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 used by retailers to present customers with a tailored selection of products, and it has been a driving force behind 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 consumer base to advocate for future purchasers. Brands can use product customization to increase sales on their own websites or acquire market share on a retailer’s website. Users may now design Goldfish crackers from Pepperidge Farm, and Jawbone customers can customize their Jambox speakers. Trek allows bikers to design their own bicycle from the ground up. Brooks Brothers also lets guys design their own suits. The potential appears to be substantial: 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 Customize Packaging, if 25% of online footwear sales were customized, the market would be worth $2 billion each year.
- Cater to different Customers’ Requirements
Whether you provide a physical product or online software, your customer base has different wants and needs. It’s vital to remember that every one of your clients is unique while producing a product that appeals to as many people as possible. As the old adage goes, if you try to appeal to everyone, you’ll end up appealing to no one. Customers have come to expect and seek individualized experiences, according to 80 percent of respondents. McKinsey & Company is a consulting firm. The concept of customization appeals to Millennial in particular. In their book Custom Nation, Anthony Flynn and Emily Flynn Vencat write, “Millennial (13 to 31 years old) have grown up with customization and naturally anticipate it in every aspect of their lives.” Instead of being generically appropriate for your target market, you can tailor your product to meet the needs of each individual user segment.
- Gain Loyal Customers
Customer satisfaction is an excellent business strategy since satisfied clients are more likely to buy from you again. Successful personalization programs, according to a McKinsey report, result in more engaged customers and more revenue. It produces favorable experiences that have resulted in a 20% increase in customer satisfaction and a 10% to 15% increase in sales conversion rates. Customers who can customize their experience gain value through exclusivity, such as a personalized, one-of-a-kind product, or specificity, such as a feature that functions the way they want it to.
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- Understand your Customers Better
Customization is, without a doubt, an expensive Endeavour. Offering numerous versions of the same product involves time and money. Your development team should set aside time to create new customization possibilities. Greater personalization means more complexity, which increases the danger factor. In retail, this could appear to be shipping the incorrect personalized goods. In software, bugs may appear when more and more alternative methods to utilize your product emerge, which you may not have ever considered testing. However, by providing personalization, you can acquire answers to the most pressing questions: “Who are my clients?” “What are they actually after?” Customization can help you better understand how your customers engage with your product and what they expect from it. You can identify and incorporate popular customization options into the core product to improve customer happiness and retention. This data might also be useful when it comes to revising your development or pricing plan.
- Boost Sales and Business Success
Allowing clients to personalize their purchases is a brilliant strategy to differentiate yourself from the competition. After all, who better than the customer knows what they require? Customers are more likely to tell their friends and family about their bespoke products if they are happy with them. Your clients might also share their positive experiences on social media. You get word-of-mouth marketing as a result of delivering personalization, which is a terrific, organic method to develop your brand.
Companies that provide customization choices have discovered that after spending time developing their own items, customers want to show off their creations to their friends and family. This social feature allows businesses to engage with existing customers while also attracting new ones to their website. Longchamp has a Facebook application that allows customers to share their handbag designs with the world. Customers can establish a virtual catalogue of all their creations with some companies.