Product Personalization is the process of customizing a physical product based on your customers inputs and/or preferences. Do you remember when customized personal picture mugs or keychains with initials were the rage? This is what product personalization is all about.
Benefits of product personalization
Increases customer interest
People love buying and gifting customized products because it adds a personal touch and gives people the opportunity to be their own designer. A study from Bain & Co found that 25% to 30% of shoppers are interested in online customization options, even if only less than 10% have tried it until now. So, there is a huge potential for customization with a market worth over $2 billion.
Customers are willing to pay more
Customers are willing to pay 20% more than the standard price for customized products. A study by Deloitte found that consumers are willing to pay a 20% premium for personalized products. This can increase sales and revenue!
Build customer loyalty
Product personalization helps you, as the business owner, better understand your customers’ needs, preferences, and tastes. Using these insights, you can learn more about what your customers want and get an advantage over your competitors by offering more attractive personalized products. This, in turn, builds customer loyalty to your brand and leads to higher customer retention in the long run.
How can we at Lucent Innovation help?
We are experts at creating custom product personalization solutions. Please contact us if you are looking to build in product personalization for your store!
Lucent featured client using Product Personalization:
Lucent Innovation is a full-service Shopify web design and development company. We build ecommerce websites that are ready to sell, scale, and grow.
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