Conscious Consumerism is hiking up the grids of buying metrics exponentially. Especially in the Hospitality Industry, which accounts for roughly 8% of the Carbon Emissions in the world, businesses must get attentive to this imminent issue. Therefore, if you are a seller of any kind it is imperative that you keep a track of the changing trends of consumerism. Additionally, the world is geared to ‘belong to the movement of Sustainability’ in the coming years and businesses are rapidly including this model in their business strategies. With these emerging trends in mind, it is important for businesses in various industries to inculcate the values of ‘showcasing upon Sustainability’.
New-age Consumers don’t want to become a part of Piling Problems. They want Change.
They want products & services that promise Innovation and Transparency towards growing Environmental Discontent. The very basis of the Hospitality Industry thrives upon the idea of ‘Home away from Home’. This notion very much depends on the conscience of the consumer- it is important to understand that the new generation will not enjoy being on the beach if they know that the waste directly gets dumped in the sea. Your consumer will not be interested in your service if they know that your waste management means burning trash on hilltops. Conservation of the Local & Conservation of Natural Resources rely heavily upon these conscious beginnings.
The Thai Government in 2018, shut down one of its most popular beaches- Maya Bay because heavy foot traffic (up to 5,000 tourists a day) destroyed the coral ecosystem in the area which was the the primary USP of the region. Result? The ecosystem address found revival, the local business people ran out of jobs. (Source: The Guardian)
These short-term, myopic, urgent deliveries of climate solutions are more often than not highly unsustainable for the locals and affect the economy drastically. What then, can businesses do in the wake of these climate and other ESG-based upheavals?
Sustainability in the Hospitality Industry is the Answer!
Mindful usage of Resources, that keeps in mind the needs of future generations is Step One. Hospitality Industry heavily depends on the region they function in, the cultural & natural phenomenons that keep the gambit running by default require your primary attention. Practices that aid the idea of Sustainability make you stand out and help you acquire a Revered Reputation amongst the Consumers. Patrons, Investors, Travellers, Booking enterprises, shoppers etc. everyone, is talking about Sustainability in businesses.
Sustainability is Readjusting the Choices of the Consumer.
Consumers are now fond of Knowing Your Story.
A Nielsen Study found that 75% of the Respondents from the Millennial & Gen-Z generations support the idea of Sustainable Business Practices and advise their shopping for services with this purview. Even the Boomer Generation is gaining rapid awareness and 51% of the Respondents were found more likely to choose Businesses that Showcase a Sustainability Standpoint.
How to Inculcate Sustainability in your Hospitality Business?
- Start with Energy Conservation
- Understand Your Waste Management Situation, esp. In the Sensitive Zones.
- Use Local & Organic Products. They work well with Aesthetics too!
Benefits of Introducing Sustainability in your Hospitality Biz
- Better Consumer Loyalty & Heightened Brand Visibility
- Better Suitability for Governmental Incentives Programs for Green Businesses, discounts on insurance premiums, financial grants, faster regulatory permittance.
- Better Investor Opportunities
- Enhanced Employee Retention
Massive Improvement in Reputation. Cost Reductions. Increased Profitability.
All this, plus you will minimise your Carbon Emissions Intensity Heavily, which means that you are a Conscious Business, one that aids conservation & is environment friendly.
The Next Important Step
It is very important to note that all your action intensive sustainable practices & inclusions wouldn’t result until you SHOWCASE your deeds and numbers. Therefore, it is also prudent to introduce a system of Accounting for these developments that you are undertaking.
Sustainability Accounting is a must for all businesses. It tells you, your partners and consumers, The Truth. Careful ESG based accounting of your operations and overall carbon footprint allows you to understand and identify hotspots which require immediate attention. This further aids in energy efficient management, cost reductions and higher sales, it improves and imprints upon your suppliers and buyers’ networks and allows you to grow unperturbed.
Onlygood- A Sustainability Accounting & Management Platform, gives you this and much more. Equipped with Compliance & Essential Protocol Lens like the GRI, GDPR, SDG etc. we provide a holistic ESG Report for your enterprise and also deliver a shareable and complete Carbon Dashboard. Innovation is at the heart of change and we inspire & advise just that, with our cutting edge tech, data onboarding, data analysis & crosstab, data delivery, data security is now much simpler and easier. Request a Demo Today!