The private brand marketplace continues to successfully gain market share against national brand products. Industry analysts project that globally, private label will double its market share from 25% to 50% by 2025.
As the marketplace becomes more competitive, it’s obvious that marketing and creative teams are under pressure to continually find new ways to play up their product’s attraction to stay ahead of the curve. Their success is directly connected with how fast they can get to the market market with these products and also have on-demand deliveries for customers while finding efficient ways to address a wide range of consumer demographics. And oh, by the way, “keep a lid on the budget”.
Still the least understood — but by far the best solution to meeting these goals — is digitally printing the product’s packaging instead of using traditional print methods.
Digital printing offers “just-in-time” manufacturing to all of its customers. As opposed to traditional printing methods, digital printing allows customers to print only the volume they need to effectively launch the product in the marketplace — there are no high volume constrictions. Instead of forcing customers to project their desired inventory to save money when placing an order, digital printing lets customers order based on actual consumer demand. Product flying off the shelves? Then order a larger quantity in order to stay ahead of demand. Product sticking to the shelves? Then don’t be further weighed down by purchasing more than you need, only to waste it based on faulty projections.
This manufacturing method allows you precise control of your inventory, and eliminates hidden costs from the days of “just in case” inventories. Because digital printing is fast and efficient, your lead time can be measured in days, not weeks. Instead of ordering a stockpile of product labels and then attempting to sell the product, you can forecast how your product is selling and quickly produce more labels to keep up.
When you’re introducing a new private label brand to the marketplace, that time can be critical to leapfrog your competitors. Digital print allows for quick turn promotional capabilities with multiple unique product looks to receive quick customer feedback. Test multiple designs, on multiple materials and then decide which to use.
What does this mean for you? Whether you’re a major player in the private label industry or a small start-up, just-in-time manufacturing saves you time and money, two critical components for any successful company.