Private-label retailers are dabbling with create-your-own products and services, and for good reason. About 77% of consumers have chosen, recommended or paid more for a brand that provides a personalized service or experience, the report said.
Moreover, 59% of consumers want an engaging shopping experience, which includes interacting with and providing feedback to retailers. This is especially true for younger consumers, as 78% of millennials said experiences are more important than products. The report suggests consumers are likely to make impulse purchases and buy gifts, specialty products and more if kept engaged.
Combining technological innovation with customization, New York-based Dylan’s Candy Bar, for example, has a personalization area that uses 3-D printers to deliver fully customized, private-label candies to shoppers in real time.
Stamford, Conn.-based Daymon provides global retail strategies and services to more than 100 major retailers and nearly 6,000 manufacturers across 50 countries. The company handles more than 1,700 brands and approximately 165,000 individual SKUs globally. Its Private Brand Intelligence Report, provides analysis on how private brands compare to national brands based on proprietary survey data, category research from Daymon analysts and insights from experts under the Daymon umbrella.