As we navigate the complex universe of retail apps, it’d be a cardinal sin not to address the massive opportunity apps present to retailers with own brands. It’s like having a prime-time show on a TV network you own, together not only with a captive audience, but also a crystal ball offering insights into their wants and needs. But even with the deck stacked in your favor, you still have to play your cards right. Join us as we talk about the most effective strategies, fortified by real data.
Private labels have seen a remarkable surge in popularity in recent years. For instance, in the food sector, U.S. store brands hit a record-breaking $228.6 billion in sales in 2022, marking a significant $23.2 billion increase in annual dollar volume and growing nearly twice as fast as national brands (per Private Label Manufacturers Association). Pair this with the reach and insights a robust retail app provides, and you have a powerhouse of synergistic potential. This can lead to heightened customer awareness and loyalty, and sales figures that may make your calculator blush.
Harness the potency of user analytics to spotlight your private labels. It’s no longer a secret that businesses using data-driven personalization see a substantial surge in revenue. Keeping tabs on customers' likes, purchase history, and in-app search data allows retail apps to recommend own brands with that much of a greater success.
Consider these in-app promotion tactics - the first two are super crucial:
Tailor suggestions to customers' preferences. Accenture found that 91% of consumers prefer personalized recommendations. Retail apps can:
Design an exclusive area within the app to showcase your own brands. Here are some tips for an engaging and effective area:
Attract customers with limited-time campaigns. A study by RetailMeNot reveals 80% of shoppers are inclined to make a purchase with an exclusive offer.
Send alerts about new products, sales, or restocks. Airship research shows personalized push notifications can increase open rates by up to 800%.
Gauge the effectiveness of private label promotions by tracking vital metrics like click-through rates, conversion rates, and average order value. Are your click-through rates improving over time? Is there an increase in conversion rates when you promote private label products? Are customers spending more when they purchase private label products? The answers to these questions will provide valuable insights into the success of your promotional strategies. Remember, the goal is not just to launch effective promotions, but to learn from each campaign. Use the data you gather to continually refine and improve your strategies. This way, you can ensure that your private label products are not just stealing the spotlight, but also driving sales and customer loyalty.
Leveraging the power of retail apps for own brand promotion is not just an option, but a necessity. The strategies outlined above provide a roadmap for retailers to effectively promote their private labels, personalize customer experiences, and ultimately drive sales. In the end, the winning strategy is about creating a symbiotic relationship between your retail app and your own brands, where each complements and boosts the other, leading to a thriving retail business. So, gear up, implement these strategies, and watch your own brands flourish in the retail app universe!