If there is a resounding message from Daymon’s “Private Brand Intelligence Report 2018,” it is that store brands are as popular among consumers as they have ever been.
Private brands are setting the pace for differentiation in retail. Last year, store brand sales outpaced national brands by about eight times, according to the report. With 85 percent of consumers trusting private brands as much as national brands, the stage is set for these programs to play a central role in the store experience. However, some retailers need to reconsider their private brand strategies to be successful.
On Tuesday, April 3, Store Brands, in partnership with Daymon, CaseStack and Digimarc, will present a webcast, “Inside Daymon's “Private Brand Intelligence Report 2018,” that will delve into the report’s findings and discuss how retailers can better utilize private brands. The webinar will feature three Daymon analysts, including Dave Harvey, vice president of global thought leadership; Nicole Peranick, director of global thought leadership/culinary; and Carl Jorgensen, director of global thought leadership/wellness. Speakers from Casestack and Digimarc will also participate. The webinar will be moderated by Lawrence Aylward, editor-in-chief of Store Brands.
To register for the webinar, sign up here.
Jim Holbrook, Daymon’s CEO, says private brands have entered a renaissance period and that Daymon’s survey of more than 2,000 consumers reveals how much store brands have gained favor with them in the past few years. But not all retailers are experiencing a renaissance in private brands. Holbrook says that on average private brands account for about 15 percent of shelf space. But the retailers excelling in private brands have almost double the penetration rate compared to the retailers that don’t excel.
“The best-in-class retailers have figured out something that [other retailers] haven’t figured out,” Holbrook says. “It comes back to differentiation.”