Until recently, personalized products were limited to a small number of products. Comprised mainly of gifting items, showcase products, or marketing merchandise, options were very limited if your customer wanted a unique personalized item. But with the recent rise of personalized products in the ecommerce industry, a revolution has seemed to have begun. Today, the options are fairly limitless, and more customers are asking about custom items.
So, what is driving the rise of personalized products?
It is important to understand that more than 25% of consumers say that they are willing to pay more for personalized products or services. A lot of this is due to the rise of instant-gratification people get from social networks because they allow customers to instantly share, rate and comment on their purchases which further cements the connection between the person and the product. If the customer is satisfied with their product, they will happily share their purchase with accompanying photos; transforming them into a sort of brand advocate for your product.
It is also important before discussing the significance and benefits of offering personalized products, that we understand what exactly that means. Product personalization, simply put, is any product that can be altered according to the customer’s need or desire. Typically, these are custom made products or design/prints on an already available product using an online product personalization software.
Why is personalization becoming so popular?
There are many factors that go into the increasing popularity of product personalization. One large factor is that the overall affordability of customers has increased, meaning they are able to afford things beyond their needs. Customers are also tending to be attracted to something that clearly says, “it’s mine,” and that can be easily accomplished through the ability to customize or make an item completely personal. Ecommerce has also made it possible for customers to get these products with very little effort. Most ecommerce businesses are up-to-date with the latest technology in order to offer the best options to their customers. Online shopping allows the customer to design their product with almost complete freedom. The order process itself has also become almost as effortless as buying any random product online. Essentially, we have the rise of ecommerce to thank for the growing popularity of product personalization.
How exactly does selling personalized products benefit your company?
Rather than just being a trend, personalized products are doing extremely well in the online marketplace. Even knowing this, it is still important to understand exactly how this can benefit your company.
- First, offering personalized items allows your company to stay up-to-date with the latest technology making it possible to offer your customers the latest products and advancements in quality.
- In the world of ecommerce, you have to do something that everyone else is not yet doing. With the online market, customers are able to compare prices of common products at their fingertips. Product personalization allows you to offer a lot of unique concepts and designs giving customers a reason to come to you over your competitors.
- There is a vast misconception that personalized products and the software needed is going to cost an arm and a leg. Setting up a personalized product store is much the same as setting up an ecommerce store. You also do not need a vast inventory for the designs. The customer is also fine with paying a little extra if the product is worth it, so it’s a cost-effective solution that increases the profits of your online business.
How do you get started?
Now that you understand all of the benefits of investing in personalized products, you must understand to how to get started. It surprisingly does not take up many resources and effort to offer customized products to your customers. You need to invest in an effective product designer tool that makes the experience easy and interesting for customers to design their merchandise. You can also control how much customization you want to offer. Not everything in your inventory has to be up for personalization. Start small, and work up to the more complex items as you get into the swing of things. Finally, make the experience as personal as possible. Customers are already paying for a product that is unique to them, but just adding something as simple as a thank-you email, a follow-up, or a special incentive for their next purchase can allow the customer to feel more unique and more likely to refer others to your store.
With the demand of personalized products increasing, IDS have begun offering embroidery services to our client base. Initially implemented for a single client, we have seen a growth in interest through interests from other clients and customer referrals. Currently, clients from apparel and home décor industries have been taking advantage of this opportunity. IDS looks to continue to expand this program, and with the rising demand of personalization in ecommerce, hopefully this will grow to become a core service offer.