The PLMA Private Label Week session tests inspiration and innovation in private brands Brad Studer, Senior Director of Our Brands at The Kroger Co. Some inspiration and creativity can pay off a lot for grocery retailers building their own brand portfolios as more consumers are adopting eating at home.
Now, in this regard they have presented by PLMA President Peggy Davies, Studer led a session titled “The Technical Economy That Fuels Our Growth”, where he peeked into the development practices and growth strategies of Kroger’s company in Cincinnati.
“Private brands have become a giant in the grocery industry, and more so as a result of the pandemic, which has prompted more and more customers to experiment with private brands – in some cases by choice and in other cases depending on circumstances, with the loads of supplies that occurred early on.” Brad Studer2-Kroger-Private Label Week 2021.png “Clients are taking time to communicate about food and the dinner table like never before.” – Brad Studer, The Kroger Company
While, citing data from the Boston Consulting Group, Studer reports that private brands now account for 18% of the grocery market in the US. “The industry has transformed, and customers are not only looking for private brands for the national brand. These customers are looking for fresh foods and for private brands to be innovative to introduce new foods and flavors.” “Clients turn to private brands for premium, first-class experiences, all at an amazing value.”
By showing the sales growth chart for Kroger’s key brands, Studer indicated that your best-for-you Kroger and Simple Truth retail brand and premium brands from Private Selection had outpaced the 2020 annual sales gain in the private label market in general, over Based on IRI data.
“Our culinary and natural / organic brands have surpassed the industry, with high double-digit growth in 2020,” he said. “The success of our relentless pursuit of perfection pays off in terms of results. Our customers tell us they love our brands, and the results show that.” Kroger Our Brands-2020-PLMA 2021.png sales growth among consumers, there is a “renewed passion for recreating restaurant meals in the comfort of their homes,” said Studer. According to research by Kroger Data & Analytics 84.51 °, more than 60% of retailer shoppers spend more time cooking at home.
“This trend will accelerate in 2021 as customers look to revitalize their routines,” he explained. On the polling side of the equation, we are creating customer-driven demand for our brands by providing insights to understand the experiences and communication opportunities our customers value and how we can create a desire for them to engage with our brands on Deeper level. ” Now, what are your thoughts on it? Let us know in the comment section below!