A white label service or product is one that is produced by a company or a third party provider for its client, to be rebranded and offered by the latter to its customers.
In the early stages of business, startup costs are expensive, and it may take a while for new businesses to break even and recover such costs. However, by employing white label services, these businesses don’t have to shell out for infrastructure or research and development, and allow themselves to focus on marketing and developing other areas of their business.
Also referred to as white labeling, the said type of solution has been in practice for years, but most commonly in the retail segment. Grocery store chains, for instance, market its own white label line to build their brand, or promote themselves as either a better alternative to the brands they carry on their shelves. Tech Target noted that the goal of white labeling, in this case, is to foster brand loyalty. In the technology sector, examples of services or products that are offered by white label service providers include software, cloud platforms, crowdfunding platforms, and e-commerce platforms.
Drew Gainor of the Young Entrepreneur Council and Co-Founder & Vice President of New York-based Ticket Evolution (TEvo), believes that adopting white label solutions can be the best favor new business owners can do for themselves. In his column for Forbes.com, Gainor explained that most startups are at risks of failure, but white label solutions prevent them from making mistakes that they are likely to commit or others had in the past. These mistakes, according to Gainor, include “reinventing the wheel, delaying your time to market and end up increasing your learning curve outside your core competency, spend your resources on tools when you don’t have to, and miss out on resources and expertise in your niche or areas that need improvement.”
When it comes to cost savings, businesses can substantially reduce upfront costs and overhead expenses including “IT maintenance, including browser updates, social integrations, and mobile compatibility, will also drastically decline,” according to the Calgary Herald. The publication noted that businesses can, in fact, save up to as much as $250,000.
Ready to take the next step to improve your products and services this year? IT Craft is a leading global white label solutions provider that can attend to your needs.
What is driving the real estate bubble now?
Driverless cars industry grows with support from governments
21 tried-and-tested ways to secure a WordPress website
Palm oil moves higher on improved demand ideas
Thailand officially implements ICO regulations
Put your money on this Daily Fantasy Sports company ahead of Soccer World Cup 2018 in Russia
Daily Fantasy Sports leader positions to take FIFA World Cup 2018 by storm
Exponential, Inc. founder, Dom Einhorn, thinks charitable fundraising is ripe for disruption
Why courtesy on social media pays off
Santiago: Quirky facts about Chile’s capital
Promoting women’s football in Malta by UEFA projects
Euro NCAP marks its 20th anniversary with two crash tests
European Parliament’s International Trade Committee backs CETA
The American Heart Association has released four new PSAs
PwC presents 20th global CEO survey results in Switzerland
Corporate Social Responsibility2 days ago
Mohawk Group eyes LEED and WELL Building Standard certificates with new showroom
Commodities2 days ago
India takes strides to boost oil production amid rising prices
Agriculture3 days ago
Animal farming industry praises vaccine bank inclusion in Farm Bill as ‘great first step’
Crypto2 days ago
European Parliament votes in favor of new blockchain resolution
Featured2 days ago
Interest rates surge; Iran nuclear deal intensifies global tension
Featured2 days ago
4 reasons to let your team work remotely
Featured2 days ago
PayPal expands in Europe with $2.2B iZettle deal
Business1 day ago
Facebook user data policy: What you need to know