In recent years, it is a commonly observed phenomenon that the disruption of retail is in a revolutionary stage and the presence of traditional retail is dwindling day by day. The retail environment is undergoing a dramatic consolidation and a massive shift in the preferences of the customers. David Hamilton, the co-owner of Hamilton Shirts is of the view that customization in online retail hold accountability and practicality to their customers that one cannot witness in the traditional retail space. With giant strides in technology like 3D printing, the notion of prohibitive customization is now possible. According to Shamil Hargovan, the co-founder of custom fit shoe company Wiivv, there is always a cultural demand for personalized custom consumer products. On a further note, he adds that the trend of customization is set to rise as technology would facilitate the online retailers to design products as per the demands of their clients.
Online Retail Customization- What it is all about?
You may be well aware of the exact definition of personalization. It is the way a retailer provides its clients with a customized shopping experience. The term personalized replies that the shopping experience provided by the retailer is based on the demands and preferences of the customers. On the other hand, you would be fascinated to know that there exist a lot of customizations in the online retail world.
These varied types of customization not only help a retailer to garner profits, but it also helps the brand to attract and retain customers for the future. In short, personalization has become an integral part of a company's marketing and sales strategy. By offering personalized goods, the brand ensures that it can survive in the market even when the competition is high. It also helps an online retail brand to distinguish itself from others. With the popularity of online shopping at an all-time high, brands are leaning more towards customization to ensure that they have the desired number of customers.
The varied types of online retail customization
It is interesting to note that there are diverse types of online retail customization which is both beneficial to the customer and the brand. Here is the list of varied kinds of customizations.
The recommendation engines can predict products that a buyer can buy based on the buying behavior of the consumers. These can then be presented to the customers via email campaigns, transactional applications, and e-commerce sites. If you have an ardent passion for online passion, you might have noticed this phenomenon on Amazon. In fact, Amazon achieves 30% of its sales with the help of recommendations. Watches and accessory companies also use these types of proposals to drive more sales.
Navigational Customization is that type of customization that is based on the purchase history and browsing behavior of a customer. For instance, if a buyer has logged in a fashion retail store, then that fashion retail store can track his or her activities. The next time the buyer logs into the same portal, the online fashion retailer can depict items and accessories as per the buyer’s previous preferences. In this manner, the retailer can have a basic idea about the preferences of the buyer. This greatly aids in providing the client with a customized shopping experience.
Segmentation of database
In order to successfully run an online customer retention program, you need to segment your email list on a periodic basis. Segmentation here refers to transmitting discrete chunks of marketing leads for several sorts of people. To make this easier, let's take an example. Let's say that you are a grooming company and you are about to launch a new beard grooming oil. If you do not have your email list segmented, it can spell trouble for you. You would not be able to identify the right target audience who would be able to buy your product.
Customized content is ruling the roost in online retail, and at present, a majority of e-commerce giants are employing this strategy effectively. By analyzing the buying behavior and demographics of the buyer, you as a retailer can serve visitors more personalized content. This would make sure that your customers would take positive action. Customized content can be served to the customers on the vivid number of ways. Moreover, they can be sent to the customers via various channels like email or social media posts.
Serving the customers with real-time offers
It is interesting to note that you can offer your customers various offers in real time. However, this is based on multiple factors such as their entry source and the number of times they have visited your site. For instance, if you notice that an old customer has logged in, you can send notification via SMS or email that there are exclusive offers for him or her. In this manner, you can increase your practicality and viability in front of your clients.
Brands like Nike and Adidas are toiling hard to provide customized shoes for their customers. However, the small companies in the online retail market are the real players when the topic boils down to customization. They go beyond the traditional and aesthetic marketing principles so that they can include more customization into their products. Wiivv is also the first company that offered the functional enhancement to a product. With the help of a smartphone, Wiivv makes it possible for every store assistant and customer to create custom gear.
Author Bio: Harsh is the co-founder of Fynd, a first-of-its-kind, e-commerce fashion platform, with a live inventory of 8K plus stores catering to more than 8 million customers. He is an engineer from IIT Bombay and has 7+ years of experience in the field of Fashion Retail, Hospitality, Management Consulting and Human Resources. He is currently working on expanding Fynd's presence on to the global radar.