Climate change is no longer just a term used on television or movies. Large corporations are now motivated, to adopt more sustainable operations and solutions. This is a result of changing consumer behaviour towards brands that act responsibly. The below 8 ways to embrace sustainability for future success applies to all brands. This includes the aspects and policies that affect the planet and the people.
The reasons for shifting towards sustainability at the corporate level is not merely a change of consciousness and awareness on the part of the leaders. It is also because sustainable brands are now outperforming the rest. For instance, in more than 90% of consumer packaged goods categories, sustainability-marketed products grew faster than their conventional counterparts. They accounted for 16.6 percent of the market in 2018, up from 14.3 percent in 2013, and delivered nearly $114bn in sales.
The UN’s Sustainable Development Goals (SDGs) – laid out via the Paris Agreement to pave the way for a better world. It is said that they are set to unlock $12tr new business opportunities globally by 2030. Thus brands must embrace the long-term effects, be more environmentally conscious. This also includes how they treat the world, especially their workers or staff. By 2025, 75% of the global workforce will consist of millennials. And research shows that about 75% of the millennials are more loyal to brands that care about their effect on society. Moreover, 75% of millennials are also willing to pay extra for sustainable products.
Creating sustainability with your brand primarily involves, acting responsible and being transparent. Along with the digital transformation comes the need to be honest and open about your production, pricing and policy. Below are the 8 ways to embrace sustainability for future success of your brand.
Technology will spearhead the future of sustainability. All kinds and sizes of companies will incorporate technology. Small and big data, robotics, AI and drones offer sustainable solutions.
Plastic is definitely losing its charm. It is seen as detrimental to the planet and hence the brand. There is an increase in the demand for recycled packaging, sustainable supply chains, and a no-waste policy.
Review all aspects of the business for any negative impact on the planet. Set goals to remove and alter the business plan towards sustainable solutions. Let every department absorb sustainability into their policies and operations.
Ensure you source your raw material from a reliable and sustainable source. Have a clear and strict policy for less or zero wastage during the production process.
This crucial for the brand image of the business. There are many ways you can lower your CO2 emissions. For instance, transport via ships not planes, run vehicles on renewable fuels, travel less and conduct more virtual meetings. You can be more creative, if you have the resources for research. In Mexico City, one hospital has designed its building to transform air pollutants into harmless chemicals such as water. Thus neutralizing the pollution of 8,750 cars a day.
The next generation talent is purpose driven and do no accept non-sustainable practices. Hence, it is vital to keep them in your team. Therefore, they will in turn drive the sustainability growth initiatives from within the organisation.
Review the entire lifecycle of your product. Starting from design, production, packaging to shipping, ensuring least impact to the planet and people. Also think about how it can be recycled after use with minimum wastage.
Save energy in every aspect of your business. For instance, turn off the power after working hours, use renewable energy source or solar panels. In addition, you could research for better and more energy efficient office and factory tech. By reducing the energy consumption you save not just the planet but the company too by being cost efficient.
Sustainability is not a challenge but an opportunity to do business more efficiently with growth and innovation. Those businesses that understand and embrace sustainability for future success will be the ones that survive in the long run.
Source: Global Franchise Magazine
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