Why did you choose management?

Why do i  choose management

          I choose management majors because the management economy has a lot of job opportunities and it is definitely needed in almost all companies. In addition, of us learn about management, we so know how to control self finance. From learning to management, we know what the balance sheet, profit and loss, cash flow, and more about other finances that will be useful in the future.

How Personalized Goods Are Shaping The Economy

Through advancements during the industrial revolution, methods adopted with Henry Ford's model of assembly lines, and the invention of robots, much of the manufacturing world has been focused on mass production. The objectives are pretty straightforward: scale, repetition and efficiency. Over the past two decades, there has been a slow -- but powerful -- shift back toward valuing personalization of consumer goods, partly enabled by the ever-evolving interface of e-commerce. As a co-founder of a company offering tailor made furniture, we’ve been a part of this movement. And I’ve seen how excited customers get when they realize they can create the perfect piece.

Years ago, Nike and Mini were among the first notable brands to offer customers the ability to design their own versions of beloved products online. Since then, we’ve seen a revival of handcrafted goods that are “artisanal” along with the rise of Etsy and the maker movement at large. A lot of big box retailers and malls are struggling, while smaller boutique brands have been able to carve out larger market share in many industries. Millennials, in particular, value customization when shopping.

In today’s cluttered marketplace, people with busy lives and access to almost anything online seek out products that have a compelling story. In this case, they get to be an active part of that story. The trajectory is clear, but beyond encompassing a larger cultural trend, what is the real value of personalization? With challenges such as increased costs and lead times, is it worth it for businesses to offer customization?

If there are too many options, the paradox of choice can be a barrier to entry. However, as long as the available choices are curated and the shopping process is intuitive, customers can easily personalize to match their needs. Use qualitative and quantitative sales data to inform what you make available. Provide options that fall within your normal production process and don't worry about accommodating completely custom requests, which can burden salespeople and operations.

To create the best user experience, be informative about the key differences between the options you show customers and offer support for any questions along the way. If possible, show the customer their final creation with an actual photo or a rendering. Whether it’s the right sizing or the perfect color, the specifically crafted product lends itself to a more satisfied customer long term. Individual messaging around each items also supports claims of craftsmanship and evokes a way of business that's unique in the modern age of mass industry. This lends itself well to digital advertising on Facebook or Google where it's tough to stand out against big brands. In addition to the more rational benefits of a personalized product, there are emotional ones as well. When customers are empowered with input, they form a connection to the product. Instead of the same coat or suitcase as everyone else, they now have something that's unique to them. This forms a powerful affiliation not only to the product, but also to the brand, and helps create a loyal customer. In the short term, this can lead to word-of-mouth referrals, and customers excited to share their purchase through social media. Long term, you gain brand advocates who will be more likely to purchase from you again.

Utilize automated email follow-ups with these customers based on purchase behavior, or offer small cash incentives and then leverage affordable platforms that enable these customers to spread the word for you. This combination of referrals and a higher retention rate puts dollars back in your pocket without any traditional advertising spend.

When your main objective is volume, low pricing becomes more of a focal point. If your product offers something besides saving people money, you’re free to focus on adding more value to the consumer. Apple focuses on product innovation and distinct ecosystems, making its designs and user experience the main selling point. Tesla is another great example of a brand that offers unique value. While it certainly has made huge efforts to reduce pricing (essential for long-term scalability), it can still charge more because of its integrated technology and eco-friendly appeal. More than ever, consumers don't just see luxury as coming from an established iconic brands, but from products that really improve our lives in a tangible way. Personalization can be a differentiating factor in a similar way and allow you to focus on offering a better product.

Choose Quality Over Quantity When It Matters

Not all products will benefit from customization, however. Or if they do, the inherent challenges simply may not be worth it. Do you care if your pen is unique to you? Probably not. As we work our way up the purchasing scale to made-to-order clothing and furniture, personalized cars and modular prefab homes, we've seen a dramatic shift toward consumers wanting to be part of the product story. Because it’s a difficult model to establish, it should only be implemented when the real need exists.

You could test this by adding personalization to one of your more popular products to see how customers respond. You can also use your newsletter list to get feedback if existing customers would be willing to wait longer or pay more in exchange for more creative control.

We’ll continue to see more brands utilize technology to offer more personalized products. Advancements in robotics, CNC machines, 3D printing, AI, scanning technology, etc. will continue to drive down costs while the many benefits will remain. Meanwhile, as every industry from music to travel continues to offer personalized models, we’ll see a larger demand from customers wanting enhanced goods and experiences. It will be interesting to see how brands in various industries choose to meet those demands and what other technological developments will create a more dynamic shopping environment.

https://www.forbes.com/sites/theyec/2017/05/05/how-personalized-goods-are-shaping-the-economy/#605010ff3a1c

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