Top Reasons for Personalized GiftsProduct personalization is invading every facet of the digital and retail space. In fact, the e-commerce world has been rebranded “me-commerce” given that a majority of the online retail community relies on big data to provide a customized shopping experience for each client. The trend is increasing, with many consumers going for personalized gifts.
Research by Deloitte on product personalization revealed that one in every three consumers would like to personalize their products. This number is bound to increase with the Millennials generation in the equation. Members of this demographic segment are keen about portraying unique images of themselves, and a good number of them are in their prime purchasing years. They buy personalized watches or send personalized gifts to their loved ones.
Many businesses disregard the potential of product personalization, citing the investment that it requires for setup. However, on the cost-benefit weigh scale, product personalization is a tremendous opportunity to conquer the untapped market. In addition to bringing a high rate of returns on investment, it leads to increased sales and reduced overhead costs.
More Reasons for Product Personalization
All the same, these are not the only reasons for offering product customization. According to new research, many consumers expect, if not demand, highly personalized shopping experiences. Importantly, customers are willing to spend more on personalized products. However, even though customers are already expecting such products, many businesses are just not ready to deliver. Here are top reasons for personalizing products, both from a consumer and a seller’s perspective.
Personalization motivates consumers to buy: About 49% of customers buy products they do not intend to buy simply because the products are personalized with their own messages or with a brand they love. Whether it is a personalized mug or watch, most customers would love to purchase products that pique their imagination.
Personalized products generate more revenue: This is a win for the seller who is willing to personalize products to suit his or her clients. According to a survey conducted by Segment, 40% of U.S. consumers confessed that they have spent more than they had planned to spend simply because a product was personalized. From the seller’s perspective, product personalization provides a suitable opportunity to generate more revenue.
Fewer personalized products are returned: the same survey by Segment revealed that only five percent of impulse buyers were not happy with their products. This means that a greater majority of the buyers were happy with what they bought.
Product personalization creates loyalty: As a customer, you are more likely to pledge loyalty to a provider with products that meet your needs. More than 40% of buyers of personalized products are likely to return to the seller for a more personalized shopping experience. Besides, they are more likely to pass the good news to their friends and friends of their friends.
The retail industry has a huge opportunity. According to research by eMarketer, the retail sales are projected at $5.68 trillion by 2021. Besides, according to Accenture, companies that employ smart digital technology for product or service customization will win a $2.95 trillion price. The digital strategy works in the same way as Netflix and Amazon, which recommend products based on the history of what their customers seem to enjoy. Such recommendations often generate higher sales.
All the same, providing product personalization is not a one-size-fits-all exercise. Each customer is unique and desires what will appeal to him or her in a personal way. Consequently, when customers are satisfied, they are willing to maintain a good business relationship with the supplier.
Located in Calgary, Alberta, MemoriesToLast is a company that offers personalized designs of photos or text on a wide variety of products for the whole family. Whether you need a personalized phone case, mug, or wristwatch, you can get in touch with them. The company has an in-house art team that is committed to transforming their customers’ photos or texts into a product that displays the design in the best way possible.
This means they will edit and crop your photos to suit a product of your choice. Their customer service team is ready to help with any issues at any time. Usually, they respond within 24 hours or sooner. You can reach them through their e-mail at email@example.com or by phone at +1 403 616-0606. Their office hours are between Monday and Friday, 9 AM – 5 PM MST.