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Why Product Customization is a Multi-Millionaire Business Idea in 2020

Why Product Customization is a Multi-Millionaire Business Idea in 2020
May 28 2020

There are over 24 million e-stores on the internet and still counting…

And you want to stand out? Offer Product Customization.

Product Personalization or Product Customization is not a new concept in the market.

“Personalization is not only about consumers who are aware of their needs, but is about offering them what they are actually exactly looking for”

For example, Tesla allows customers to design their own cars. With Nike, you can customize your shoe the way you want. Household goods seller Nutella added customization, allowing customers to add their name onto the jar. The reason why we love it even more!

nutella

Today’s buyers have their research buddies Internet and Google. Hence, when they spend, they are more informed and conscious. And as an individual, if they get customization options for things like iPhone covers, your brand will get a lot of attention from them and substantial bank balance!

Hence, here are 4 reasons why offering Personalized Products can align your business goals and also help you reach new heights in 2020.

You will be offering something for every age

A consumer review by Deloitte reported that 1 in 5 consumers is willing to pay 20% more for personalized products. Further, it also reports that those who are over 55 years old are more likely to purchase a personalized holiday gift item than those in the 16-24 age group.

So as a store owner, it can be profitable and can open more revenue sources for your business. Additionally, offering customization is far cheaper than offering new products. Because you can bulk buy products without needing to customize them. And guess what, for each customization made on the product, you can charge more, and still they will happily pay.

10x Customer Engagement

Customization is like what a user can do himself. Whenever a business is able to offer it, they are giving them an opportunity to be unique. After all, not all customers want the same thing. When they receive their product in the mail, in their color, size, and designs that they made, they feel a different type of ownership for the product. It increases the feelings of brand loyalty too.

Hence, if there is a way to customize your offerings, try it! Here are some of the industries where customers demand customization:

Apparel: Clothing, footwear, shirts lends itself to personalization because no two bodies are alike. The online MTailor relies on scans using smartphones to make customized shirts, suits, and jeans. 

The best way of offering customization from your store is by setting a web-to-print store. It will let customers design products the way they want with easy design interface and place orders. Once you receive the orders, you can send it for Printing and then deliver!

Gifts: The industry with a lot of opportunities. People like gifts but love customized ones. Whether it is a Mug, pillow, bottle, keychain, or a frame like Hollywood walk of fame.

image 2

Photo books & calendar:

A product becomes personal to customers when connected with memories. Especially in the time of a pandemic like COVID-19, people would rediscover their old memories and would want to store them in a special way. And with customized options, they can also choose the size, color, and every little detail. Hence, offering Photo Albums & Photo Calendar will only give your business new heights.

Stationery: From visiting cards, greetings, notebook covers, to pens, every product has a printable surface and a high-demand for customization.

Posters & flyers: Whether it is a new business or a marketing campaign, businesses would want unique and attractive flyers and posters. These products are some of the highest profitable products.

Hence, if there’s a way to customize your product offerings, try it! And to expand the experience even better, there are tons of ways to customize the customer experience for a better impact.

So let your customers get creative, and look for ways to heighten the brand experience for each of your customers.

ROI is GOOD

Whenever venturing into a customization business, it is important that you get more ROI than your conventional offerings. So, even if your store does not have the products that can offer customization, you can get started with new ones at low costs in this business. For example, if you already have a website, you need a Product designer tool integrated into the store, to allow the customers with the ability to customize.

If you are a total novice with no web presence, you can get started with a complete web-to-print store at $400! Then you need a few months, good UX/UI of the website equipped with pretty graphics and customization options to settle in! After the break-even period, you will start getting ROI that you anticipated if everything(Printing, Marketing) falls into place.

Branding through Word of Mouth

People love looking around and noticing different things. Do you remember asking your friend that, “Hey from where did you get this t-shirt from? Haven’t seen this around before!” In the same way, people are intrigued by the idea of their personal name, quote on their clothes, mug, or any products. They get excited.

So, if you have got anything that can make them curious enough, you are doing things right.

What’s your take?

Even after being there in the market for years, businesses are still getting started in the customization industry. So what about you? Because it is never too late to start something over.

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Chandni Pandya

With a certification in content marketing and vast experience of digital marketing, Chandni Pandya currently holds the position of Deputy Content Editor at Brush Your Ideas. She loves writing printing-related blogs and keeps reading about the printing industry from various sources. A firm believer of equality and a lover of poetry, she encourages everyone to lead a healthy lifestyle. Offer her green smoothies and not coffee. Smoothies are her love!