Kerry releases private label product development tool
Private label nutrition product producer Kerry has released a new tool that lets companies in grocery and retail brainstorm new products online. Using Kerry’s proprietary research, the company has launched the Online Private Label Simulator tool to help users with product development innovations. Kerry released a similar online tool, a microapp aimed at private label snack food development, in August.
The online simulator takes important private label product attributes, such as flavor variety, nutritional facts, certifications and more, and explains and applies these within the lens of each of the two key consumer types in private label purchases. The simulator provides insights for the product developer, then identifies targeted Kerry solutions and strategies.
“Our extensive research uncovered the two main private label consumer types and the ten leading product attributes that have the most direct impact on consumer acceptance and enjoyment of a new private-label product,” said Soumya Nair, director of marketing insights at Kerry. “The synergy of these variables provides valuable insights into the emergence of successful new brand opportunities at the retail level and illustrates how grocery and other retail stores can develop winning products that appeal to today’s consumers.”
The private label product attributes of most importance to consumers are flavor and taste, nutritional facts, front-of-pack claims, sustainability messages, functional benefits, allergen information, certifications and others. Understanding how these attributes work together helps guide successful product development of a new private-label venture, according to Kerry. However, each of these attributes also applies differently depending on which consumer group, and also whether the creator is considered a “practical traditionalist” or “adventure seeker.”
“Our Kerry Online Private Label Simulator is an online tutorial that informs product developers about the most important product attributes and factors involved in this growth area of the grocery business,” said Nair. “It also outlines Kerry ingredient solutions that optimize results in each of the ten attribute areas. Given the striking COVID-driven shifts in consumer behavior, there is simply no better time to develop a retail brand or expand a retail product’s range.”
The Online Private Label Simulator can be found here.