Feature image: Ad types seeing greatest increase in net purchase likelihood. This visual and additional content about it is contained in the Visual Dataset.
We’ve brought forward a few years of progress and change in a few months, especially in retail and e-commerce.
Brick and mortar continues to get harder and more expensive for brands because retail profit margins and marketshare continues to shrink due to competition and the rise of ecommerce. And, all of this has been accelerated in the last few months due to COVID. As a result, retail is rationalizing, cutting SKU’s and moving as fast as possible in private label.
It could be in as little as 5-years from now that most consumer goods retail is private label with a small mix of curated brands.
Unless your products(s) are truly unique or you have such a strong brand, you may not get to retail or if you are there, you may not remain in retail.
Be honest with yourself. Is your product truly unique such that if you went away today, would enough consumers really care, like this product? If so, can you successfully defend and maintain this position 5, 10, 20-years into the future from competition? If not a unique product, is there something else about your company that your customers are truly passionate about and willing to support?
You may be better off finding your niche online and selling on relevant e-commerce platforms and staying away from retail entirely.
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