In today’s markets of mass-produced items, it makes sense that something unique or custom made is likely to have a higher value. While we as consumers are perhaps more likely to seek these out, does being custom made or unique necessarily mean a high price tag?
Access to technology to produce custom items and the capabilities of online stores means that it is easier than ever to produce and sell customized products. We take a look at some of the products that give us an insight into this economic phenomenon.
Technology plays a large part in customizing objects. Our ability to capture digital images and upload them and for product makers to download and digitally print them has expanded customization capabilities considerably.
From greetings cards to home furnishings, there is certainly an appetite for creating something that has meaning and reflects our personality. Digitally customizable products can be produced without a big addition to the price for the customer, which has contributed to their popularity.
The rise of online marketplaces and eCommerce websites have undoubtedly contributed to the popularity of custom items. These sites promote accessibility. Consumers can think of an item, enter it into a search engine, and most likely an online seller with have something available.
Sites such as eBay, Etsy, notonthehighstreet, and Amazon, all provide a platform for individual sellers to promote and sell custom products. ECommerce now plays a major part in retail revenue in the US, and it is considered to have a fundamental role in the economy in the future. As for the future of eCommerce, experts think that personalization will be crucial to its growth and success.
Choice, Price, and Value
Availability and production capability play big roles in the custom made economy. There are some other factors that are instrumental in their success or failure. The first is choice. Customization means an incredibly wide range of products on offer, but is that necessarily a good thing? Current trends show that having carefully curated options is the best way to sell custom items.
Two other elements that shape the personalization economy are price and value. A delicate balance exists between the cost of a product and its value to the customer, and personalization can be a deciding factor.
There is a psychology that lies behind customization and its value. It creates an emotional link with an object for the customer. However, that meaning might not be worth the cost of customization when it comes to disposable or purely functional items. There is also a chance that it won’t be profitable for the seller.
Customization has become more affordable, and that means big things for the economy and the customer. However, there are still many factors in play that contribute to the production and retail success of this trend.