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Store brands creeping up the acceptance list
Coupons are hot, but store brands might be a little bit hotter for shoppers looking to save some coin. That according to new research which indicates a growing number of consumers are shopping with store brands in mind as a way to keep the quality of items up and to keep their costs down.
According to a recent survey of 500 consumers, Accenture research indicates store brands are movin' on up - at least where savvy shoppers are concerned. New data from the firm finds more than one-third of shoppers consider store brands/private labels 'just another brand' and the nearly half believe stores are offering a bigger variety of store-brand products.
They are showing their appreciation for the variety and savings by buying more of these brands. The survey found that for 64% of respondents, their shopping carts were 'at least half full' of store branded items. Price is the factor for these shoppers, but about half say store brand quality is nearly equal to that of name-brand products.
Bob Berkey, from Accenture's Consumer Goods & Services practice said, "Extreme competition between retailers and consumer goods companies can result in inefficiencies and waste for manufacturers and retailers, and undifferentiated products for the consumer. Consumer goods companies must develop a balanced strategy of collaboration with retailers in some areas and competition in others. This new dynamic - where competitors become partners - will require a considered focus from manufacturers."
For brands, this could mean it is time to change up the marketing strategy. With so many shoppers seeing value in store-brand products, name brands need to shake up what makes their brand of products different or better for the shopper - because shoppers are looking for ways to save money. If store brands offer that savings, name brands need to pony up and tell buyers how their product can improve the shopper's life.
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