ARLINGTON, VA – More than 80% of respondents to a recent FMI survey of industry executives for its report, The Power of Private Brands 2023: Innovation that Drives Winning Private Brands,said they plan to increase private brand investments moderately or significantly in the next two years, which helps set the stage for more innovation opportunities. The analysis suggests, at the same time, only 10% of the executives responding said their organizations are “very far along” with innovation, indicating opportunities for progress, even after considerable successes.
“After temporary pauses to some innovation efforts because of pandemic supply disruptions and on-going consolidation many food retailers are ready to jumpstart innovation in collaboration with their supplier partners,” FMI Vice President, Industry Relations, Doug Baker said. “Respondents said that while new products are always an important part of innovation, the efforts need to go well beyond new item introductions, including focusing on branding, purchasing, logistics, inventory management, marketing and more.”
Baker continued, “We also know that consumer demand for information about the products they use and consume has remained at an all-time high. For instance, many consumers now engage in a hybrid approach to shopping, using in-store and digital touchpoints to seek package claims.”
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