Impact of personalized Products on e-commerce sales
Would you like a friendly tone?
or an extremely robotic blog today?
Would you like to watch your favorite TV show every night? or a single broadcast decided by the government will do?
Every product is a result of a demand. Here’s how every product fulfills the demands.
PERSONALIZATION IN PRODUCT LAUNCHING:
Every e-commerce startup has a target audience for every product in mind.
The target customer is decided based on the quality of product, its utility and need, its pricing etc.,
Before the launch of every product, a retailer ought to perceive the target audience as a “Persona“, one unit of being with specific expectations from the product.
This is termed as personalization in product launching.
In the world of e-commerce, personalization is a powerful tool.
Once you have a persona in mind, you can simply add or remove features from your product as per the requirement of the persona.
This ensures effective products, saves the extra cost of undesired features, provides satisfactory product to your target customers and generates revenues!
This is exactly how you personalize a specific product before it’s launched.
PERSONALIZATION BY THE CUSTOMER:
While offering products, an e-commerce startup ought to keep in mind how uniqueness is praised and desired by human nature.
Are you going to visit a salon that offers you to choose for yourself from a variety of environments/music/aroma, or you’ll prefer the plain parlor that is ready to get rid of you as quickly as you put the money on the counter and are done with your services?
Which of the two is more comfortable, and inviting?
Definitely the first one!
Similarly, who would want to go around matching dresses with everyone in town? We all like our uniqueness. That gives us an identity and an individuality.
The strongest tool to aim for someone’s psychological favors is this. Personalization. Mostly, humans work by instincts, and humans like to feel special.
AIM FOR PSYCHOLOGICAL WEAKNESSES:
Personalization aims for these psychological weaknesses:
Desire to feel welcomed
Asking people about what they want is a key to get them involved. They feel welcomed. and everybody wants to feel that way.
It lets them explain their preferences and when voiced out, there’s a desire to get the product the way they want it. There’s your best chance to please them.
Satisfaction is what they derive from having the upperhand in the deal. When the choice is made by a customer, good or bad, it’s their call. If they are satisfied, they satisfy you through rating.
There aren’t a lot of things in life that people get to decide for themselves. The decision making genes never ever expire. They’re there awaiting an opportunity. Through personalization, They feel like the deciding authority.
There are certain priorities that a customer has. For example, a little girl obsessed with pink wants all accessories in pink. You offer all sorts of colors.
She could just pass by a pink stack of socks because they’re all over the place. But if she gets approached and inquired what color she’d want for her socks, she’d probably blush and say “Pink! I want everything pink!!!”
THE OUTCOME: CONVERSIONS
When a visitor feels that their priority is valued and taken care of, they’ll most likely convert into permanent clients! (provided that your product quality is good too)
There’s no single product which is optimal for everyone, because humans are not robots which only need a steel casing, all alike.
The user experience will always be taken as great if you have taken care of their psychological and qualitative needs.
SUGGESTIONS THROUGH ON-SITE BEHAVIOR
Personalization is a dynamic and 1 to 1 relationship, it’s far from generalizing. You can trace a customer’s onsite behavior and navigation and provide automated suggestions for them.
Providing best matches for their preferences will definitely increase your clients, sales and revenues.
Additional filters are also a conversion optimization tool. You let them categorize their searches and enjoy!
IMPACT OF PERSONALIZATION
According to a recent survey by google and greenberg, 63% of the customers prefer purchasing a personalized version of any offered product or service.
Adding customized “Personalization” options to your site is thus a great marketing tool.
The same survey by google claims that 90% businesses which invested in the customer care and personalization domain have scaled very quickly. So go ahead! Put a little extra work and earn BIG!!!
Higher Net Promoter Score (NPS)
For instance, a survey of 1,000 online shoppers by Bain determined that customers who designed their own shoes gave companies a 50% higher Net Promoter ScoreSM (NPS)—a standard way of measuring customer loyalty—than customers who bought regular products from the same manufacturer.
Higher NPS typically translates to higher sales, referrals and lifetime customer value.
Higher Product Value
The same survey found that customers are willing to pay 20% more than standard equivalents for customized products—and many companies are successfully charging higher premiums.
Auto-renovation of Designs
Companies that offer customization are able to use consumers as merchants—continuously gaining insights from customized designs and finetuning products in a feedback loop that helps companies stay one step ahead of the competition
Personalization, thus, engages more customers, brings higher revenues, and helps merchant stay up-to-date with the ever-changing demands of their customers, ensuring quality service and productive business.
The future of e-commerce revolves around personalization. Every human striving to attain a uniqueness demands personalized products.
The higher the level of personalized products, the greater customer loyalty a retailer gets to enjoy. Hence, it’s highly advisable for all the e-commerce business owners to enhance personalization to gain customer loyalty.