The world has undergone a seismic shift towards sustainability, driven by pressing environmental and governance challenges, which is transforming the global corporate landscape in a significant way. Now, it’s no longer enough to just watch the tides change – businesses must actively contribute to this dynamic shift and openly communicate their sustainability practices to prevent greenwashing scrutiny. In fact, a recent survey has shown a growing willingness among customers everywhere in the world to prioritize sustainability when making a purchase -almost four-fifths of buyers wouldn’t hesitate to pay a premium for goods developed with sustainability in mind, despite the concerns regarding inflation and rising living costs. The evolving attitude of consumers towards greener practices sends a clear message to companies: while sustainability was once seen as a nice-to-have, it has now become an imperative factor for long-term success.
Consumers’ shopping habits are changing, showcasing a growing awareness of sustainable practices
Consumption practices are nothing like they used to be before, as consumers are now prioritizing sustainability – nearly nine-in-ten, which accounts for 85% – state that they are seeing the disruptive effects of climate change in their lives, and they are willing to purchase more sustainably in order to decrease their environmental impact. To this end, consumers have taken actions such as eating different foods, being more conscious when buying goods, traveling differently or less than before, or buying (or planning to buy) an electric car, to name a few.
80% of consumers would pay more money for sustainably sourced goods – even as much as 9.7% more – as long as a product meets specific criteria, namely being made from recycled materials, locally sourced and produced in a supply chain that involves a lower carbon footprint, to name a few. Furthermore, they evaluate producers’ sustainability practices through clear attributes such as eco-friendly packaging, production methods, and recycling, as well as positively impacting nature and water conservation. Consumers also seek to boost fresh vegetable and fruit consumption and decrease their red meat intake. They want the products they buy to align with their values and are looking to put their money where their mouths are. Unfortunately, many products are scrutinized today for the harmful ingredients they contain, as well as the methods of packaging that are damaging the environment, such as personal care products, like lotions, cosmetics, and shampoos. Consumers are aware of the harmful practices that go into the production and packaging of goods, which is why they are now seeking alternatives to contribute to a healthier planet.
Sustainability should be part of every company’s DNA, as the benefits are significant
While embedding sustainability in your business model seems challenging, it’s worth doing so, as it will demonstrate that you care for more than just making a profit. While a business should indeed care about its financial wellbeing, profits shouldn’t be the only thing that matters – instead, a business is more likely to flourish when it prioritizes creating a positive legacy as well. Perhaps one of the greatest benefits of embracing sustainability is that companies can reduce costs and waste as they learn how to operate more efficiently. For instance, companies can implement circular economy practices such as repairing products or renting them instead of simply throwing them away when they are no longer useful. In time, this can translate into substantial cost savings. Some enterprises opt for solutions like cardboard balers which can produce bales from 40-500 kg, ensuring they are recyclable and save costs, space and time.
Besides, many clients now demand businesses meet sustainability standards that align with their value system (and so do employees). Internal sustainability standards are beneficial not just for the environment but also showcase to clients and employees alike what your company stands for beyond the products or services you offer. This creates a connection with potential buyers, boosting your brand image and opening the door to tremendous opportunities, as a sustainable company will always appeal more to strategic partners and investors.
Taking the right steps towards becoming a greener business
At this point, it’s probably evident that in an era where people have become more and more eco-conscious, sustainability is not a checkbox but rather, a fundamental aspect that should be part of every facet of your brand identity and a pivotal business strategy that will set you apart from your competition. Some examples of sustainable practices to implement in your business include:
- Sustainable packaging. Sustainable packaging is usually made from biodegradable materials, which means it is easy to reuse or recycle, and some may even be compostable. Businesses can opt for sustainable packaging to reduce the amount of waste they produce, which would otherwise end up in landfills, harming the environment.
- Renewable energy. Using renewable energy sources throughout your operations, such as solar or wind power, can make a huge difference in reducing your carbon footprint. While this may not always be practical, it is worthwhile to implement it where possible in your journey towards sustainability.
- Water conservation. All companies consume water – it’s just necessary for them to operate. However, it is possible to reduce it as part of your sustainability plan. You can begin by evaluating how much water consumption is really needed and then look for ways to conserve it, such as installing water-saving fixtures or promptly fixing faulty plumbing or leaks.
- Going paperless. Unfortunately, in many businesses, paper is a significant source of waste, so if you’re looking to embrace sustainability, eliminating unnecessary paper usage is a great place to start, as it will save you money while also reducing your environmental impact. When doing this, ask yourself whether every document really requires printing and if certain accounting or administrative processes could be done through software or online.
- Reduce, reuse, recycle. This practice, known as the 3Rs, involves decreasing a business’s environmental impact by reducing waste, reusing certain materials and items when possible, and recycling the ones you cannot reuse. When trying to mitigate waste, businesses should always consider whether they could tackle the issue by applying the 3Rs.
The bottom line
In a world where consumers have become more environmentally aware, businesses should strive to meet the demands for sustainable products—otherwise, they risk being left behind. The truth is that the more a business cares about the environment and society, the easier it will be for it to thrive in the long run. So, start working on your sustainability plan today and make a positive impact on the world!
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