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The private label market continues to be marked by intense competition and economic uncertainty. However, with almost half of survey respondents saying their product development is inhibited by the use of generic and offline tools, there is, it seems, plenty of potential for stakeholders to up their game and take better advantage of the opportunity private label offers their business.
There’s been a lot of talk recently about discounters like Aldi and Lidl taking market share from more traditional retailers, but there is a lot that both sides can learn from each other. From improving efficiencies through to appealing to consumers in new ways, each has their strengths, as well as opportunities to innovate with private label.
Valentine’s Day is coming up and has traditionally been a fairly lucrative opportunity for retailers. The theme of romance at this time of year means seasonal promotions, sophisticated private label ready meals and bigger orders for chocolates and flowers will all be a hit with customers. However, looking beyond Valentine’s, on February 19th it is Chinese New Year. Retailers have a real opportunity to take a fresh look at this holiday and engage with the modern, savvy shopper.
Packaging is more under the spotlight than ever before for a number of reasons. Environmental concerns over packaging material, the growth in the number of food allergen sufferers and the recent horsemeat food crisis have meant that consumers are now intensely aware of packaging and the information portrayed on the products that they consume. While this presents challenges for retailers and manufacturers, there is clearly an opportunity for the industry to better engage with consumers through providing greater clarity in product packaging.
The BRC recently announced that online sales of Non-Food products in the UK grew 17% year-on-year in May. In comparison, in May 2013, growth was 9.9%, meaning there has been a marked increase. It seems there is a clear opportunity for retailers to drive margins by expanding their online non-food offerings, but with innovation retailers can also drive non-food sales across the board as well as help boost flagging food sales.
This week Kraft Foods voluntarily recalled 96,000lb (43,545kg) of its Oscar Mayer hot dogs in the US as they may have been sold in the wrong packaging, sparking concerns of allergy risks. In fact, a growing number of consumers now have allergies, with the figure rising gradually in the last few years. According to the charity Allergy UK, around 21 million adults in the UK now have at least one allergy, while half of children and under-18s have one or more; meaning retailers will need to keep thinking of ways to appeal to this growing demographic.
Last year, Halloween delivered £325m in sales in the UK and $6.9 billion in sales in the US – retailers and suppliers will be keen to exploit the period’s growing potential this month. There are a number of important steps that retailers and manufacturers can take during Halloween to innovate in private label products, engage with consumers, and make the most of this multi-million pound opportunity.
Consumers are now demanding more information than ever. The growth of the internet and the spread of mobile devices mean that information on almost any subject is at our fingertips. This is revolutionising the way that people work, play and shop. we are entering an “Age of Disruption,” where retailers that deliver a customised experience to consumers across all devices will be the most successful.
The last week of June saw the arrival of The Consumer Goods Forum Global Summit in New York, where Trace One was in attendance along with some of the biggest names in the food and drink industry. One of the main themes discussed was the importance of consumer trust within the industry, and why retailers...