Customized Products: An Untapped Market?
Fun Fact readers: the laptop used to type this post, and many others on this blog, is a custom ordered one. As the latest gadgets become central parts of our lives, collecting our personal information and helping us through the day, is it really surprising that research shows a growing number of people want products made to their exact specifications?
The study revealed the most important reasons for customization are storage capacity, processor/speed and screen style/size. In addition, the top reasons for upgrading more frequently are that devices are becoming outdated more quickly, more affordable, and more convenient to upgrade.
We also found stark generational differences with half of millennials expecting to increase the upgrade frequency of their small electronic devices like phones and tablets. Compare that to 32% of Gen X and 26% of baby boomers who believe they will increase upgrade frequency.
Offering products that are customizable, from color to processing power to size, will be critical as businesses seek out new revenue streams and greater customer loyalty. As these responses clearly indicate, there is a large opportunity for businesses willing to rethink manufacturing to develop more diverse product offerings.
