Younger generations have been leading the charge when it comes to the rise in private label purchases and popularity. Currently, over 90 percent of millennials are choosing private label products over national brands.
As purchasing decisions become more about innovation, quality, ethics, and price, the way in which a product is produced becomes more important. On the flip side, if consumers find that a brand is lacking in quality or ethics, they are more likely to shift their loyalty to a brand that is more representative of their ideals or one that is offering the latest and greatest shiny new object.
So how can retailers stay ahead while bringing new products to market and balance innovation with due diligence?
Learn insights from Paul Woodward, Senior Director, Solutions Management and Strategy - Oracle Retail at these two upcoming private label events:
Velocity Europe Conference, October 21-23, 2019 in Lisbon, Portugal. Register today and use code VELOracle20 to save 20% on the registration fee.
Velocity: The My Private Brand Conference, May 11-13, 2020 in Charlotte, North Carolina
Paul pioneered and founded the first collaborative compliance lifecycle solution in the early 1990s which has gone onto to be the world’s leading application of its type, Oracle Retail Brand Compliance.
Over the past 20 years, Paul has worked and collaborated with many of the world’s leading grocery retailers, own brand manufacturers and service organizations to further develop standard solutions, practices and best of breed supply chain engagements.
These solutions and practices are now widely used across Europe, North America and Australia for the end-to-end development, assessment and ongoing compliance management of over 1 million products, across 250,000 global suppliers.
Paul now leads Oracle’s global retail supply chain transparency, collaboration, product safety and Blockchain initiatives, and he will bring his experience to the Velocity stage in the thought-provoking Velocity Talk on balancing innovation with due diligence.
In Paul's 'The Art of Balancing Innovation' Velocity Talk session, he will share ways to improve private brand speed to market, and leverage product and supplier data to confidently promote sustainability, ethics, and dietary claims.
The discussion will cover how retailers can balance:
innovation with due diligence
promotion with protection
image with trust
growth with cost