Personalization, or personalized marketing, is already the norm to engage today’s consumers, especially when selling online. Thanks to technological advances, online businesses can now go further: featuring online product personalization is becoming the ultimate way of showcasing a personalized experience which enables your customers to interact with your product offerings. Nonetheless, for some online business owners, the opportunities brought on with these new trends have raised the question of how to grow their online business with product personalization.
On our previous webinar blog titled How to increase market shares for your photo business, we introduced stats about the product personalization market growth that made adding online product personalization to your offering quite attractive. Featuring product customization is a significant revenue generating avenue that connects you to what the consumers want in 2020. This is true due to the fact that the lastest data shows that consumers are willing to pay up to 50% more for customized products versus standard ones. Personalization thus enables retailers to increase their Average Order Value (AOV), which in turn boosts revenues. Moreover, product personalization has also been attributed to increases in conversion rates for retailers by 22-30%, according to McKinsey Institute, as well as increasing customer satisfaction.
Personalization can also be hidden in the details on e-commerce sites. If you notice that a user tends to buy the same product every month, why not offer him a coupon to encourage him to continue? If a customer whose behavior matches the description of profile A buys product X, why not recommend him to buy product Y? Cross-selling and even up-selling should no longer be a problem. You can also intervene in the customer’s shopping cart. The shopping cart often contains products that the customer does not purchase. Most e-commerce sites already save the visitor’s cart when they leave the site, but forget to use it most of the time. Highlight their cart when they come back, as a reminder. Don’t hesitate to personalize a banner according to the content of the cart. Think about your free shipping policy for example.
With minimal tweaks to your current go-to-market strategy and a small upfront investment on the right technology to support this venture, your business can easily capitalize on the rise of personalization trends in eCommerce to secure long-term growth in the photo industry landscape. To elevate your understanding on how to grow your online business with the power of product personalization, you are invited to watch our webinar dedicated to answering this question. In this interactive Q&A, Cate Cannavino, Brand Manager at Artsy Couture, and Marion Duchesne, CEO at Mediaclip, share their insights on trends within the product personalisation market that can diversify your offering and drive success with larger audiences from within the varied consumer pool. To watch the full webinar on the subject, click here. Also, you can retrieve the webinar slides here.