It’s not more than a few years ago when personalized products were limited to a number of products which could be counted on your fingertips. It mainly comprised of gifting items, showcase products, or marketing merchandise (that too very limited). But with the rise of personalized products in the ecommerce industry, the whole scenario has gone through what seems like a revolution. There is more to personalized products now than the key rings and coffee mugs with your name printed on it. So what’s the reason behind this shift of choices? In this blog, we will try to engage with different dimensions of the trend (if we may call it) to understand the rise of personalized products ecommerce and other questions related to it.
Product personalization is any product altered according to the customer’s need or desire. It can be custom made products or some design/prints on the already available product using an online product personalization software. The latter is more popular as customers like to create their own designs and prefer their choice of graphics on the products. Anything from a wooden pencil to a sports car can be personalized. Though the more accepted products are everyday products including t-shirts, cutlery, posters, stationery, mobile and laptop skins and the list goes on and on.
So, why is it that people are willing to pay more for the same product just because it’s customized with a different design? Well, the first reason is that overall affordability of consumers have increased, they are now able to afford things beyond their needs. Moreover, the sense of ownership is related to customer’s psychology. Customers are tending to like something that clearly says ‘it’s mine’. And there’s no luxury attached to it, in spite of being attractive and well demanded, the prices are pretty much controlled and you can always differ on your choice of products.
There’s another imperative dimension to it as well. For anything to be popular, it needs to be available in abundance. Ecommerce has made it possible for customers to get their customized products without much effort. Ecommerce businesses are up to date with the latest technology now which lets them offer their customers the best. There is no longer the need to go to the selected traditional printers and accept the very few things they had to offer. Shopping online allows the customer to design their products with ease, and gives them the freedom to put up any design of their liking. The order process is also as effortless as buying any other ordinary thing online. Even big companies like Nike are now offering personalized shoes for their customers and it is being accepted by consumers with much enthusiasm. Therefore, it wouldn’t be wrong to say that ecommerce is one of the top reasons why personalized goods have gained such immense popularity.
One this that can be concluded from the response consumers has shown towards it is that it’s not a fad. It’s a long term thing which is yet to see its acme. Customer psychology loves the trend and it’s not going to change sometime soon. Even though we know personalized products are doing well, the market is still being explored. What seems to be a trend today is forecasted to be a mandatory thing for ecommerce businesses in the future.
There is more to it than just the trend. Even though you can see that personalized products are doing really well in the online market, you might be two-ways about the decision on why you should adopt it for your business. Let’s try to break it into chunks to understand why ecommerce businesses need to plunge into it at the earliest.
Being up to date with the latest technology is a must for all online businesses. As it is something which progresses with every passing day, it becomes important for you to adapt to it before it is already outdated. Synchronization with technical advancements doesn’t only mean back end technical process but the one which makes it possible to offer your customers the latest products as is in the case of personalized products.
Companies like vistaprint.com plunged into the market at the right time and the success of the venture is not anything we don’t know about!
As an ecommerce business, you have to do something that others aren’t doing. In the online market, your customers can compare prices of the common 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 concepts and designs to your customers which give them reasons to come to you instead of your competitors.
Offering personalized products helps you build customer trust and loyalty. As a customer designs a particular product on your site, he spends more time than an average common product sale will take. Also, a customer is more likely to buy a product he designed himself for the efforts put into it. Once they get the product and like it, they are bound to come back and shop for more.
Many businesses are hesitant to introduce the feature of personalized products in their store because of the perceived high cost of a good product personalization software. But it’s not the truth. Setting up a personalized product store is not much different that setting up an ecommerce store. Moreover, you don’t need to have a vast inventory for the designs. You just store the canvas on which the customer decided what he wants to get printed. Also, the customer is all fine with paying a little extra if you are offering them something worth it. So, it’s a cost-effective solution to increase the profitability of your business.
Even after knowing all the benefits and plusses of investing in a personalized product store or launching a personalized segment into an already successful ecommerce store, entrepreneurs don’t know what it takes to start with it. To the surprise of many such store owners, it doesn’t take up many resources and efforts to offer customized products to your customers. You just need to invest into an effective product designer tool which makes it easy and interesting for your customers to design their merchandise.
Moreover, you can control how much customization you want to offer. You don’t have to offer everything within your inventory to be up for personalization. You can opt for a niche business or can just start with a small segment offering something unique and attractive.
All in all, it can be said that it’s the exact time you should plunge into the business, if not done yet. The market is doing really well and the graph’s going nowhere down. Along with, you get the benefit of not too many competitors waiting for you to make your job difficult. So, you can plan your strategy with ease and get customer loyalty before other competitive stores catch up. Take the benefit of being online and extract the best out of technology at the right time.
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