HP Inc. (HPQ - Free Report) recently introduced The Personalization Pinwheel, a framework that will help brands accelerate business growth by entering the personalization market and enhancing customer engagement.
The framework takes into account the factors that motivate people to personalize various consumer goods, and frames them systematically. Brands can use these motivations for advertisements and marketing.
Nancy Janes, global head of brand innovation, HP stated, “HP’s digital printing capabilities are transforming how consumers connect to brands through personalized packaging and products.”
Per Technavio, the personalized gift market is projected to reach $31 billion by 2021, up 55% from 2016. Moreover, per research by Deloitte, more than 50% of millennials and gen Z prefer to own personalized products.
With this new innovative approach to enhance the interaction between consumers and brands, HP’s digital printing capabilities will expand its reach to a larger number of customers.
said Janes further added, “Personalization is a powerful tool to create meaningful experiences with consumers. It increases brand loyalty and engagement and at the same time accelerates business growth and speed to market.”
The Personalization Pinwheel provides six primary benefits, which the company has named — Fingerprinting, Flying Your Flag, Letting It All Hang Out, Permission to Indulgence, Bringing Bonds to Life and Mindful Materialism.
The six pillars of the framework include functions like driving market share through turning regular items into collectibles, enhancing customer engagement by enabling personalization of items according to heritage, tapping into the gifting and e-commerce markets through fully customized products, and others.
HP has been helping brands to use the power of personalization to market their products for a few years now. The company’s SmartStream Designer software enables users to create packaging campaigns for global brands.
Notably, the SmartStream D4D, which was adopted by The Yarza Twins to create individualised packaging for Smirnoff, became hugely popular.
Last year, HP announced upgrades across its Indigo Digital Press portfolio, and unveiled the HP SmartStream Collage — an automated variable design feature for HP Indigo printing — aimed to benefit converters.
Zacks Rank & Stocks to Consider
HP currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Computer and Technology sector are Synopsys, Inc. (SNPS - Free Report) , Twitter, Inc. (TWTR - Free Report) and Marvell Technology Group Ltd. (MRVL - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Synopsys, Twitter and Marvell is projected to be 10%, 22.05% and 9.38%, respectively.
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