In this video, Penny Coates non-executive director focused on retail for Solutions for Retail Brands (S4RB) draws on her career with Asda, Boots, Mars and PepsiCo to present some interesting observations on private brand.
Learn more about S4RB and Unified Brand Experience when Kieran Forsey, CEO & Co-Founder, S4RB North America presents “Unified Brand Experience – Private Brand Success Reimagined” at Velocity: The My Private Brand Conference.
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The current market is really challenging, there are lots of changes going on.
So, we’ve got discount retailers who are entering at the bottom end of the market, we’ve got online retailers who are starting to expand into core grocery areas.
We’ve got customers who’ve got information just at their fingertips, social media is incredibly powerful, so the market is really evolving.
Customers really want to know where products have come from now, they want to know where the ingredients are supplied from and it’s really important that suppliers and retailers work together so if there are any issues anywhere along the supply chain they can react quickly and responsibly.
That can only be achieved with One View of the data and One Team working together.
Government and customers are expecting more health information, nutritional labeling and that presents a real challenge for suppliers and retailers they need to get a product that’s lower in salt, lower in fat and sugar.
That means you’ve probably got to include ingredients that are more expensive which means innovation is really important and that can only be done successfully if it’s done as one team and working together.
Supplier engagement helps own brands contribute to competing with national brands, own brands obviously have a role to play in supporting the retailers overall brand reputation.
The way that can be achieved is by supplier and retailer working together, really closely, to meet the customer needs.
I think what S4RB are doing now is really relevant for private brands, there are a lot of challenges in the market place, there are changing customer needs, there are lots of things customers want to know and expectations are just growing exponentially.
Suppliers and retailers working really closely together and using all of the information quickly and efficiently that’s available to them is absolutely critical to be successful in this market place.