It’s always nice to be appreciated and appreciation for private brands has only grown during the COVID-19 crisis. They have been able to meet consumer needs when many manufacturer brands were out of stock at retail.
<p>By: Doug Baker, Vice President, Industry Relations, FMI </p> <p> </p> <div class="mg-image--circular" style="float: right; margin: 10px;"><img src="https://www.fmi.org/images/default-source/photos-for-staff-use/private-brands/shutterstock_1382315081_web.tmb-large-350-.jpg?sfvrsn=f1e2536e_1" data-displaymode="Thumbnail" alt="shutterstock_1382315081_web" title="Private Brand PB" /></div> It’s always nice to be appreciated and appreciation for private brands has only grown during the COVID-19 crisis. They have been able to meet consumer needs when many manufacturer brands were out of stock at retail.<br /> <br /> <p> </p> <p>FMI’s <em><a href="http://www.fmi.org/grocerytrends">U.S. Grocery Shoppers Trends</a></em> research shows that many consumers liked what they tried and expect to come back to private brands in the future. </p> <p>However, nothing is guaranteed. The pandemic opened a door for private brands to further serve consumer needs, but the industry has a lot of work ahead to build momentum, create new roadmaps, and make private brands the long-term favorite choice for many categories and products.</p> <h5><strong>Prioritizing Key Investments and Consumer Needs </strong></h5> <p>This will be a key focus of the 2020 FMI <em>Power of Private Brands</em> research, which will be unveiled at FMI’s <a href="https://www.fmi.org/private-brands-dc-summit">Private Brands Summit + Business Conference Suites</a>, scheduled for September 29 to October 1. It will be held virtually this year over three days. Each day will include thought leadership, interactive roundtables, and trading partner meetings. </p> <p>The private brands research will help define industry imperatives by answering key questions, such as the following:</p> <ul> <li>What is the future growth trajectory for private brands in the pandemic’s wake?</li> <li>What are the biggest opportunities to serve the needs of changing consumers?</li> <li>Which investments does the industry plan to prioritize for the next few years, from branding to ecommerce?</li> <li>What is the outlook for product innovation at a time when some retailers are streamlining assortments? </li> <li>How will price and value strategies play out in this recessionary environment?</li> </ul> <h5><strong>Illuminating Strategies from C-Suite to Store</strong></h5> <p>This year’s research brings additional value by relaying perspectives from different types of industry stakeholders. It will explore how the C-suite is prioritizing private brands now. It will identify the top strategies for marketing and merchandising executives, and avenues for store managers to help turn associates into private brand ambassadors. </p> <p>While the research is still in progress, the early findings show the industry recognizes the importance of taking highly proactive stances during this unprecedented time. That’s a positive sign and needs to play out in a range of areas, from consumer-facing strategies to supply chain initiatives. </p> <h5><strong>Driving Momentum Through Industry Engagement</strong></h5> <p>I believe one of the big imperatives will be improving retailer-supplier engagement. The context of COVID-19 has made engagement essential. Executives don’t want to be caught trying to first build relationships during a crisis. This work needs to be done throughout the year. </p> <p>This year’s Summit is on target for that need. It will support relationship building through interactive roundtables on a range of highly relevant topics and private 45-minute business appointments between trading partners. FMI’s virtual platform will make this seamless and engaging. </p> <p>I hope you’ll participate in the <a href="https://www.fmi.org/private-brands-dc-summit">Private Brands Summit</a> this year. In fact, we hope you’ll be part of the FMI private brands community all year round as the industry faces its biggest hurdles and opportunities. <br /> <br /> <a href="https://www.fmi.org/private-brands-dc-summit" class="button">Join Us at the Private Brands Summit</a> </p>
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