Nowadays the consumers are expecting the businesses to deliver the services and items for all people. Suppose certain things are already bought by the people then these recommendations will be adapted by the websites of e-commerce that are present in today’s era. Your watchlist may need to add Netflix and this will be determined by the shows on Television that people normally see.
The customization of items is also possible in the retail business which is available in the mortar and bricks shop. The customization of items not only offers the required items to the consumers but by doing this the consumer and the brand develop a closer bond with each other. Customer value is created by personalization and this is known to the brands. There are so many problems if you want to start a retail model that is traditional. But online stores can be started very easily.
Now I am going to tell you 6 key benefits of product customization and personalization.
1.More sales need to be generated – The recommendations of word-of-mouth and loyalty promotion are done and consumers are also satisfied if sales are increased by customization of items. Purchasing items and services that are personalized is done by 36 % customers of the retail sector. Items that are exclusive or personalised will be bought by the customers and they will be ready to spend 20 % extra and the number of these customers are 1 out of 5 of the 36 %. Customer’s interest in inherent value increases and in monetary cost decreases because of this.
For an item or service that is customized the percentage of consumers that are ready to wait longer is 48 %. More sales can be generated and more items can be browsed by the customers in the time that was used in customizing the items.
2.Profit margin must be increased – You can manufacture a lot of items by using a third party before personalising the items. But here is a risk if the manufactured items are not sold. Profit can not be made if a lot of identical products are manufactured. The work need not to be outsourced and customized products can be manufactured by using a desktop UV LED printer.
3.Keep yourself away from the competition – Let us understand it with an example. Suppose there are 2 t-shirt shops. In one shop there is a catalogue and you can pick one t-shirt from it. On the other hand, no catalogue exists in the second shop. But it offers a facility of customization in which you can design your own t-shirt. In which shop the people will like to go and purchase? Definitely they will choose the second one. It is because in the second shop they are free to try their unique design ideas. So, don’t try to compete with others. Just allow people to do what they want.
4.Higher inventory costs are not required – If you have a shop of brick and mortar and you want to personalize the items then you should not throw away all the items for starting personalization. Just a little touch is required and your already present items can also be customized. You should not create a huge inventory of items. When an order comes a single item can also be customized.
5.Customer’s behaviour can be understood in a better way – The arsenal of a business can be understood very easily by use of the tools like buying habits, consumer trends and customer data. By doing this you can get the advantage of being strong in competition. If you do not have the feature of customization of items then people can buy only those products from you which are stocked in your shop. Your competitors might not have any knowledge about the customers which you can get by offering them the feature of customization.
The customer’s information can be kept safe by use of some tools like data analytics and CRM.
6.Loyalty of customers can be increased – The customers are highly satisfied if they are given the products of their requirement. In this way the customer loyalty towards your business can be increased. If you focus on each of your customers and help him in personalizing the items then they will be very happy to continue the purchase from you in the future.
With the help of a product designer tool you can customize your own products like shoes, cards, t-shirts etc.