Millennial Business Solution: Private Label Personal Care & Health Supplement
There are various types of business that a millennial entrepreneur can choose, private label personal care and health supplement is one them. So, what is the best millennial business solution and why should you choose it? Check out this article.
In this article, you can get more info about the benefits of marketing private label personal care and health supplement products. You can discuss private label personal care and health supplement products marketing with us here by leaving your questions on the green form on the right side of your screen. We’ll be more than happy to help you as soon as possible.
Millennial Business: Private Label Personal Care And Health Supplement
“Millennial” is a term used to describe the generation born in 1981 to 1996. The millennials are known as the challenge seekers who have a high tendency for boredom. Most of them tend to easily get bored when they have to do the same old routine over and over again. That’s why being an office worker doesn’t sound like a great idea for them. So, what kind of work suits the millennials better? Business, particularly private label personal care and health supplement business is good for the millennials.
According to Philip Kotler and Gary Armstrong, private label is a brand which is created and owned by a goods and services retailer. In 2016, private label business grew up to 16,7% globally and has been developing ever since.
If you ever have any doubts about the future of private label products or how could it possibly compete with huge multinational brands, these might change your mind:
1. Unlimited access of information
Nowadays people have abundant access to various information, thanks to the internet. This unlimited access of info changes the way people shop and what they expect from the products. These changes also affect how people see private label personal care and health supplement products, making them have much higher chances to have a head-to-head with established brand products.
2. Loss of millennial consumer loyalty
The millennials make up about 24% of the world’s population, and as consumers, this generation is more open-minded than the previous ones. This trait makes it easier for them to try out new products, including private label personal care and health supplement products.
Millennial consumers also do more research before making a purchase and won’t hesitate to choose private label products compared to multinational brand products when they consider them to be better. Millennials also demand that the products are convenient and offer a variety of lifestyle choices. These are the things that make the millennials lose their loyalty to established fast-moving consumer goods brands.
3. Premium product category
Creating private label personal care and health supplement products for the premium category is highly recommended because private labels have become an alternative local brand in the domestic premium market of several countries, especially for young consumers whose income is not as big as older, more established consumers. So the retailers are positioning their private label products closer to multinational brand products.
Private Label Business = Millennial Business
Now that you’ve found out the bright prospect of private label business, let’s check out three advantages of marketing private label personal care and health supplement products.
1. Competitive price
When it comes to pricing, private label products can be priced quite competitively. The reasons are the short distribution channels, low promotion costs, and low MOGE (marketing, overhead and general expenses) costs.
2. Products can be customized
Private label products can be customized based on seasonal market demands. For example, you can produce food and beverage products with matcha green tea taste when matcha green tea is in the hype.
3. Focus on the marketing
Millennial entrepreneurs don’t need to use their own resources to take care of the production process for private label products since their contract manufacturing partners will be in charge of all the hassle, from production permits, quality management, to the use of raw material, and even handling the consumers’ complaints regarding the products. This allows the retailers to focus on marketing strategies and product sales.
Choosing The Best Contract Manufacturing Partner
Contract Manufacturing is an activity of product manufacturing carried out by a person or a company to fulfill the demand of another party, in this case the private label retailers. Now if you want to start your business journey by being a private label personal care and health supplement retailer, you should work with contract manufacturing partners to take care of the production.
Nonetheless, before choosing your contract manufacturing partner, make sure to pay attention to the things below:
- Choose an experienced contract manufacturing partner to minimize the risk of production failure.
- The selected contract manufacturing partner should be equipped with manufacturing facilities that meet government standards.
- Take a look at the supplier network, make sure to choose a contract manufacturing partner that has an extensive and integrated supplier network.
- Integrity matters, choose a contract manufacturing partner that always complies with the regulations and has a reputation for commendable business conduct.
- Choose a contract manufacturing partner that develops innovative products, has research and development capabilities, as well as scientific research support.
- Look at a contract manufacturing partner’s certification. Make sure it has BPOM certification and Sistem Jaminan Halal (SJH) accreditation from MUI.
If you are interested in marketing your own private label health supplement or personal care products, choose contract manufacturing that can guarantee the availability of raw materials and packaging materials from abroad on schedule during this pandemic time. Like Indocare B2B. Discuss your wishes with us here.