The term “product personalization” has become more common in recent years. Because the market for personalized products is growing rapidly in many industries, including eCommerce. According to kickflip, 50 % of all customers agree that unique items make the best gifts.
As we can see, personalized products are so popular that businesspeople see them as an excellent way to make money, and some of them just start a business without any planning or strategy. As a result, they made mistakes and counted losses in the industry.
In this article, we are going to talk about product personalization strategies. So that, as a product personalization business owner, you can cope with the business challenge. First of all, let’s gather some common knowledge about product personalization.
What Is Product Personalization?
Product personalization is also known as product personalization. This technique can meet consumer demand for any individualized products and services.
Customers can either go to a store and ask for a specific design of an item, or they can buy a generic product and design it according to their own. In such cases, an eCommerce business provides extra facilities to customize a product. For instance, a store owner can use a product personalization application in Shopify to develop the customer experience.
Moreover, E-retailers are paying more attention to product personalization because of its popularity in the eCommerce market.
In the rest of the article, we’ll talk about the rising popularity of Product Configuration among online stores and try to determine the top strategies of a product personalization business.
Benefits Of Product Personalization
Before knowing the strategy, let’s find some benefits and why you should start a product personalization business.
- People Like Personalized Products
- Customer Loyalty Becomes Increased Through Product Personalization
- Product Personalization Boosts Revenue
- It Helps To Understand Who Your Real Customers Are
- It Helps to Create a Stable Position in Present Market
Benefit 1- People Like Personalized Products
Customers’ interest is essential to any business, and product personalization increases customers’ interest in your industry. The reason behind it is that people usually love to buy personalized products.
81% of customers love to pay more for personalized clothing, 89% for personalized footwear, 76% for personalized furniture, and 77% for personalized ornaments and jewelry.
Moreover, people like personalized products because they consider them unique. When customers customize something, they put personal impact; the final result isn’t just a product. It comes up with emotion.
As a businessman, you can take this chance to make your business successful and known by using customers’ positive emotions. Make your brand known in the felid of product personalization.
Benefit 2- Customer Loyalty Becomes Increased Through Product Personalization
The key to the success of any business is happy customers. Offering unique personalized products is a great way to keep customers coming back.
Also, another best way to keep customers returning is to let them know how the product is made, and using a product personalization application is the best way.
Brand loyalty can be increased in ways besides customer loyalty, like by making products more personal. Customers will be more loyal to your brand and choose it over the competition if you give them a lot of ways to customize it.
Customers are likelier to stay loyal to a brand if they feel connected to it through personalized products.
Benefit 3- Product personalization Boosts Revenue
The only thing that matters in a business is the total amount of sales. Making customers loyal to your brand is a sure way to keep making money.
Customers are willing to pay more for a personalized product because it extends their identity.
A Deloitte report found that 20% of consumers would be willing to pay more for a limited-edition product. This will prove my point. It’s important to note that Invesp found that 59% of businesses whose customers can customize their products make more money.
If customers are happy with the services they receive, they are more likely to recommend your brand to others, which is another benefit of product personalization. By doing this, you can expect to make more money from your sales.
Benefit 4- It Helps To Understand Who Your Real Customers Are
Another benefit of product personalization is that it helps you better understand what the customer likes, dislikes, and likes.
If a brand lets its customers customize the products they buy, it can learn more about the tastes and preferences of its customers. So, it’s safe to say that Product Personalization gives you an edge over your competitors by letting you learn more about your customers.
According to data put together by Invesp, 53% of online shoppers agree that brands that let them customize their purchases offer a valuable service. Additionally, 45% of customers are more likely to buy something from a store if they get personalized suggestions.
People go to eCommerce stores more often because they can make their purchases more unique. So, to take your business to the next level, you must offer services for customizing products. If you run an online store in Shopify, InkyBay- Product Customizer is a tool you should consider.
Benefit 5- It Helps to Create a Stable Position in Present Market
Because of the rise of digital platforms, the personalized gifts industry has changed significantly. The market for online gifting is expected to reach $84 billion by 2024. This is because the popularity of this trend has grown so quickly in recent years.
People enjoy giving unique gifts to the people they care about. Adding a personal touch to an ordinary gift makes it extraordinary. So, with the rise of eCommerce, make your customer if you want to dominate the market for presents.
What Are The Top Strategy of A Product Personalization Business?
- Adding Names to The Products
- Offer personalized Products on Special Occasions
- Putting a Discount on Personalized Products
- Allowing Product personalization Through Digital Platforms
- Run Your Brand Promotion in Different Business Community
Strategy 1- Adding Names To The Products
The best way to attract customers to your brand is to personalize promotional items with their names. This is the first and most important rule of user personalization in your marketing materials.
Many companies are implementing this strategy to attract new clients nowadays. Brand recognition for your business can increase by a factor of two thanks to the value it adds to the sales process.
The fashion industry is just one that has significantly benefited from this strategy. That’s because having your name embroidered on your clothes makes you feel special and shows that the company cares about what you want. The company’s ability to attract new clients and convert them into loyal customers is boosted.
Strategy 2- Offer personalized Products on Special Occasions
personalization of products is another way to increase holiday or other event sales. It’s become standard procedure, and many savvy businesses employ it for holidays like New Year’s, Christmas, Black Friday, etc.
Offering branded apparel, accessories, and other gifts during the holiday season is an excellent way for many businesses to increase their profits.
The first benefit is that it helps spread the information about the company, while the second is that it helps them sell off their entire stock of those products in a single week.
This is why marketers love using this strategy at events, where they can quickly and easily reach a large audience. So use this product personalization strategy during the holiday to attract your last-minute holiday shoppers.
Strategy 3- Putting a Discount on Personalized Products
Marketers know that offering discounts on the right products can get many customers to buy them. Putting an offer on the personalized product is a better chance of making more sales.
With this method, there is no doubt that the fashion industry is making a lot of money. Because of this, more people in the product personalization community are taking advantage of the discounts, and more people will be able to buy the things they want.
Strategy 4- Allowing Product personalization Through Digital Platforms
Almost everyone has smartphones, laptops, and other devices that let them connect to the internet, and most choose to buy their favorite products online. Giving customers ways to customize online-sold products is a great way to exploit this growing market demand.
Most online marketplaces don’t offer this service, so it is odd to see it here. It can help you bring customers from a wide range of people in the area to your online store.
Your eCommerce website can do well in the market if it lets people customize a wide range of products, from custom clothing to corporate gifts, at lower prices.
Strategy 5- Run Your Brand Promotion in Different Business Community
Almost all businesses now use promotional items, whether big or small. Many companies find it easy to reach their target audience directly when there are specialized promotional items.
You should take advantage of this chance and offer companies a wide range of branded goods that are each made to fit their needs.
You can put T-shirts, mugs, keychains, tumblers, and other items on this list. By giving full personalization options for all of these products, you can quickly take advantage of the growing demand from businesses for them to be used in various promotional situations.
Strategy 6- Use a Third-Party App for Product Personalization
If you are running your business on Shopify, you must know that there are tons of apps available on the app store that you can use in your custom business to boost productivity. But only jump into an application without knowing about it properly. To help you, let me show you what a user-friendly custom business app looks like:
Here, we can see the interface of a product personalizer with several useful features. With this app, the store owner is offering personalized sandal. A custom business can benefit from this type of application.
Product personalization is the best business to start if you have a proper strategy. Follow these steps to bring your product personalization business to the next level.