The rapid transformation of private brands has become a cornerstone of contemporary retail strategy. In a compelling discussion on Velocity Talks, Laraine Durham, the Vice President of Marketing and Events at the Velocity Institute, shares invaluable insights on the growth of Retailer-owned Brands and the strategic pivots necessitated by the modern marketplace.

Key Takeaways:

• Private brands have seen significant growth and acceptance, which is a testament to their improving quality and design.
• The Velocity Institute has been at the forefront of embracing technology and digital platforms, enabling global reach and virtual engagement.
• Upcoming industry events like the Velocity Conference and Expo offer retailers an avenue to network, learn, and contribute to the ongoing narrative of private brand innovation.

The Rise of Private Brands

The discourses around private brands have transitioned from skeptical whispers to loud, proud pronouncements. Laraine Durham details the journey from the humble beginnings of a retail-focused blog to managing events at the Velocity Institute. She emphasizes the increased consumer acceptance of private brands:

“…more people are more apt to try private brands now than ever before. So it’s really a growing industry and something that’s fun to be a part of.”

This trend signals a tectonic shift in customer perception, influenced by strategic investments from retailers and the consequent enhancement in product quality. Durham stresses that private brands have evolved, shaking off the stigma of being second-best alternatives.

Embracing Digital Innovation

The Velocity Institute’s adaptation to digital platforms during the pandemic is a prime example of innovation driving engagement. Durham recalls the shift to an online conference, a move that not only kept the momentum but also demonstrated agility and foresight:

“…it wasn’t even on Zoom. It was the early days of the pandemic on a different platform.”

SEO-optimized video series and virtual awards have enabled Velocity Institute to maintain prominence in the private brand conversation. Durham’s narrative is an inspiring call to action for businesses to continually reassess and reinvent their methodologies in the face of change.

The Importance of Industry Events in Shaping the Future of Private Brands

Velocity Institute events, according to Durham, provide unique opportunities for retailers and service providers to intersect and innovate together. Events like the Vertex Awards, held in locations from Amsterdam to Charlotte, have become synonymous with celebrating excellence in private brand package design. Durham elucidates on their role in the Institute’s growth:

“…we’ll bring in people again literally from around the world. Manufacturers, retailers, service providers…it’s a really great way to meet people who are in the industry, designers.”

The physical gathering of industry experts cultivates a space for collaboration and idea exchange. Such events are pivotal in not only recognizing achievements but also in plotting the course for future innovations in private branding.

The promise of private brands continues to resonate within the retail sector, driven by an unwavering commitment to quality and a deepened understanding of consumer behaviors. Through dynamic platforms and forward-thinking strategies, the Velocity Institute, under the guidance of figures like Laraine Durham, remains in the vanguard of this evolution.

The clear message speaks to resilience and readiness—a clarion call to embrace change, celebrate progress, and foresee a future where private brands stand shoulder-to-shoulder with their national counterparts. The upcoming events and summits underscore the commitment to fostering a community where learning and growth are shared experiences amongst all private brand stakeholders.

About the Guest(s):

In this enlightening episode of Velocity Talks, we are introduced to Laraine Durham, the dynamo behind the scenes of the Velocity Institute. With over two decades of experience in retail fashion merchandising as a buyer, Laraine’s prowess extends through facets of product development, sourcing, and marketing. As the Vice President of Marketing and Events for the Velocity Institute, she orchestrates the production and planning of conferences and summits, alongside working on the prestigious Vertex Awards. Her insights into the private brand industry are invaluable, given her hands-on experience with company-owned clothing labels and her marked contribution to evolving retail events.