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Personalisation and Profit

Empowered by social networks and digital devices, consumers have become both critics and creators, demanding increased personalisation while also expecting to be handed the opportunity to shape the products and services they consume. Not only that, but the majority of consumers are willing to pay more for a customised product or service, according to a new report from Deloitte — Made to order: The rise of mass personalisation report.

In fact, one in five consumers interested in personalised products would be willing to pay a 20% premium to get them. And 22% are happy to share some data in return for a degree of personalisation.

The move from mass production to mass personalisation can have big cost implications, though, so there must be a net benefit to a business in pursuing this model. The challenge is to determine how many options are necessary for a product or a service to feel unique while still being profitable, the report says.

However, this shift towards personalisation is less personalised than it seems on the surface. It appears that many consumers don’t want too much choice — 42% of those expressing an interest in personalised products and services want to be led by brands and choose from a selection of options.

Source: www.brand-e.biz

 

We have produced a short booklet demonstrating how simple it is to produce and profit from this demand for personalised product using Vision systems.  This particular booklet concentrates on the jewellery & gift industry but the same mechanics could be applied to many other opportunities.

This simple publication illustrates a variety of projects you can produce with a Vision  VE810 and Vision Max Pro system. Each example includes cost, design and production time and more importantly potential profit.

The bottom line is that customers are prepared and almost expect to pay a premium for a product that is personalised and therefore unique.  

 

Please click here to view Personalisation & Profit

A study in personalisation and profit using Vision engravers

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