Brands all over the world are reacting to consumer demands at a time when consumers are becoming more aware of what they purchase and use, as well as celebrating and encouraging individuality.
Given the growing demand for personalized or customized goods, a growing number of businesses, ranging from small start-ups to big, well-known brands, are increasingly launching products that can be completely or partially customized.
Businesses prosper because they can give their customers exactly what they want. And personalization accomplishes this by inquiring about the needs of the customers. Moreover, online businesses can achieve product customization features in a few clicks with ImprintNext Product Customization software. It lets the customer choose their preference of color, size, or design, letting them add a personal touch to the product they want.
According to a Deloitte survey of customers, 36% are involved in buying customized goods or services. Besides, the survey showed that 48% of customers can wait longer for a personalized product or service.
Besides, according to Invesp’s research, 53% of online shoppers agree that brands that personalize the shopping experience provide a valuable service.
1. Aesthetically appealing for customers:
According to Harvard Business Review (HBR), companies that inspire consumer’s “psychological ownership’ will enable them to not only purchase more goods at a higher price but also to sell these products to their friends on their own initiative.
Consumers feel so invested in a commodity that it becomes an extension of themselves when they have psychological possession. This sensation of “It’s mine!” happens when a customer thinks that objects, thoughts, or individuals are directly related to them and that they are “owning” them. And this can happen by exerting control over a product/service, investing in something, or having a deep understanding of it.
Even before mass customization became commonplace, old and well-known brands might sometimes suffer from the disadvantages of having such a close link with customers. Consumers’ “psychological ownership” of a brand may cause them to become defensive about it.
2. Customer Retention:
“Customization increases perceived service efficiency, consumer satisfaction, customer confidence, and eventually customer loyalty & retention toward a service provider.
Any company that wants to thrive needs to keep its customers. A one-size-fits-all solution should not work for all since not all consumers are the same and have different desires and needs. Customer loyalty and satisfaction will be improved when consumers get the exact product they want from your company and have the freedom to build it themselves.
Customers are more likely to buy more with more customization and loyalty, particularly if your brand’s customization options are diverse.
3. Increased Sales:
Customers who can personalize their goods buy more and are more likely to recommend the brand to their mates.
For example, after Coca-overall Cola’s soft drink volume sales fell for the 11th year in a row in 2014, the company launched its “Share a Coke” campaign. The soda company started distributing cans and bottles with generic names and words such as “BFF” and “Friends” on them as a result of this.
Coco-Cola even went a step further by allowing customers to design their own containers. In just 12 weeks, the company’s revenues rose by 2.5 percent as a result of this approach.
4. Get to know About the Customers’ Preferences:
Customized products, as opposed to their non-customized counterparts, will help marketers gain a greater understanding of their consumers’ desires and use data analytics to recognize and fulfill these demands.
Knowing what your customers want would also give you an advantage over your rivals.
5. Word-to-mouth Marketing:
Customers sometimes inform us that strangers stop them in airports and on trains to inquire about their luggage. People are fascinated by the thought of having their initials on their luggage, and they are even more enthralled when they discover that they can select the color palette as well.
Similarly, if a consumer is loyal to your brand and happy with your products, they’ll likely tell others about it, resulting in more customers buying your products.
6. You can Charge higher Fees for Customization:
Consumers prefer to pay more for items that they have developed themselves as opposed to non-customized products. Since consumers consider self-designed products to be more valuable than standard products, they believe the additional cost is rational.
Offering partial or complete customization of your goods will help you stand out from the competition. It can also help you boost customer loyalty and referrals by word of mouth. Get your creative juices flowing and capitalize on this ever-growing trend to have just what your customers want.
