The consumer and retail sectors are experiencing a period of volatility with the post pandemic era of pent up demand, countered with the current economic uncertainty we are facing. Rising costs from suppliers as well as the squeeze in the labour market make for a challenging outlook. That said – there remains to be significant opportunities for businesses who are innovative, driven by data and insight and able to evolve. Our team has significant experience delivering successful retail and ecommerce pricing strategies and outcomes for our consumer clients.
As consumers seek to take the sting out of their shopping budget, private label sales are hitting record levels, rising 7.3% this year to hold more than 51% market share, according to market research firm Kantar.
With multiple market forces driving consumers towards better deals in the medium to long term, it has opened an opportunity for more retailers to produce their own alternatives to branded products.
You need to find the right balance between customer needs, your market/brand positioning, profitability and changes to your supply-chain.
For your new private label product to deliver on your objectives profitably, there are a few business and pricing considerations to address first.
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