Giving your clients the power to create their own unique custom product designs, where and when they want and on a user friendly and engaging software platform is a business opportunity, increasing customer lifetime value, keeping your collection in style & leaving the competition behind.

 

ME-COMMERCE: THERE’S A NEW BUZZ IN TOWN

 

People, we are entering a new era of consumer behavior and expectations. Have you noticed?

Not too long ago companies had to expand their production processes to handle increasing demand in standardized consumer products. The term used to describe this production method is “mass production” and I’m sure you have all heard of it.

With the rise of the internet, social media and mobile devices, consumers have more platforms and opportunities to express their personalities. One of the ways to do so, is to share with our communities items we have bought or are willing to buy.

We want to be different from other people. We want to be unique; our homes have to look different, we don’t want the same hair cut as the neighbor, we buy clothes none of our friends have in their wardrobes, and so on.

Consumers are becoming critics and are increasingly dictating what they want, but also how, when and where they want it.

This implies that companies need to give consumers a lot of different items and services to choose from. It even goes further! Consumers are actually expecting companies to make it personal and want the opportunity to create their own products and services!

And there we have it. We are moving from mass production to mass customization. For companies this means one thing: be relevant or be forgotten. Customers don’t just want to be consumers, they want to create their own unique products!

As for every new phenomenon, there’s a new word to describe it: me-commerce.

Me-commerce could be defined as “a customer-centric concept of reinventing online retail mechanisms for customer retention and conversion through supporting the individual customer journey” (Perpetto, meCommerce – A Starter Guide).

McKinsey & Co name new 4 P’s of customer behavior in “Me-Commerce” and the Future of Retail:

  1. Pervasive: customers want to shop wherever they are
  2. Participatory: they engage easier and they use their voice to speak up
  3. Personalized: they want offers to be relevant to them
  4. Prescriptive: they want to be in control of the shopping process

Let’s explore the third more in-depth!

 

Retail success today is all about developing the tech, tools, and talent to be relevant to the individual consumer.– McKinsey & Co

 

THE VALUE OF MAKING IT PERSONAL

 

The sooner you realize there’s value in letting customers create their own unique products, the sooner you can amp up your sales ànd make a difference in the life of each client.

Product customization may ask an investment in your company, but is shown to deliver 5 to 8 times return on investment on marketing spend while boosting your sales by 10% or more (source). This means customization is a massive business opportunity you shouldn’t miss out on!

 

1. STAND OUT OF THE CROWD

 

Me-commerce personalization

 

It has never been so easy for clients to compare standardized products. Numerous research has shown that up to 50% of mobile phone owners use their device to compare prices (even in-store!).

 

 

We all know how Amazon’s recommendation engine has changed the game by presenting customers with suggestions of products they might be interested in. By using this method, Amazon has dominated the price and selection battles, presenting a lot of companies with a problem. Personalization is the solution to differentiate your brand and lower the competition by offering a unique collection to your clients!

 

2. KEEP YOUR COLLECTION IN STYLE

 

Trends are changing like the wind. Social media and online publishing make it hard for companies to keep up with rapidly changing preferences. By letting your clients create their own customized designs, you have the opportunity to gain a lot of priceless data. Use this data to adapt your product lines and stay innovative, leaving the competition behind!

 

3. IMPROVE CUSTOMER LIFETIME VALUE

 

Giving customers the opportunity to create their own design increases the involvement they have with your company and the products or services you offer.

The creating process is an engaging one, and you will see customers coming back to you for more. They’ll visit your website more often and stay on your web page for a longer period of time. The reason for this is that customers value customized products. Deloitte research shows customers are willing to pay 20% more for customized products than for standard equivalents:

 

consumers pay more for customized products

 

Customization is a way for you to activate passive shoppers and turn them into active co-creators of your brand and products. They will have the feeling the product is “theirs”, turning them into ambassadors of your brand! Just think about the impact on customer loyalty!

Companies that have made this step have seen an increase in conversion rates by up to 200% for customized products, with orders 20% bigger at prices 20-40% higher. Don’t say price is an issue!

 

In general, customers who buy customized products are more satisfied and are more valuable. By automating customization using the web, companies can more easily take a customer segment down to the size of one. In five years, this will come to be expected by consumers.– Ken Seiff, ex. VP direct & omni-channel @ Brooks Brothers

 

This tool turns your business made-to-order!

 

Innovations and new technologies have paved the way for businesses to offer personalized products and services in a cost efficient manner.

3D printing and modeling, Augmented Reality technology, smartphones and other mobile devices, e-commerce and predictive marketing platforms are some of the tools that can make your life a lot easier, and your business more profitable.

It’s one thing to offer customizable products, it’s an other to present them in an attractive way.

An excellent way of doing this is by presenting all options and variations in 3D with a product configurator. We’ll tell you why using the new 4 P’s of customer behavior we mentioned earlier.

 

1. Pervasive

 

Customers want to shop whenever and wherever they are. This means you should introduce an omnichannel strategy if you haven’t already.

World of Waw offers a 3D product configurator that can be used on every platform imaginable:

  • as an app on smartphone and tablet
  • as a web export to implement in your website
  • as a computer program usable offline

Use all possible touch points to reach your clients, shorten your sales cycle and close the deal on your clients platform of choice.

 

2. Participatory

 

Customers engage easier and they use their voice to speak up. This is fantastic! Don’t we all want customers to get engaged with our brand?

But how can you make them engage with you in stead of your competitor?

Let them customize your products to their wants and needs and turn them into ambassadors for your brand! Social sharing drives other customers to your brand while lead generation tactics implemented in our product configurator let’s you gather personal information such as e-mail addresses.

Did you know 22% of consumers are happy to share some data in return for a more personalized customer service or product? (source)

 

3. Personalized

 

Customers want products and services to be relevant to them. Flexibility means it’s more likely customers get the product that they want, increasing customer loyalty and satisfaction.

We have already stated consumers just love to create unique products. The best way of doing this, is providing them with photorealistic images of “their” designs in a fun and engaging way.

The product configurator of World of Waw uses visually rich 3D models, giving customers a lifelike image of the product they are assembling.

Unlimited combinations ensure user creativity while synchronization with existing back-end programs makes sure only possible combinations can be put together.

What they see is what they get, ruling out disappointed faces when their dream product arrives and leaving them with memories of a valuable experience with your brand.

 

4. Prescriptive

 

Customers want to be in control of the shopping process. World of Waw offers a tool customers can access when and where they want it, even in-store!

Product designs can be stored as a favorite for later adaptations or to order when your client feels ready for it.

CPQ software makes sure no out of stock items can be ordered and pricing is always correct. No more unpleasant surprises disrupting the sales cycle!

 

Giving your clients the power to create their own unique custom product designs, where and when they want and on a user friendly and engaging software platform is a business opportunity, increasing customer lifetime value, keeping your collection in style & leaving the competition behind.

 

 

You want to become a me-commerce superstar?

You stumbled to the right place!

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