How has the COVID-19 pandemic impacted shopper behavior and how can private brands capitalize on these changes? That was the focus of the webinar, “COVID-19. What Comes Next?” held Tuesday by Store Brands.
Sponsored by Mold-Rite Plastics, the webinar featured a panel of experts, including Krishnakumar “KK” Davey, IRI’s president of strategic analytics; James Butcher, CEO of Solutions for Retail Brands, or S4RB; and Aimee Weber, director of marketing communications at Mold-Rite Plastics. It was moderated by Store Brands publisher and editor in chief Seth Mendelson.
To view the full webinar on-demand, click here.
Among the topics tackled by panelists were the changes to consumer behavior, including an increased focus on value, a shift to e-commerce and omnichannel, a desire for in-store safety measures and more infrequent stock-up trips. Davey noted that over the course of the pandemic, private brands grabbed a modestly larger chunk of share, with adoption driven in part by retailers’ reliance on private brands in the early days of the pandemic.
The discussion also featured Weber addressing some of the ways that product packaging can help convey what retailers want about their private brands and push sustainability measures. Some of these themes are touched on in the April edition of Store Brands’ packaging report.
One key trend that the panel identified as something that will affect the industry going forward is a trailing off of promotional pricing, which will require private brands to deliver on value — S4RB’s Butcher called it both a “threat and opportunity” for the private label industry.