Consumers always expect more
Own brand has raised the bar on quality and now retailers need to be clearer than ever on consumer requirements and expectations if they want to keep private label fresh and invigorating. Retailers have to understand how consumers work, how they live, how they shop. Innovation, design and experience have to continually evolve and improve.
It’s tough to maintain the pace of innovation
Retailers need to act on consumer insights faster and better than ever before. For own brand to stand out from the milieu of branded products, insight, execution, design and consumer experience on a product-by-product basis has to be better. New alliances and greater open innovation initiatives are the next wave in terms of maintaining the pace.
National brands are reacting to own brand
A and B brands are reformulating, repackaging and increasing their marketing spend. They’re also launching or relaunching tertiary brands, which the consumer doesn’t typically walk into the store to buy. But if the product on promotion is at a comparable price or better than own brand, consumers look at it as a value option. National brands are taking the own brand challenge seriously and they are really going at them in a toe-to-toe fashion.
