A few weeks ago we blogged about the ways packaging can enhance your brand identity. While very important, packaging can serve many other uses as well. One such use that is often not recognized enough is packaging’s impact on revenue.
Packaging’s impact on revenue
To showcase the potential for packaging’s impact on revenue we’ll be highlighting some statistics in this article. Even to this day, around 85% of all fast moving consumer goods (also known as FMCG’s) are bought in physical stores according to a recent study within the Netherlands. While this number might change slightly depending on the country in which the study was based, that still highlights a massive majority.
Perhaps even more important are the purchasing decisions. An astonishing 70% of all FMCG purchasing decisions are made in physical stores according to this same study. The decisions can be a choice in brand, or concern different factors like packaging shape, flavor or product sizing. Successful design adaptations in packaging have even shown that they can improve long term revenue up to 30%! Illustrating the massive potential for packaging’s impact on revenue.
Successful packaging designs and revenue growth
Aside from revenue growth a packaging design can also impact your margins and brand-opinion. Some more fancy number’s from the previously quoted study:
• 70% of consumers form their initial opinion about brands just by looking at the packaging. They don’t consult social media channels, websites or adverts in this stage of their purchasing journey. And they might never get to these channels depending on the initial opinion.
• More then 50% of the consumers admitted to frequently buying a more expensive brand or product because the packaging differentiated it from it’s cheaper peers.
• In the current consumer climate the average human is exposed to more hours of media then hours of sleep. This is why visual designs will only get more important as time goes on. The human brain can process visuals 60.000 times quicker then it can process text. Considering the average consumer spends only 1.8 seconds per individual product / brand it would be wise to keep this in mind when deciding between visuals or text!
We believe packaging’s impact on revenue enhances both the consumer experience ánd helps connect product and buyer
Our experienced sales-team can guide you through the packaging do’s and don’ts when it comes to packaging viability. And after settling on the eye-catching design our experienced production team can deliver the packaging to match.
Contact us to see what we can do for you.