The rise of conscious consumption is slowly unfolding. As the world is increasingly waking up to the fact that climate disaster poses a much more significant threat than anything the planet has ever experienced in recent decades, it might dwarf the challenges faced by the COVID pandemic.
Eco-credentials, sustainability, and responsible practices are now key considerations for consumers.
Today, two out of three consumers are “belief-driven buyers.” More than two-thirds of consumers also say they expect brands to stand up for social, cultural, and environmental issues.
It’s not that pricing and value for money are no longer important – although three out of four millennials are willing to pay more for sustainable products – it’s just that environmental and societal impact is an added consideration for most consumers today.
Investors and consumers prefer businesses with the right environmental and social credentials. Consumer buying trends are increasingly driven by conscious consumers who prioritize factors such as ecological impact and sustainability when choosing who to buy from or do business with.
Studies only prove that this year, companies need to ensure that their environmental, social, and governance (ESG) processes are moved to the center of their strategy.
This should start with measuring the company’s impact on society and the environment and then move on to increase transparency and accountability.
Every business needs a conscious plan with clear goals and deadlines for reducing negative environmental impacts, which has to be supported by a sustainable execution.
The assessment and plans should also go beyond the company walls and cover the entire supply chain and the ESG credentials of suppliers.
Indeed, it may be easy to forget the environmental impact of cloud service providers and the impact of data centers on the environment, but social responsibility should remain intact.