What is Private Brand?
Private brand, also known as store brand, is a product line created and branded by a retailer. It is sold exclusively in the retailer’s stores and is usually less expensive than the competing national brands. Private brands can save consumers money, while also allowing retailers to differentiate their stores from competitors.
Types of Private Brands
Private brands come in a variety of forms and can range from low-cost alternatives to premium products. Here are some of the most common types of private brands:
- Basic – These are the lowest-priced private brands and are often limited in terms of quality and selection.
- Value – These private brands offer more selection and higher quality than basic brands, but still at a lower price than national brands.
- Premium – These brands offer higher-quality products and are often priced comparably to national brands.
- Exclusive – These are exclusive products that are only available in the retailer’s stores.
Benefits of Private Brands
Private brands offer a number of benefits for both retailers and consumers. For retailers, private brands can help differentiate their stores from competitors and boost sales. For consumers, private brands can offer savings of up to 30 percent compared to national brands. Additionally, private brands can be a great way to try out new products without investing in a full-sized package.
Examples of Private Brands
Private brands can be found in almost every retail store. Here are a few examples:
- Walmart – Walmart’s private brand includes Great Value, Equate, and Sam’s Choice.
- Target – Target’s private brand includes Archer Farms and Market Pantry.
- Kroger – Kroger’s private brand includes Simple Truth and Private Selection.
Conclusion
Private brands can be a great way for retailers to differentiate their stores and for consumers to save money. They come in a variety of forms and can be found in almost all retail stores. With the right private brand, you can find a great product at a great price.
References
- https://www.investopedia.com/terms/p/private-brand.asp
- https://www.business2community.com/branding/what-is-private-brand-0830676
- https://blog.bazaarvoice.com/what-is-private-brand-exploring-store-brand-products