The 19th edition of the GlobalPETS Forum was held in Venice, Italy from 24 to 26 January 2018. We look back at an inspiring networking event.
The 19th edition of the GlobalPETS Forum was held in Venice, Italy from 24 to 26 January 2018. We look back at an inspiring networking event.
Brands versus private labels
The position of brands has changed dramatically over the years. In the old days, brands were the leaders and they had a trusted position. Around the year 2000, when pet retail chains entered the pet industry, we saw the rise of private labels. Over the years private labels have grown in quality and appearance, and by now are perceived as brands, and an important part of the store concept. Above all, they are also a major contributor to profits. Nowadays, 31% of consumers put their trust in brands, and this shows that the position of private labels has a robust position in the market.
Building trust
In today’s world with social media, internet, and the disappearance of traditional institutions it is vital to build trust. How do we build trust? It is important to respect the consumer, to be relevant and meaningful. It is becoming increasingly relevant to assist the consumer in his consumption, while at the same time caring for a better world.
To connect with the new online world and to shift your approach from the old to the new world, there are some relevant questions to be asked. What is your promise to the consumer? Can you formulate this in one sentence? As a result, do not just push the consumer, but connect with the communities they are part of, share experiences, and so on. Seamless integration of all channels is essential. Bear in mind that today’s consumer is more easily disappointed; they are in the drivers seat; they are single-minded about what they want to buy and on what conditions. In order to be perceived as trustworthy, it is essential to have a good relationship with your customers, which is also fundamental to building loyalty.
Anyhow, GlobalPETS Forum gave us a lot of inspiring ideas to chew on!
The state of global pet retail
Besides the keynote speakers, GlobalPETS Forum presented a retail panel for the second time at the conference, under guidance of Dave Bolen.
The decision-makers of six of the pet industry’s most important retail chains presented their firms and explained how they operate their brand- and private-label portfolios. Among other things, they outlined the relevance of brands, telling us that brands are valuable if they make concrete contributions to the customer journey, providing extra turnover in the way the consumer makes his purchases, besides the brand’s additional products.
They also underlined that ‘big data’ is essential to provide insights, such as ‘what are the keywords used by consumers?’ These insights allow us to predict what the consumer is looking for, enabling us to make special offers. It will help us to understand which brands are bought in combination with other products. In the discussion it became clear that different regions have/need their own approach. In the end, the question is whether the brand is delivering enough profit in this context. What is the customer journey and what is the best commercial approach?
The presentations were followed by a lively panel discussion, fuelled by questions from the attendees.
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