I am not someone who is very business savvy. In fact, when my boyfriend or anyone else starts throwing around words like equity and market value, I quietly make my way to the other side of the room or risk sounding like a total fool. However, when it comes to brands – I know a thing or two.
It’s the reason why I will buy shoes worth $200 as opposed to $50. That little Steve Madden sign in the corner beckoning me, convincing me I am not just buying a pair of shoes, I am buying a lifestyle. Now splurging on brands is all fine and dandy once in a while when treating yourself to a birthday gift, however in today’s day and age millennials are slapped in the face with brands everywhere they go, and not just for shoes!
When you buy any product in a grocery store, it is usually branded and therefor, three times the amount it ought to be. Are you comfortable with the fact that when you buy that olive oil you need for a salad, you are paying for a supposed whole new lifestyle? No? well neither am I.
Brandless, a new and (if I do say so myself) genius startup has picked up on this frustration amongst millennials. With simple goods becoming more expensive by the year, Brandless has put a halt on this trend, making the bet that when it comes to many essential goods, you just don’t care as much about brands as you think.
Brandless offers a list of essentials for the single low price of $3, and instead of a big flashy brand logo on the outside, all that their products have on the outer label is the ingredients. A large amount of the food products they sell are also gluten or dairy free as well as organic. Tina Sharkey, founder of Brandless, explains that these health qualities of foods are now verging on mainstream in America, yet finding good quality and organic food on the shelves is still an overly expensive affair.
No Brand Tax!
Brandless was created in 2016 and has received funding of up to $50 million from various investors. Sharkey claims that the fixed $3 price was chosen since it is the middle ground between value and quality. Additionally, the fixed price puts customers at ease, knowing their products are cheaper since they are free of “brand tax”.
In effect, Brandless allows those who do not earn a fortune to have access to good quality food and house products. Sharkey stated about her business that “It widens the door and the entry point for virtually everyone to be able to start to buy their values, share their values, and live and eat their values in a way that has been inaccessible and prohibitive for most people living on average wages in this country,” while I may not be one who is into business, I definitely think Brandless is onto something. I know I would rather buy the $3 honey then the $12 honey boasting a brand.