How has consumer influence and ‘power’ changed Private Label?
Some retailers used to have a three- to four-year refresh; now it’s 6-18 months. The shorter product lifecycle is an acknowledgment that consumers are more demanding than ever before – and retailers have to react faster. Above all else, retailers need to ask, what is our strategy? Is it clear? Is it something that our team can get behind? Can we turn it into plain English? What are we going to be famous for? Those are the questions for private label. The answers need to link back to your strategy because there is enough space in the market for private label to be unique and different. Increasing consumer influence is a two-edged sword A retailer’s decision to avoid compromising quality is more important than ever. With digital and social media, consumers can amplify and share any negative experiences. On the positive side, social media is a cost-effective way for a unique brand to get a message out.
