Customization will be a key competitive edge in the retail world of the future. Personalization fosters greater customer interaction and engagement, and forges stronger bonds between the customer, the product and the retailer.
Research shows that almost 70% of consumers would return to a retail store that provided an opportunity to individualize a particular service or offering.Consumers who personalized a product online visited the merchant’s website more often, stayed longer and showed stronger brand loyalty. Your chance of selling to an existing customer is 50% higher than your chance of landing a brand new customer; and personalization keeps customers coming back.
The economics of retail customization are compelling. Personalization drives higher spend-per-customer and greater register values – sellers realize up to 50% higher sales and revenue, and up to 34% more profitability, when they expand their product portfolio by adding a personalized product or service offering.