Trace One’s suite of solutions helps retailers and manufacturers manage and accelerate product development, and the complementary use of actionable insights from Mintec solutions enables them to better plan for the future.
Trace One and Mintec recently held a webinar in which they outlined how they are working, complementary to each other, in order to improve visibility for retailers when it comes to private-label strategy.
As a recent PwC study found, 49% of shoppers say that they are now buying more own-brand products to compensate for increased inflation, with private label accounting for a 36% share – and rising – in Western Europe.
As such, retailers need to ensure that their private-label supply chain is responsive to changes in the marketplace, enabling businesses to better spread their costs and continue to deliver value for shoppers.
Power Your Business
By integrating Mintec’s information on commodity price fluctuations and potential supply and demand risks, retailers can power their business with actionable insights, according to Claire Bui, Head of Product Marketing, Trace One.
“The product development process can be complex,” Bui explains. “Trace One’s Product Lifecycle Management (PLM) solution can provide a layer of analytics that enables retailers to analyse data better, define proactive plans, and drive their brand strategies.”
Utilising Mintec’s data also enables retailers to stay ahead of unjustified price increases on the part of suppliers – if 20% of a particular product is sugar, for example, users can analyse the price fluctuations for this commodity in real time, better identify which raw materials are most impacting finished products, source alternative suppliers if necessary, and speed up the development process.
“A key benefit of using Trace One’s PLM is to accelerate the time to market for private-label products, enabling retailers to differentiate themselves from their competition,” says Bui.