Nowadays, People are not interested in dull, repetitive products. They want something new and exciting. Your products must have a unique selling proposition that will catch the customers’ attention.
To get success in e-business, you need to rethink what it means to “sell” in your store. Because everybody does business this way today, it has become a well-established habit. Providing people something different is a way of attracting their attention. Because of product customization, the gifting and lifestyle industry is becoming more popular.
Adding customization options to products has helped many big brands see a boost in sales after making their products more tailored to particular consumers.
Considering the studies from Bain, out of 1,000 online shoppers less than 10% have tried customization while 25% to 30% are interested in trying customizing the products. You can imagine the type of potential this industry has.
Big brands like Amazon and Coke have found ways to profit off of customized products. In their own words, here are the four rules that helped them succeed.
Rule 1: A Clear Idea About Your Offerings
Customization makes customers invested in your product because they were involved in the process of creating it. The customers are more likely to feel a sense of ownership toward the brands they have purchased from. In this way, you are making it easier for them to have the experience they want. Your competitors can’t replicate anything that is exclusive to your products.
You will be influencing your brand image by customizing. To make it more impactful, you’ll need to develop a clear idea about the best way is to provide your customization offerings.
Rule 2: Think about how much customization do you need to offer?
The companies or brands that provide product customization have 10–15 core products and around 100–150 ways to customize the products. After some period of time, the customer will lose interest in the products. And that wouldn’t be because you offered only 100 ways to customize the product, but because there were only a few products.
So, while scaling your customization shop, make sure you are growing not only in the horizontal direction but in the vertical direction also. We want to say that don’t focus only on offering personalization, but keep an eye out for product development and adding new ones too.
Your product list should keep up with the times. When the times change and your customers want something new, you should be able to give it to them.
Rule 3: Keep the Overall Experience Simple for Users
“Simplicity of Approach is always best.” — Charlie Chaplin.
When you have to offer customization, you will have to be very careful. It’s always possible that you overdo things, so it’s important to make sure that you don’t. Your customers need to understand how your product can solve their problems. Don’t make it too complicated, keep language simple and short.
If your e-store doesn’t have good aesthetics and is hard to navigate, customers will have a much harder time on your website. This will cause a negative effect on their mind, making it hard to develop a positive view of your brand.
So, make sure you are keeping it real and simple.
Rule 4: Make the Customer Experience a Priority
Last rule: make sure your website along with your product designer tool creates a full-rounded experience for your visitors. Make it a priority.
When we talk about customer experience, we are talking about every way that a customer interacts with your organization that’s also your website.
These 4 rules will enhance the overall quality of your e-store and should be applied in order to improve your online store.
In 2020, many people had no control over the things around them. But while we can’t stop a pandemic, we can control how we react now, and prepare for the future. So, onward to 2022 and to think about how to position your company for the expected recovery.
Now is the time to begin the transition from reactive survival tactics to pro-active recovery and growth strategies. Post-pandemic effects are still largely unknown, but success will surely go to those who are already considering business strategy changes.
Already this devastating epidemic is disrupting the entire world, but it also has some positive notes.
Shift from Offline to Online
The brick-and-mortar stores are starting to understand that they need a digital presence to keep up with the current market.
The traditional print business model is not sustainable now. If you run physical stores, it’s important to have an online presence, or else you might not get customers at all.
So, it’s time you set up a system that will allow people to order items online.
You can also offer customization to your customers by integrating a product designer tool in your backend. This way, you can not only keep your business running but also sales-oriented and engaging.
Localized Order Delivery
There are some countries with shipping restrictions that make it expensive to ship there. Once you create your business website, you can inform your customers that you are operating remotely to deliver local orders in the vicinity of your remote location. If you have local warehouses, you can fulfill local orders as localized shipping doesn’t face stringent shipping
Then, when shipping is lifted, you expand your online business to different parts of the globe.
Custom Products (Especially T-shirts, Signages, and Photo Albums)
If it were not the COVID-19, all custom products would be in demand as usual.
Unfortunately, this is not the scenario.
A few custom products can still command a high price. A custom t-shirt for fundraising, spreading awareness, thanksgiving, inspiration, etc. can be a good source of income today.
Big hospitals, health care clinics, or local administration authorities, etc. can use custom signs to create awareness. for example, they can display these signages in public places to appeal to people to stay indoors, follow the lockdown rules, and make sure everyone is cooperating. Hospitals can help spread awareness of COVID-19 so that people won’t need to fear infection as much.
Flexibility in Return and Exchange Policies
A study found that 96% of digital buyers would repeat purchases if the seller handled the returns experience appropriately. You should make it easier for customers to return or exchange their purchases and extend the period of time within which they can do so. This will engage your customers better and enhance their shopping experience, which in turn will boost your sales
Printed Personal Protective Equipment
Mask is in high demand because of its cost-effectiveness. Many companies and even individuals from this field have stepped up to mass-produce masks.
Printed Mask has become a fashion accessory after the Covid-19 outbreak.
You can provide customizable masks to your customers to increase your sales in this area.
Like to start a pint-shop business? Get a website & designer tool for Print Shop today.
In a Nutshell
Tough times require tough and smart decisions. If you face a tough decision, it’s important to be objective so that you can make the best choice. The print business landscape has been changing and new trends need to be analyzed and the new opportunities will require adjustments. It is time for you to acknowledge COVID-19’s influence on daily life and be prepared to deal with it with the appropriate adaptations.
Many small business owners start out focusing on maximizing revenue, but soon realize that’s not the only way to grow. It’s important to dig deeper and look at how you can increase your profit and grow the returns.
To increase the profit margins of your product sales, you should review your current operation, supplier network, and competitor pricing. The importance of these factors, as well as the challenges they bring, depends on your business model.
Companies need to know how to analyze various facets of profitability including resource expenditure, operating efficiency, customer retention, and so on.
In other words, we’ll present a simplified approach that you can use to improve your profitability. A good profit margin indicates that you are earning a higher return on your sales.
These were the ten most important strategies to increase profit margins. We hope we were able to answer all your questions from “How to increase profits”, “How to increase profit margin”, “What is a good profit margin for retail”, to “How to improve profits”.
The meat of a successful business is about generating profits. Brands are not just about their products anymore, and customers want to associate themselves with brands that represent something bigger. Following these tips will ensure that you maintain a typical profit margin.
Content by – Pmsltech Digital Marketing Team