Sustainability is becoming a new way of enterprising globally. In this week of Liberty on the occasion of Republic Day, we acknowledge ourPlanet’s & People’s Right to a Sustainable Future. And it is not far-fetched to say that Sustainability is increasingly becoming an imperative trend all across the trading world.
From an IBM Survey, half of the consumer sample suggested that they have paid an average of 59% more premium for sustainable products & businesses in the last 12 months.
(Source: IBM Institute for Business Value)
Some noteworthy trends to inspire your Business Strategic Mindset:
- 57% of consumers are willing to change their buying habits to help the environment. (Source: IBM Survey)
- 92% of customers are more likely to trust a brand that is environmentally or socially conscious.(Source: Nielsen Report)
- 5% Consumers suggested that they prefer brands with less packaging waste. (Source: GWI)
- 60% of the consumers globally rated sustainability as an important purchasing factor. (Source: Business Wire)
- 83% said that how a company treated its employees during the pandemic will play a crucial role in their deciding whether to support that business next year. (Source: Forbes)
Protecting the Planet has become the no. 1 concern for all relevant International Governing bodies, results of which are quite evident in today’s times, since the past couple of years. The entire trading landscape is now festered with policy & protocol alterations as many countries are finally putting carbon disclosure mandates on imports & buyers. This brings a lot of dilemmas in the business community, we understand. But this change is filled with positive affirmations for the enterprise in a multifaceted manner.
It is important to understand that Consumers are becoming increasingly conscious, investors are becoming highly alert and employees are becoming super aware of their employer’s reputation. This triangulation of requisites from three pillars of the trading world is bringing all the upheaval for Sustainability into the limelight.
Awareness is the key to Sustainability.
The Next Step is to Incorporate.
The whole world is on the move- Supply Chains are being transformed, raw materials are becoming eco-friendly and trading scrutiny is being intensified in many corners of the world. To be able to keep up with this transformation, it is important to appropriate some alterations in your business strategy today.
Consumer Intent is changing drastically.
Sustainability is Slowly Seeping into the mindset of the Consumer.
The ability of Businesses to amplify upon the consumer intent is going to be the boon for the new day trading culture. The Consumers are becoming clearer upon their intent everyday, yes, but they are facing local variable limitations of accessibility, awareness & action. Businesses in their own regions can amp up their Sustainability game and inspire consumer’s intent to advise benefits for all parties concerned. This gives an Enterprise a responsible reputation, which further enhances upon the fortification of their prospects with investors and the consumers.
A Small Change Towards Sustainability is all You Need!
It is important to understand that Sustainability is becoming a way of life at a very individual level, therefore it has stringent markings or hefty impacts on the consumer mindset, as is already evident.
Businesses need to incorporate mechanisms of Sustainability Accounting & Reporting to be able to survive this growing trend. IT becomes prudent to gain a competitive edge and stay ahead at the Sustainability curve because in the next 5 years, disclosures on ESG grounds will become a mandatory expectation.