Today, customers expect companies to tailor their products or services specifically for everyone. In the online world, e-commerce websites will adapt their recommendations according to what you’ve already bought. Even the shows you decide to watch on streaming platforms will determine what appears on your recommended watch list.
Bricks and mortar retail businesses are beginning to offer the same experience, where shoppers can buy products customised especially for them. This level of personalisation doesn’t just give the customer what they want – it also creates a closer bond between the brand and the consumer.
Brands are very aware that personalisation creates value for customers, but it’s not just huge high-street names that are generating revenue from product customisation. It’s easier than ever to start a business, since online stores remove overheads associated with the traditional retail model. Here are some more reasons why product personalisation is taking over.
There has never been a better time to capitalise on personalisation. According to a survey by Deloitte, personalised products and services are expected to grow by 30% annually in Europe, making it a lucrative business opportunity for entrepreneurs.
People today want to express themselves and their personalities in everything they own, including their clothes, accessories, and even home décor. Moreover, personalisation has become an essential aspect of brand marketing, with many companies looking to customise their products to appeal to their target audience.
Increased Revenue Potential
Deloitte discovered that personalised products can command a premium price of up to 20% more than non-personalised products. If you are already running a print business, this creates a great opportunity to increase your revenue. In many cases, this is something that can be achieved without even investing in additional equipment.
Low Startup Costs
With personalised products, the potential reward can be very high, considering how low the risk tends to be. Starting a product personalisation printing business requires relatively low startup costs. You will need a few basic pieces of equipment such as a computer, a printer, and a heat press or vinyl cutter.
Roland DG offers several printing and cutting solutions which are not only easy to use and reliable, but their affordable prices provide great prospects for a speedy return on investment. Popular desktop devices include the BN-20 Series of printer/cutters and direct-to-film printers, and the GS2-24 desktop vinyl cutter.
Higher Profit Margins
Personalised products are typically sold at a higher price point than non-personalised products. As we mentioned, Deloitte’s study found that customers are willing to spend, on average, 20% extra on a product which includes an element of personalisation. With the added value of personalisation, it’s easier to justify a higher price point to customers.
Reduced Inventory Costs
Since products are only produced when ordered by customers, you can operate your business with reduced inventory costs. Not only can you avoid the expense of holding excess inventory, but you don’t need to gamble with volatile trends which might end just as quickly as they start. In fact, with digital printing technology, you are more free to experiment with trends whilst incurring minimal risk, giving you a strong edge against your competitors.
A product personalisation printing business offers flexibility in terms of working hours, location, and type of customers. Because the initial set-up doesn’t take up a lot of space, you can comfortably run your business from home, work part-time or full-time, and cater to a variety of customers, including both individuals and businesses.
Diversification of Products
There are virtually no limits to the range of products that can be personalised, including t-shirts, mugs, phone cases, and more. In simple terms, if you can print on it, you can personalise it. This ability to diversify your products helps attract a wider range of customers and gives you the freedom to adapt your offering for niche areas of interest. With this flexibility, you can tailor your business to the demand in your market.
Ease of Design
With digital print, your personalisation printing business can offer a wide range of customisation options, including text, images, and graphics. You can allow your customers to choose from pre-made designs or to create their own designs with equal ease. Letting your customers feel involved in the creative process creates a unique selling point and creating a more personal connection with your brand.
Because the processes don’t change a lot as orders increase, personalisation printing businesses can be easily scaled up as demand grows. This means that you can start small and gradually grow your business over time.
Of course, there is a limit to the amount your printers can produce in a day. You might eventually need to add more machines to your production line, or invest in devices with larger printing areas, but by then, you’ll already know that the investment will pay for itself in no time.
Higher Customer Satisfaction
Because you are tailoring your customers’ products to their individual needs, you are ensuring that they get exactly what they want. Naturally, this will keep them satisfied and, more importantly, make it more likely that they will return for more business in the future. Building a loyal customer base is essential to keeping your profits high and personalisation is an excellent way to make this happen.
Starting a product personalisation printing business offers a great opportunity for entrepreneurs to tap into a growing market with low startup costs and high-profit margins. With a diverse range of products, customisable designs, and the ability to create a loyal customer base, a product personalisation printing business offers a flexible and profitable business opportunity.
If you’re looking for ways to increase your profits with reliable and user-friendly personalisation equipment, get in touch with a Roland expert and we’ll be happy to help.