Businesses selling shirts to handbags and even consumer packaged goods realize the importance of letting buyers design their own products. According to research by Deloitte, nearly 40% of consumers are saying they have an interest in personalized products and services. One in three consumers is interested in personalized products, whereas 1 in 5 customers is actually buying a personalized item. Nearly 44% of consumers in the age group of 16-24 old and 47% of consumers in the age group of 25-30 are interested in purchasing a product that they helped in designing.<\/p>\n
Ben Perkins, Head of Consumer Business Research at Deloitte, said<\/strong> – \u201cBusinesses are now postponing production until the latest point possible to allow individual customization. Beyond the ability to provide more customized products, postponing production can help reduce inventory levels and ultimately increase efficiency.\u201d<\/em><\/p>\n 2. More than 70% of consumers are willing to pay a premium price for customized products<\/strong><\/p>\n 3. According to a survey of more than 1000 online shoppers by Bain & Co, it was found that <\/strong><\/p>\n It concludes that online buyers will pay more for the customized products they have designed. They would also consider the additional cost reasonable as they consider self-designed products valuable.<\/p>\n When it comes to purchasing items, women are more focused on the experience of the purchase. At the same time, men want their stuff and bailout. A study titled \u2018Men Buy, Women Shop\u2019 suggests significant differences between men’s and women’s shopping habits. Product after customization can cater to women shoppers and businesses alike to reap huge sales from it.<\/p>\n Although it has been found that customers giving the effort to design their own products are likely to value them, if they give too much of an effort, they are likely to bail out by considering it as inconvenient or irrelevant. So, online sellers need to focus more on customers adding value than they adding effort.<\/p>\n Finally, it can be concluded that online product customization is the latest trend among buyers and the biggest opportunity for e-commerce businesses. On the other hand, online sellers need to provide an engaging website design and user experience to buyers. Moreover, they need to produce innovation, development and even consider customers\u2019 purchasing habits and psychology.<\/p>\n","protected":false},"excerpt":{"rendered":" Businesses selling shirts to handbags and even consumer packaged goods realize the importance of letting buyers design their own products. According to research by Deloitte, nearly 40% of consumers are saying they have an interest in personalized products and services. One in three consumers is interested in personalized products, whereas 1 in 5 customers is […]<\/p>\n","protected":false},"author":1,"featured_media":4322,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[57],"tags":[1391,1392,1243,1246,1240],"yoast_head":"\nMore interesting facts coming through!<\/strong><\/span><\/h2>\n
1. Most customized products are in the following 3 categories:<\/strong><\/h3>\n
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Personalized Product Works, but why? Here is the Psycholog<\/em>y!<\/strong><\/span><\/h2>\n
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What does it Really Imply?<\/em><\/strong><\/span><\/h2>\n
1. Online Buyers will Pay More to Own Customized Products.<\/strong><\/h3>\n
2. Women Love Customized Products:<\/strong><\/h3>\n
3. Customers should give effort but not too much:<\/strong><\/h3>\n