Personalization or customization opens up a world of options for businesses. It enables businesses to experiment with a product and seek customer feedback. As a consumer, when you get customizations offered, you can have your choice of color, design, fabric, or graphic. Product customization is the talk of the eCommerce industry. Hence, businesses are investing their time and money in the same.
The product personalization avenue is now a vast endeavor and is being offered for various products. The business of a few brands is entirely based on product customization. Others are slowly shifting their focus on personalization trends to enhance shopping experiences. If you want to gain the benefits, use a Magento Product Designer!
Before we dive into the benefits of product customization, let’s see what product personalization is.
What is product personalization?
Product personalization refers to delivering products to the consumers as per their preferences and needs. Consumers approach their merchants to get a particular product customized as per their desires. Personalized products have grabbed the attention of e-retailers. This is all because custom products offer several benefits.
Today, we are going to discuss the benefits of product personalization services. Let’s check why it has gained popularity among eCommerce merchants!
● Competitive Advantage Over Others
When a business offers unique products to its brand, it gains a competitive advantage. When you develop a good customer base who like to buy products only from you, they will be okay with increased prices.
Product personalization adds to the profitability of an enterprise and offers other benefits. It enables a business to obtain a more significant market share with its varied products. No one can deny the fact that things with even a slight personal touch become more valuable. After establishing yourself as a unique brand that offers extraordinary products, your competitors will have difficulty catching up with your pace.
● Customer Engagement
Personalized or customized products engage consumers easily. Adding a personal touch to the products goes a long way in impacting the customers. We are aware that the market is flooded with the same type of products these days, so you should offer something that stands out from your competitors. To be precise, consumers are aware of the typical products, and if you wouldn’t do something unique, you’d remain another sheep in the herd.
That said, one of the best ways of standing out in a competitive market is by boosting customer engagement. It is easy today to offer them something unique. Conducting good market research will help you find a way to convince your prospects. Though the task may be challenging initially, gradually, you can achieve your goals.
● The Loyalty of Consumers
Another significant benefit of offering personalized products is consumer retention and loyalty. Nowadays, the success of your business is not defined by the number of consumers you acquire. It depends on gaining consumer loyalty and repeat purchases. Furthermore, gaining a new customer is almost 6-7 times more expensive than retaining an existing customer.
Not speaking from the sales point of view only, customer loyalty is a reward in itself. Adding a personal touch to your product will help ensure that your customers will return to you and eventually become loyal. Loyal customers will also promote your business among their friends and family and bring more business. When it comes to doing marketing organically, loyal customers are the best as they spread the word about you.
● Increase in Profit Margin
As mentioned earlier, consumers are ready to pay more for customized products. Adding one or two personalized elements to a product increases its value. A consumer will readily pay the amount you have asked for. This is because they know that personalization is not everyone’s cup of tea. It requires a different setup with several dedicated resources.
However, it’ll not burn a hole in your pocket. To develop customized products, you can come up with a strategy wherein you can develop a couple of templates and can make required changes when an order is received.
This will not only help you charge more for the customized products but also keep your customer happy. And, we all know that a happy customer brings a lot of business!
● Attracting Millennials
Millennials are decision-makers. To attract them, you will need to invest in product customization to obtain the maximum benefits. With product personalization, winning over consumers, especially millennials, is easy. This section of society is huge, and they are future buyers. Hence, it would help if you appealed to them to dominate their buying decision as a business.
Though, you need to bear in mind that personalizing products for millennials will not be limited to sending emails in their name. They are demanding and have dwindling attention span. So, anything which doesn’t appeal to them will not run in the market. Hence, it would be best if you come up with a personalization strategy to attract them. It’ll be a game-changer for your business.
● Robust Online Presence
Today, customers check online reviews and testimonials of a business before buying from them. Hence, having a solid and impactful online presence is the need of the hour. To establish an online presence, you need to list your business on Google and create your business page on Facebook and Instagram. You also need to regularly maintain these pages so that the algorithm picks your content and showcases them in front of your target audience. Plus, you can also build a community around your brand on Pinterest. This will generate a good reputation for your business online and attract new customers.
The Bottom Line
Personalization helps add a human element to the product of any brand and makes it everything about consumers. A business that offers everything per its consumers’ needs thrives. Using a Magento product designer tool is the best decision a business can make to offer custom products. The best way a business can do so is by asking its consumers what they want. Adding custom elements forges a bond between a business and its consumers, obtaining benefits and impressive ROI.