Over the past year amidst the pandemic, consumers have been more willing to switch brands and/or try new brands, and private label has benefited. Survey data from McKinsey and Company found that nearly 20% of consumers indicate they have purchased more owned brand products during the pandemic than they did pre-COVID-19. Forty-five percent of these shoppers indicate price was the primary reason. Private label brands are having a moment, and retailers are strategizing to hold these sales.
Do you know what your life purpose is? Finding your purpose gives meaning to your existence and helps you to align your actions so they impact the world in a way that fulfills you. Discovering what your purpose is may sound like a complicated endeavor, but these 3 steps can get you off to a successful start:
Vaccinations are humming along at 1.5 million a day, the number of new daily COVID cases are dropping in states across the country, and many feel like the light at the end of the tunnel is beginning to appear. We begin to dream about a post-pandemic world, recognizing that the world will forever be changed due to this pandemic. Along with this change are alterations in business, in work, and in roles. Here’s a compilation of five skills deemed to be important for success in a post-pandemic work world.
Owned brands are more important today than they ever have been, for both retailers and consumers. As assortment breadth has narrowed, driven by the pandemic driving more streamlined production, owned brands allow retailers to be less dependent on national brands and focus on a smaller number of SKUs with higher sell-through rates.
For many people, negotiating can be a very difficult thing to do and something that is often avoided. Suzanne de Janasz, a professor of management and conflict resolution at George Mason University has researched negotiation for more than two decades and found that whether it comes to a higher salary, a promotion, help at home or a better car deal, women find it harder to ask than men because they simply don’t think they deserve it, can’t possibly get what their asking for, or will experience some sort of backlash.