Private label products – particularly in the food and beverage business – have traveled a long road to mainstream success. Historically thought of as “low budget” brand name alternatives made of inferior materials – thus the lower price – private label brands have won over most consumers and earn respectability.
Consumers have increasingly embraced private label brands even before the pandemic upended economies worldwide. Private label brands are now big business. According to the Private Label Manufacturers Association, one out of every four products sold in the United States is a private label (or store brand). A recent survey found that private brand dollar sales grew 3.8% in 2019, twice the rate of national brands.
While the future looks bright for private label brands, obstacles remain, especially as the supply chain continues to buckle under the added strain it’s been under for months.
Watch this recorded webinar with speakers TraceGains CEO Gary Nowacki, and Ruben Galbraith, TraceGains Sr. Sales Engineer, for a meaningful discussion about what retailers and store brand owners can do now to navigate the COVID-19 threat and emerge stronger.