per their own preferences. What we are basically saying is, that all it requires is feasibility on your production end to create prototypes adhering to what your customer may want. For instance, we pioneered World’s first lanyard customization for a product that most manufacturers wouldn’t have even thought of customizing.
Let’s look at the food industry also. The world’s leading brand- subway works on the core basis of customization only. For most people, the reason why customers feel so attracted to a subway sandwich is that they can show a sense of pride in their preferred tastes and flavors. So, the idea is that if you actually have the manufacturing and delivering power, the end-user can absorb various different features of your product. In a simple sock also, you can give your consumers the chance to pick the weave, pattern, color, fabric and so much more. To that effect, irrespective of the industry you belong- if you are able to get your hands on to the management of mass production, then product customization is perhaps calling out to you and we are right here to pave the way for you!