Overview | Private label definition | Advantages of private label brands | Disadvantages of private label brands | Saving money with private label contact lenses | Beating inflation with rebates | Conclusion
With inflation at a 40-year high, people are looking to cut back expenses any way they can. For contact lens wearers, the answer may lie in private label contact lenses.
This article will discuss private label products, particularly contact lenses, and how they can help you save money amid rising inflation.
What is a private label product?
A private label product also referred to as “private brand” or “store brand,” is a product that a third-party manufacturer produces for a specific retailer. The product is then sold under that retailer’s own brand name. The retailer controls everything about the product, from its specifications to packaging.
Many consumers are unaware of the prevalence of private label products, but they are common in today’s shopping environment. For instance, if you have been to Costco, you are likely familiar with the Kirkland brand.
Costco has several private label products sold under this brand, from clothes to food. Walmart, another big-box retailer, sells several private label products under their own brands, including Great Value (food and grocery products), Equate (health and beauty products), and Mainstays (home furnishings and decor).
There are also private label contact lenses available in the market today. Examples of private label contacts include Costco’s Kirkland Signature™ Daily Disposable contacts (same as CooperVision’s MyDay® daily disposable) and Walmart’s Equate 2-week contacts (same as CooperVision’s Biomedics® 55 premier aspheric).
What are the advantages of private label products?
Private label products hold many advantages for consumers and retailers. One major advantage is product diversity.
Take Amazon, for example. Amazon has over 100 private label brands across several product categories, including Amazon Collection (jewelry), Amazon Essentials (men’s and women’s clothing), and Amazon Elements (vitamins and supplements). By offering a wide variety of private label products, Amazon can appeal to more customers.
Private label products also tend to be cheaper than brand-name products because the former is simply a variation of a generic brand.
For retailers, these two advantages mean they get to appeal to cost-conscious consumers who care about product quality, not brand name. Meanwhile, consumers can save money by switching to cheap private label products. In 2019, 87 percent of American millennials said they bought private label products to save money, according to a recent report from Statista.
What are the disadvantages of private label products?
While private label products have a lot of advantages, they also have significant disadvantages for retailers and consumers.
Retailers of private label products often have trouble building brand loyalty, as most people tend to trust a brand they have used for a while. Customers are not likely to trust a smaller, lesser-known brand.
Moreover, most private label brands don’t innovate or offer new features because they are essentially generic copies of brand-name products. They take after these brand-name products and their characteristics, not the other way around.
The appeal of private label products is tied to poor economic conditions. Private label products shine during tough times when people buy cheaper alternatives to save money. This can make private label products a tough sell during periods of economic prosperity.
Can private label contact lenses save you money?
The short answer is “yes.” Private label contact lenses can save you money as they’re much cheaper than brand-name contacts. You don’t have to worry about the quality of these lenses, as they’re similar in quality to national brands.
Lens.com is an indirect seller of private label contacts. When you place an order for a private label brand, we send you the national brand but save you money. For example, if you placed an order for Costco’s Kirkland Signature Premium Daily Disposable contacts, we will fulfill your order as CooperVision’s MyDay daily disposable.
Beat Inflation With Lens.com Rebates
Aside from switching to private label brands, another way you can save money on contacts is by taking advantage of rebates. These savings opportunities are included with orders for many popular contact lens brands, and they’re one of the best ways to save money and get cheap contacts.
Lens.com offers unbeaten rebates on many popular contact lens brands, including ACUVUE, Biofinity, and AIR OPTIX. When you buy contacts from Lens.com, there’s a high chance you won’t have to pay full price for your contact lenses. Our rebates typically apply to four-box orders, meaning you must buy at least four boxes of contacts to qualify for rebates.
In the face of record-high inflation, shoppers are increasingly switching to private label brands to save money. Lens.com is an indirect seller of private label contacts, and you can rest assured that these contacts are of the same quality as their brand-name counterparts, which we also carry. Additionally, you can save even more money by taking advantage of our rebate offers.