Mass personalisation is finally becoming a reality. Deloitte research shows that:
- In some categories more than 50% of consumers expressed interest in purchasing customised products or services
- The over 55s are more likely to book a personalised holiday than millennials
- 1 in 4 consumers are willing to pay more to receive a personalised product or service
- 22% of consumers are happy to share some data in return for a more personalised customer product or service.
Delivering personalised products and experiences can provide benefits for both the business and the consumer. Businesses have the opportunity to demonstrate the value consumers can get from their personal data being used, while also gaining deeper insight into consumer behaviour. At the same time, it makes it easier for consumers to understand the offer while getting better value for money. Offering personalisation might require a rethink of business operations but businesses that embrace personalisation have an opportunity to create a differentiated proposition that may command a price premium, and improve consumer traffic and conversion.