Author
Lui Larocheski
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Product customization and on demand manufacturing has made a stand in the e-Commerce market and has caught the attention of major e-tailers, like Farfetch and Nordstrom.
Customization and personalization open a world of possibilities for fashion, allowing customers to experiment with a variety of designs, graphics, fabrics, colors, and more, before any physical product is made, saving you thousands (or even millions) on physical samples and photo-shooting.
That’s already a great incentive to get started, but let’s consider a few other reasons fashion brands will benefit from implementing a product customization or personalization experience at point-of-sale. In this brief article, we’ll lay out the five main advantages:
1. Because Customers Like It
Product customization adds a personal touch to the product and add the exclusivity value to the experience. When customers design it their way, the end product not only remains a product, it gains sentimental value no matter whether they are creating it for themselves or for someone else. Customers will be more connected to your brand and will be unlikely to return purchased goods. Product customization is akin to a bonding experience that brings customers closer to your brand.
2. Product Customization Builds Customer Loyalty
A product personalization or customization strategy establishes a connection between the brand and its customers while significantly improving customer retention. They will not only come back but also refer your brand more often to friends and family.
3. Increase Sales
Customers do not hesitate to pay extra for a personalized items because they do not see it just as a product but as something of their own. We can back this up by citing a study by Deloitte which reports that 1 in every 5 consumers would not mind paying 20% extra for an exclusive product.
The same survey shows that customers are also willing to wait a little longer to receive products that are customized by them and for them.
4. Get Better Insights Into Your Customers
When customers interact with digital goods and purchase customized products, brands can collect that information and utilize it to offer other products based on their previous preferences.
We are already used to having our Netflix and Spotify selections personalized for us. And that is because these company use our data to offer more personalized experiences. So, why can't I walk into a store (physical or online) and get the same personalized treatment?
5. Take Your Online Business One Step Ahead
According to data collected by Invesp, 53% of the online shoppers feel that brands who offer product personalization provide a valuable service. 45% of the shoppers are more likely to shop from a store that offers personalized recommendations.
E-commerce is sweeping across the fashion industry and the next step in this digital acceleration is 3D product customization. Consumers want more from their digital product experiences. And, to win their attention, brands must give them the ability to customize, personalize, and optimize goods to meet their specific requirements.
Customization and personalization open a world of possibilities for Fashion, allowing customers to experiment with a variety of designs, graphics, fabrics, colors, and more, before any physical product is made, saving you thousands (or even millions) on physical samples and photo-shooting. It results in more consumer engagement, more conversions and precise quantity production.
Ultimately, the key financial benefits are derived from the elimination of waste and discounts, lower working capital and increase sales margins from personalized products. Start saving on samples and deadstock while giving your customers exactly what they want be embracing the benefits of product customization.
