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A robust private brand program can drive consumers to make a special store trip and results in higher retailer loyalty and satisfaction, according to a new study from global retail expert Daymon Worldwide.
Highlights of the study, which was conducted in Q4 2015 by Daymon Worldwide among 1,000 respondents ages 18 and older, found 36 percent of consumers are likely to make a special trip to buy their primary retailer’s private brands. As a result, these consumers indicate that they are more satisfied and loyal to the store, are more likely to make future shopping trips, would recommend the store to their friends/family, feel positive about the value they get for their money, and prefer the store overall.
“Our study reinforces a growing industry reality that private brands are gaining power as a must-have for success,” said Virginia Morris, Daymon Worldwide’s VP, global consumer and innovation strategy. “Considering the growing acceptance of private brands across the globe, and increasing consumer apathy toward national brands, the time is now for retailers with existing private brands to leverage them to differentiate, drive affinity, keep shoppers coming back for more and attract new shoppers."
Morris offered a cautionary parting thought: "Retailers without a private brand program need to invest in one now. For retailers that get it right, it means more than just surviving – it means thriving.”
For more information, visit www.daymon.com.