To Stock or Not To Stock – The Basics Everyone Needs To Know
The world of packaging is your oyster – and, ultimately, your most important decision that could draw the line between a successful product or service execution will be whether you're going to pursue stock or customised packaging.
Presentation is everything. So how do you know which type of packaging is right for your business?
The whole process can seem daunting – but no need to worry.
Let's unmask the basics!
Stock Packaging refers to your existing inventory, or in other words, what has already been made available to you. It is the economically-safe option, and is considered the quickest way to deliver your product straight to the market.
Choosing stock packaging reflects on the strategic plan of your business – whether you decide delivering to the market immediately or having an ease of mind that your stock is available is critical to your business’ survival.
Stock packaging is known to be inexpensively produced in massive quantities, and are often limited to non-customisable standardised sizes and generic designs.
So, if your go-to strategy was speed and immediacy in delivering your product, stock packaging is usually the answer.
Custom Packaging allows for more freedom.
Utilising customised packaging unlocks the capacity for pioneering designs to uniquely tailor make the product to fit perfectly, and win the hearts in the eyes of the beholder.
The process and expenses of custom packaging varies from one packaging manufacturer to another; however, the cost to implement custom packaging is usually more expensive.
And when we mean expensive, we mean not that much.
In hindsight, the difference can range from 10 cents to $20, depending on the extent of customisation (assuming there aren’t any flashing LED lights on your packaging). What many people are not aware of is the fact that custom packaging does have the potential to match stock packaging prices once ordered in considerably high volumes.
Other underlying advantages of custom packaging also includes producing less excess material due to achieving a ‘perfect fit’ that custom packaging remarkably makes possible.
Better fit packaging = more products per pallet = lower shipping costs!
Evidently enough, the process for custom packaging does require more involvement, commitment and investment. With this thought in mind, many people misconceive its contributory benefits and abilities to drive consumer sales.
Structurally customising and designing a product packaging (whether it may be bottles, jars, can foods, retail bags etc.) provides a cutting-edge difference against your competitors.
There are obvious advantages attached to stock packaging, yes. Speed, low-cost, and ‘getting the job done’ is amongst many of the benefits that stock packaging has to offer.
And there is a blatantly obvious misconception that custom packaging does not drive sales, when, in fact, they do!
According to research, products are viewed more valuable to consumers if the company’s packaging is uniquely designed, tailored and customised. In the industry, a portion of repeated purchases come from the roots of a customised packaging strategy. This not only ‘catches the eye’ of the right consumer, but it allows for an appropriate communication and consistency of your brand message, which will ultimately translate into sales.
Custom Packaging is mistakenly viewed as a liability, and is arguably too much of an investment to fit into their overall strategy.
Product packaging plays an integral role in the heart of the consumer decision-making process; and with many consumers becoming design-savvy and expanding their design awareness, many packaging suppliers agree that product execution has become the centre of attention.
Packaging is unavoidably one of the first touchpoints that the consumer has with the product, and it is increasingly becoming important to make their experience memorable, value-adding and exceeding expectations.
And when adding social media into the spectrum, research tells us that 4 in 10 consumers would share an image of a product delivery via social media if it came in a unique package.
So, in fact, custom packaging is, rather, a blessing in disguise.
If you’re yet to jump on board the customised bandwagon; the time is now.