Product personalization is rapidly becoming a key focus of leaders across a variety of industries and will continue to be one of the hottest topics in the coming years.
There are several factors driving this market shift, but perhaps the most important one is that consumers themselves are increasingly seeking novel and personalized products.
Amazon founder Jeff Bezos has said that a key to their success has been to remain a customer-focused company. "Customers are always dissatisfied. They always want more, and so they pull you along," he revealed in an interview.
Brands can remain relevant by continuing to push their customer experience forward, and must find innovative ways of connecting with their customers and meeting their growing expectations.
Still not convinced? Curious to learn more? We've scoured the internet to pull together these fascinating insights about product personalization.
Key stats on product personalization
- 1 in 5 consumers are willing to pay 20% more for a personalized or exclusive product. - Deloitte
- 48% said they were willing to wait longer for a personalized product or service. - Deloitte
- Only 1 in 6 customers have ever purchased personalized products or services—leaving huge room for market growth. - Deloitte
- 47% of consumers say that immersive tech makes them feel connected with products and that they would pay extra for a product if they could customize or personalize it. - Accenture
- "Personalization succeeds when companies make it easier for customers to engage, buy, and consume what they want versus the outdated concept of trying to predict the right product, place, and time." - Accenture
- 83% of consumers are willing to share their data to create a more personalized experience. - Accenture
- "[...] genuine hyper-personalization in the future will be enabled by customization in the ‘last foot’ – the product adapting itself between you unpacking it and using it. A digital service will orchestrate that real time adaptation." - Cambridge Consultants
- "Personalization can drive acquisition costs down by 50%, boost revenues up to 15%, and make marketing spend 10 to 30% more efficient." - McKinsey & Company
- 89% of digital businesses are investing in personalization. - Forrester
- 80% of consumers are more likely to make a purchase from a brand that provides personalized experiences. - Epsilon
- "[...] personalization is set to push a revenue shift of some $800 billion to the 15% of companies that get it right.” - Boston Consulting Group
- "[...] customer experience is projected to overtake price and product as a key brand differentiator." - Frost & Sullivan
Now is the time to be an early adopter and step forward into the future of product and customer experience. The time is near when consumers will expect a giant overhaul of the current status quo when it comes to their relationships with your products and brand.
This means that if you want to standout—not only today, but in the future—you will need to deliver immersive personalization, resulting in an improved, memorable customer experience.
Creative Layer can help. Sign up today to get early access or follow us on LinkedIn or Twitter to see a behind-the-scenes look at how this new world is taking shape!