Consumers want so much product choice and sellers are making sure their products can be found/bought in as many places as possible. Is it any wonder that product manufacturers produce so many stock-keeping units (SKUs)?
In fact, 90% of brand owners say packaging is critical to their brand's success as they seek to adapt to an increasingly competitive landscape and rapidly changing consumer tastes, according to a survey by L.E.K. Consulting. Additionally, 75% of brand owners say they’re going to spend significantly more on packaging—and one-third of them will increase spending by more than 10%.
Packaging is contributing to the explosion of SKUs in product portfolios because of these key themes:
As veteran packaging professionals know, SKUs live a cycle of proliferation and optimization. Let’s see how long the growth will last before the inevitable consolidation happens. Anyone care to take a guess?
MinnPack 2019 (Oct. 23-24; Minneapolis) is where serious packaging professionals find technologies, education and connections needed to thrive in today’s advanced manufacturing community. See solutions in labeling, food packaging, package design and beyond. Attend free expert-led sessions at multiple theaters around the expo.