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 be willing to pay more for a customised product or service, according to a mew 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. Unsurprisingly, half off 55-pluses are likely to be in the market for a custom holiday.
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 that 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.