Who doesn’t love a personal touch in a product they order? Satisfying all the tastes and preferences of customers was a hurdle once. It still is. But, with the entrance of product customization, the gap has been reduced significantly as shoppers are now presented with compelling options to design the product exactly the way they want it.
A study by Deloitte states that 36% of consumers covet customized products, and surprisingly 1 in 5 of these shoppers are okay with paying 20% more for owning a product which has been exclusively customized for them. Those stats aren’t the end yet – 48% of customers are even ready to prolong the wait time for a personalized product or service. Without a doubt, the love towards product customization is evident.
Product customization is here to stay and change the trends.
Benefits of Product Customization
The best thing brands can do is follow the tide, allure customers, and steer their online shop towards success with product customization. Here, we list some benefits of how personalization will play a key role in shaping your business.
Customers make it. Customers shape it.
By placing the complete design process in the hands of the shoppers, we let the buyers decide how the product should look and feel, what color the product can be coated with, the textures of the interior, the ability to add text or images, and much more. Various options like these make the shopping experience more personal and intriguing.
This way, a connection is established between the product and the buyer, which in turn is a plus for overall brand growth. This is just a small part of the process and, when the customizations multiply, sales also follow suit.
Better Customer Loyalty
Give customers what they want and earn their loyalty.
Let’s get back to the basics. We change things when we don’t like what we are using at the moment. Similarly, in this scenario, customers tend to switch brands if they do not get what they desire.
Offer a wide range of customization options, stand ahead of the competition by providing out-of-box edit features, give unlimited access for shoppers to design products, let customers have a 360-degree view of the product to get a personalized look and feel, and do whatever it takes to make every moment spent on your website worthwhile.
Attract The Millennials
The fact is, these days, Millennials make most purchases online.
A recent report found that millennials make 60% of their purchases online, which is a 47% spike from a report done in 2017. Understanding the way millennials shop is essential as they are expected to become the largest adult population in the United States. For businesses, there is a vast opportunity to curate custom products in line with the latest pop-culture trends, and so on.
Millennial spending is expected to reach $1.4 trillion annually by 2020 and, to cater to the needs of this increasingly influential shopper, offering them customization options that define their lifestyle must be a priority.
Cut down costs. Create on demand.
The truth is, no one knows what will happen and when. Decades earlier, no one would have thought shopping could be done from wherever we are with just a click. Years before, product customization was a far away dream. But, right now, eCommerce and product customization are redefining the online marketplace.
In these ever-changing market conditions, stocking up on too many products might not be the best option. Instead, wait for what the customer wants and produce only what is needed.
In this way, Product Customization can also help brands cut down their costs.
Make Luxury Items More Attractive
Make every penny count.
“What consumers are searching for from the luxury experience is often determined by how they feel their time will be best spent”, says Alex Field, Director of Marketing at Reignwood, the Asian Investment Group.
Modern luxury brands are evolving to meet the changing tastes of consumers. These days, luxury goods have become more personal and interestingly takes into account different tastes and cultural references.
Plenty of thought goes into the buying process of a product, which is costly. Luxury goods are usually considered as prized possessions and are not bought often. But, why not make that buying occasion a memorable outing.
Generate More Sales, Obviously
It is sales which drive business and builds a brand.
As stated earlier, 1 in 5 shoppers is okay with paying 20% more for a personalized product. The reason behind this is the more-than-a-product connection a shopper establishes with the customized product.
Delivering customers exactly what they seek is a viable option to increase sales by a substantial amount. Product customization not only fuels customer loyalty, but also product sales.
Product customization is on its way to becoming a game changer of the shopping and retail industry. If you have not added product customization to your online store, do it as quickly as possible to leverage sales before the competitors catch on.
Brands who have utilized Productimize Ultimate for product customization had a 30% increase in conversion, a 45% increase in the average order value, a 20% decrease in returns, and much more. Get in touch with us to learn more about how Productimize can enrich your brand’s success rate with best-in-class product customization features.