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It’s hard to ignore the presence of smart speakers nowadays. A recent poll conducted by US radio syndicator NPR and Edison research, suggests that approximately 39 million Americans now own one. This roughly translates to 16% of all Americans, a 128% increase from 2017. And it’s not just in America; in the UK a YouGov poll indicated that between Q3 of 2017 and Q1 of 2018, the adoption of smart speakers doubled from 5% to 10%.
So, consumers have them in homes, but more interestingly for retailers and National Brands, OC&C Strategy Consultants have predicted that shopping via these devices will grow to $40 billon by 2022, up from $2 billion today across the US and UK markets. But the same report suggested that only 39% of consumers trust in the "personalized" product selection of smart speakers and only 44% believe they offer the best value selection of products. This shows the opportunity that lies ahead for the Private Labels and National Brands that are able to get the right products in front of the right customer effectively.
It’s hard to ignore the presence of smart speakers nowadays. A recent poll conducted by US radio syndicator NPR and Edison research, suggests that approximately 39 million Americans now own one. This roughly translates to 16% of all Americans, a 128% increase from 2017...
To survive in the dog-eat-dog world of retail, retailers are required to rapidly evolve and adapt to an ever-changing and competitive environment. One of the ways this has been achieved is through the introduction of private label brands.
With more consumers expressing that the balance of quality and price of private label products works...