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It was only a few years ago when personalized products were limited to a number of offerings in the gift or promotional marketplaces. It was mainly comprised of gifting items, showcase products, or limited marketing merchandise. But with the rise of personalized products in the ecommerce industry, the market has gone through what seems like a revolution. There is more to personalized products now than key rings and coffee mugs with your name printed on the products. So what’s the reason behind this shift to the personalization of products?
First, let’s define it. Product personalization is any product altered according to the customer’s need or desire. It can be custom made adaptations on already available products using an online personalization tool or even a design provided by the customer. The latter is more popular as customers like to create their own designs and prefer their choice of graphics on the products. Anything from Van’s shoes to a sports car can be personalized. Though the more accepted products are everyday products including t-shirts, cutlery, posters, stationery, mobile phone cases and laptop skins and the list goes on and on. New areas will include personalized vitamins, skin care and pet food.
So why is it that people are willing to pay more for the same product just because it’s customized for them? Well, the first reason is that overall affordability of consumers has increased; they are now able to afford things beyond their core needs. Moreover, the sense of product or service ownership is related to the customer’s psychology. Customers are tending to prefer something that clearly says it’s mine.
One fact that can be concluded from the response consumers have shown towards personalization, is that it’s not a fad. It’s a long term trend and will grow steadily over the next ten years. Customers love the trend and it’s not going to change anytime soon. Even though we know the personalized products marketplace is growing, the market is actually in its infancy. What seems to be a trend today is forecasted to be a mandatory option for ecommerce businesses in the future.
Here are several reasons to offer personalized products or services:
Staying relevant: Being up to date with the latest technology is a must for all online businesses. As it is something which accelerates with every passing day, it becomes important for you to adopt new technology before it is outdated. Synchronization with technical advancements doesn’t only mean back end technical processes but the ones which makes it possible for you to offer your customers the latest product differentiation as in the case of personalized products. DNA swab to create the right sunscreen for a person? Sure.
Brand building through differentiation: As an ecommerce business, you have to do something that competitors aren’t doing. In the online market, your customers can compare prices of all products literally at their fingertips. So you have to offer something that keeps your customers coming back. Product personalization is something where you can offer a lot of unique solutions to your customers which gives them a reason to come to you instead of your competitors. Personalized bed sheets? Why not.
Customer loyalty: Offering personalized products helps you build customer trust and loyalty. As a customer designs a particular product on your site, they spend more time with your brand. Also, a customer is more likely to buy a product they designed for themselves. Once they get the product and like it, they are bound to come back and shop for more. Personalized cereal or even tea subscriptions? You bet.
People not only feel they are unique, they are. When you look at products like vitamins, sunscreen and shampoo, would it be so hard to create the ability to personalize an item based on several formulas that would be better suited for individual customers? No.
If you have not done it yet, now might me the time to investigate the business of personalization. Consumers desire products designed for them and online ecommerce continues to rise. Personalization of a generic product customized to meet specific customer’s needs is the future. Seize it.
June 4, 2019 at 06:26AM
Forbes – Entrepreneurs