Standing Apart with Private Label Products
Natural Products Marketplace presents this executive summary on the retail opportunities in private label; for the full story, visit NaturalProductsMarketplace.com.
The Private Label Manufacturers Association (PLMA) noted store brands now account for one of every five items sold in U.S. supermarkets, drug chains and mass merchandisers, representing $50 billion of current business at retail. The association further noted consumers' purchases of store brands vs. national brands yielded $15.8 billion in savings to the consumer pocketbook. And a national study conducted by The Gallup Organization found 90 percent of consumers are familiar with store brands, and 83 percent purchase those products on a regular basis.
Developing a store brand has myriad advantages. Retailers can build consumer awareness of the retail outlet and its products, establish a high profile identity, and create a competitive advantage offering exclusivity in an increasingly competitive marketplace. In addition, private label products often come with a tidy profit margin.
Among the considerations to discuss when looking to partner with a contract manufacturer or turn-key private label product provider are assistance with product development, promotional suggestions, training assistance and quality control procedures. The issue of quality goes beyond just ingredients into manufacturing (GMP certifications) and customer support.
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