This is a guest post courtesy of Sense of Nature
With the popularity of private labels increasing in Europe and the USA, it’s an ideal time to start your own private label product brand.
Private labels are a great way for independent retailers to compete against national chains and increase shopper loyalty. According to this special report published in December 2011 by SymphonyIRI Group, prices for private labels can be up to 30% cheaper than national or global brands, which means higher value for retailers and shoppers.
Other advantages of creating your own private label product include:
Private label products are now present in nearly every shopping category, from food such as Tesco’s Yoo Yoghurt to home furnishings such as JYSK’s exclusive Nordkapp silk duvet.
There are two main types of private label products:
Keep these in mind when you make your decisions as knowing this will influence where the product goes – and its success in sales.
There is no hard and fast set of rules for creating private labels as essentially you are creating a completely new brand. When we create a new private label silk bedding product for a retail client, we follow the following process:
Finally, here are some things to keep in mind when you’re designing a private label product:
The future of consumer products is becoming more personalized, so that private labels will have a more important role in the next few years. Keep a watchful eye on your own sales trends so that you know when it’s the right time to introduce a private label.