As a green lifestyle becomes the new standard, consumers are increasingly interested in brands that share a sustainable value system. More than just materials and packaging, sustainability in the supply chain to the operating system are important factors. Therefore, many retail businesses strive to change to become more sustainable.
So what is a sustainable business and what is the path to this model? In the article below, we want to provide you with information about sustainable retail.
What is a sustainable retail business?
Sustainable businesses are brands that create financial and social value through protecting the environment as reflected in their business, operations and supply chains. A sustainable business that also needs to align its sustainability business goals with those of the United Nations can start with responsible consumption and production. Currently, this trend is spreading to many areas of the economy, especially the retail industry and is collectively known as sustainable retail.
More and more brands are joining the sustainability race and strive to create a change in consumer perception. Typical examples are Coca Cola with its commitment to take back at least 75% of plastic bottles produced on the market or Johnson Johnson contributing 35% of energy needs from renewable sources.
Tips for growing a sustainable business
Research and planning
Starting a business in any field and form requires market research and planning, and sustainable retail is not an exception. You need to research the market by looking at pictures and videos and read studies that show the amount of damage done to the environment, from which to come up with criteria for your business.
In addition, sustainable retail requires the trust of society, you need to work to earn the trust of society, consumers, employees and the communities in which they are present. Partnering with governments, customers, workers and civil society, making positive contributions to communities, and then openly communicating their enduring interactions with society, will help you get the effect.
Besides, you also need to learn about business competitors in the market because many businesses are favoring sustainable retail.
Make sustainability a core principle
Sustainable retail businesses know that climate change, unethical resource consumption and pollution are on the list of concerns and they can contribute to the solution. Therefore, they need to build their sustainable business with core values. If sustainability is central to the way a business operates, leadership teams need to be self-aware of the true meaning and purpose of sustainability and its importance. Build your sustainable retail business around your core principles of sustainability.
Set a long-term and holistic vision
To build a sustainable retail business, you need to understand that sustainability is more than just a factor in making consumers happy. You should set well-researched and achievable goals. Goals could include reducing carbon emissions by 50% or eliminating and recycling plastics altogether. Or, eliminate contamination across the entire supply chain.
Be accountable and constantly improve
In the dynamic world of business, the quest for continuous growth and a stellar reputation is an ongoing journey. Companies need to remain vigilant and proactive, constantly seeking innovative ways to expand their presence and strengthen their bonds with customers. This endeavor involves adapting to changing market conditions, embracing emerging technologies, and staying attuned to evolving consumer preferences. By committing to this ongoing process of self-improvement and innovation, businesses can position themselves for long-term success and stay ahead of the competition.
Establishing and growing a sustainable business is a good thing because we live, work and play on a planet where we need to take care of it for the benefit of all. Your sustainable retail business will grow with the right business processes and strategies. Contact us to help you manage your sustainable retail business.