In a sea of products, messages, and a wide variety of shopping channels to choose from, how do you drive a consumer to your store and convert a product from shelf to basket?
Private Brands are on a strong growth trajectory as variety and quality continue to meet and exceed consumer expectations – and innovating strategically is critical to continue this trend.
Daymon's 2023 Private Brand Intelligence Report identifies three key pillars of product innovation that align consumer needs with the shifting market environment.
While no two businesses are the same, these Innovation Pillars provide a starting point for development and programme expansion based on consumer targets, market influences, and innovation stages.
Introducing Daymon’s Innovation Pillars:
- Purchasing with Purpose - Progressive plant-powered solutions drive innovation along with other Better-for-World products as consumers seek items with positive health, environmental, social, and community impact.
- Fit for Functionality - Rendering functionality around customisation, efficiency, and simplicity to create multi-purpose products that work smarter and harder for shoppers to meet a wide variety of needs.
- Uniquely for Me - Delivering immersive product experiences by innovating around sensory levers that elevate flavour, scent, novelty, and aesthetics to drive engagement and provide share-worthy encounters.
Daymon is pleased to present its 2023 Private Brand Intelligence Report – Key Pillars Shaping the Future of Product Innovation, which can be downloaded here.
For more information, visit www.daymon.com.
This article was written in partnership with Daymon.