The trend toward personalization and customization is making a big comeback, particularly in the ecommerce market, says an article by Bernhard Schroeder in Forbes, and customers are willing to pay more to enjoy it.
Cited as a long-term development that’s expected to grow steadily over the next 10 years, the core reason for the rise in popularity relates to customers’ psychology. Products and services that are personalized and customized clearly say, “This is mine.” People are unique, and they want to feel that way.
For businesses, this trend opens up new opportunities to relate and engage with customers in an entirely new way, not only through personalized promotional products and those customized for the recipient, but also for companies that can offer personalized and customized services.
Schroeder gives three reasons why companies should explore their options to offer a customized experience. First, personalization allows businesses to differentiate themselves and stay relevant with the needs of customers. Second, it’s a way for companies to build brands through differentiation and offer unique solutions thus keeping the customer from needing to shop competitors. Third, offering personalized services and products increases customer trust and loyalty. When customers can design their own product customized to their needs, they spend more time with it and are likely to buy more.
