Strong Brands Help Retailers Adapt to Change
In today’s digitally inclined and rapidly changing shopping landscape, strong brands can help pet retailers come to terms with the increasingly purpose- and values-driven mindset of the consumer. Simply put, today’s consumers have shifted from buying brands to “buying into” them. Now more than ever, brands represent users’ values, beliefs and points of view. Because of this, both private-label and mainline brands need to think more about the types of conversations they can initiate with consumers.
Strong brands can even help retailers adapt to the forces of disruption that are reshaping retail, from the rise of the millennials, to the growing popularity of Amazon Alexa. In the pet category, the potential rewards for getting this right are high indeed: According to the 2017-2018 National Pet Owners Survey by the American Pet Products Association, 68 percent of U.S. households now own pets, and Americans spent nearly $69.4 billion on pet products in 2017. To win market share, retailers need highly targeted strategies. Here are some key considerations:
Demographics Millennials are the country’s largest living generation. In 2016, there were an estimated 79.8 million millennials compared with 74.1 million baby boomers. While they dominate the population, millennials are having the hardest time […]