The COVID-19 pandemic has greatly impacted private brand strategies. In the last episode of Talking Private Brands we addressed topics such as assortments, e-commerce, and trading partner relations. In this episode, we'll spotlight some additional topics — including price and value, innovation, and fresh foods.
Key Discussion Points:
- Price and Value: FMI's 2020 The Power of Private Brands research found that 77% of retailers were focusing more on price/value items.
- Assortments and Supply: The pandemic has been a wake-up call to reconsider assortment and supplier strategies.
- New Consumer Needs: FMI's 2020 research found — perhaps not surprisingly — that about three-quarters of private brand retailers planned to accelerate focus on items that support increased home cooking and meal preparation.
- Innovation Imperative: Last year, FMI survey respondents emphasized the importance of new products and innovation in private brands.
- Fresh Opportunities: Private brand has traditionally focused more on CPG items than fresh products.
- Doug Baker | Vice President Industry Relations | FMI
- Angus McOuat | Associate Partner | McKinsey & Company
- Kristof Duna | Vice President, Center Store, Private Brands & Export | Merchant Distributors, LLC.
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