Well-known convenience store chains create private label products
Trend - As more brands branch out with private label products in unlikely categories, well-known convenience store chains are doing the same. Everything from alcohol to apparel exclusive to convenience store brands can now be purchased.
Insight - Releasing private label products is helping brands amidst struggling sales in their traditional categories amidst the COVID-19 pandemic. In addition, these products offer cost-accessibiity and cater to consumers who are motivated by novelty in their purchase decisions.
Insight - Releasing private label products is helping brands amidst struggling sales in their traditional categories amidst the COVID-19 pandemic. In addition, these products offer cost-accessibiity and cater to consumers who are motivated by novelty in their purchase decisions.
Workshop Question - What's an unlikely category your brand could enter or experiment with?
Trend Themes
1. Private Label Products - Releasing private label products is helping brands amidst struggling sales in their traditional categories amidst the COVID-19 pandemic.
2. Premium and Healthier Beverage Offerings - Convenience store brands are offering more premium and healthier beverage choices as consumers seek out healthier options with low sugar or calories.
3. Convenience Products Expansion - Well-known convenience store chains are massively expanding their private label products for customers seeking cost-accessible, novel products.
Industry Implications
1. Food and Beverage - Food and beverage companies could create or expand their private label offerings to stay competitive and offer cost accessibility to their consumers.
2. Retail and Consumer Goods - Retail and consumer goods professionals should consider offering premium, healthier, and more diverse line of products through their own private label to compete with convenience chains.
3. Fashion and Apparel - The fashion and apparel industry could consider partnering with convenience stores or creating their own private label for more exclusive, cost-accessible fashion options.
