Design what you want: The 3 Reasons why Mass Customisation is the future of retail.
The words out. Bain & Co have reports that now over 30% of shoppers would opt to customise a product if they had the opportunity to do so.
Because of customisation players, retailers, manufacturers and service companies are needing to now re-look at their business with a magnifying glass. Gone are the days of putting out a product range 2 years in advance and hoping it hits your stock turn days, and refreshing stock with 12 - 16 week turnarounds.
Customers are the boss, and they have the biggest influence of trends, styles and patterns.
Through the growth of ONTHEGO Sports, in becoming a leader in the customised sports apparel + technical accessories industry, we have learnt that by building products off exactly what the customer wants, when they want, you’ll build an organically successful brand. Giving people choice & custom options out of their purchases is something that every product can look to evolve.
The growth of new companies and existing companies in the vertical custom space are the proof, that we’re JUST getting started, here are some of the companies I believe are leading the way in the mass customisation space;
- Shoes of Prey: Pioneering choice out of Womens Shoes
- Disrupt Surfing: Design your own surfboards
- eThreads: Design your own handbags
- JustRideIt: Design your own Fixed Geared bikes
- Prescriptives: Custom made eyeliners & makeups
- Evolvex: Build your own furniture
- StyleRocks: Design your own jewellery
- MyMuesli: Design your own muesli breakfasts
- Fame & Partners: Design your own Formal dresses
- McDonalds: Create your own taste
- Vans Shoes: Design your own shoes
- Converse Shoes: Design your own sneaker
- Trek Bicycles: Project 1, design your Road Bike
Here's why we think mass customisation is future of retail;
1) It’s smart for cashflow, great for business: Typically with custom made products, the customer is paying up front for the purchase. Cash up front, made to order. This means that firstly you’ve eliminated the risk of bad debts, and also having to build a strong working capital cycle into outlaying for products some times up to 3 months ahead of time. For me when I started ONTHEGO I had only $150, and this meant that the first 3 years of the business could be self funded - by customers. Not investors or banks.
2) It deletes the need for stock on hand: With cashflow pressures to every business, the last thing people want is stock sitting on your balance sheet for way too long.
3) Customers are more knowledgable than ever, please them or DIE:With the amount of education online, in the media and between networks about what something could look like, how amazing something could fit or feel with this one change, customers expect personalisation out of their orders.
At ONTHEGO, every single day we are building beautiful processes and technology for both the customer experience, and our manufacturing partners. So that anyone, anywhere in the world can design their own sportswear & uniforms beyond what they ever thought possible, and the journey of been involved in a era where Customisation is just getting started, is thrilling!
Here’s to a new way of the future!