JULY 20238 mazon India introduced a new free self-serve product customization feature, 'Customise Your Product'. The new feature is now available across a wide selection of more than 10,000 products from 76 different categories, the company said in a statement. It offers an 'intuitive' customization experience that provides visual design tools to customers to personalize products, along with a product preview option to view the final customized product in real-time."As a customer-obsessed marketplace, our endeavor has been to enrich the customer shopping experience through incorporating various innovations," said Manish Tiwary, vice president & country manager, Consumer Business Amazon India. "Fueled by the hyper trend of personalized products, we at Amazon India strive to widen the product selection soon," he added. The feature allows customers to personalize a wide range of products, including window blinds, blankets, home decor, wall art, furniture, engraved pen, necklace, water bottle, mugs, apparel, and many more as per their creative requirements."Catering to the evolving personalization needs of customers, this feature taps into India's fragmented and under-served personalized gifting products market," the company said. By allowing to innovate, the platform increases customer engagement and converts a limited product selection to an unlimited one. "Apart from a wide variety of font styles and colours to choose from for adding/engraving text, the feature also offers an option for uploading precious memories in the form of images and notes and allowing customers to choose from other customisations a seller provides," the company said. Customers can find custom products using the 'Personalise it' badge on search results and the 'Customise now' button on product pages. he total value of digital wallet transactions is forecast to rise from $9 trillion in 2023 to $16 trillion in 2028, a growth of 77 percent. This trend is driven by growth across both developed and developing markets, as the increased adoption of advanced services such as BNPL (Buy Now Pay Later) and micro-loans drives end-user engagement, according to Juniper Research. "Advanced services give digital wallet providers an opportunity to differentiate themselves in a congested market and generate additional revenue," said research author Michael Greenwood.Super app strategies, which many digital wallets are pursuing, will rely on the effective deployment of advanced services at scale, he added. The study found that in a highly congested wallet landscape, diversifying their appeal to users is vital. The report identified advanced services as a key source of revenue growth for digital wallets. Advanced services, such as BNPL or microloans, are allowing digital wallet providers to diversify their revenue.The popularity of BNPL, especially among younger consumers, will draw greater numbers of users and generate additional revenue. This approach can be seen with Apple's roll-out of add-on services, including Apple Pay Later. The research found that security benefits are a key driver of digital wallet use in eCommerce in developed markets. Many consumers do not wish to enter card information online.With digital wallets, this issue is reduced, as tokenisation enables card and other payment information to be used in a highly secure way. The research also identified that as digital wallets become broader, including elements of digital identity, convenience will play a greater role; enabling wallet services to act as an all-inclusive app for financial wellbeing. ATAMAZON INTRODUCES NEW PRODUCT CUSTOMIZATION FEATURE IN INDIADIGITAL WALLETS TRANSACTIONS VALUE TO SURPASS $16 TRILLION BY 2028IN FOCUS
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