In our digital era, surrounding with endless of products, types and options, we spend too much searching for the right product, which can end in compromise on our finding or total frustration. Consumers have higher expectations, they want their service and product to be personalized.
61% of the customers expressed an interest in purchasing personalized jewelry, while only 14% succeeded to do so in the past. The challenge for consumer businesses is how to convert consumer interest in customized products into profitable sales. Deloitte research shows that 1 in 2 consumers feels that customized products can make a great gift. The move from mass production to personalized products can have big cost implications and time consuming, some business do not invest in developing personalization capabilities.
As pressure for profit grows, business will need to collaborate more with their customers, else they run the risk of lost ales, missed innovation opportunity and excessive inventory.
The personalized jewelry market still relies on the bricks and mortar industry, while the online jewelry market is growing fast and expects to double its share by 2020. This creates a challenge to provide new ways to meet consumers demands, to enable simple and fast design process online and in-store.