Road to long-term sustainability has just begun
Sustainability, like Corporate Social Responsibility, has evolved into a business model that no sector, including retail can afford to disregard. Retail sector is turning more sustainable as a result of changing customer habits, says Sanjay Vakharia.
In an effort to continuously meet consumer needs, every company in the retail sector, as well as organizations in general, are moulding and revamping their corporate philosophies and practices to be more sustainable. Because consumers care about more than just how well companies perform; they want them to give their all, not just in terms of profits, but also in terms of social and environmental impact. However, it has been observed in recent past that there has been a major shift in the consumer attitudes: they no longer seek items at discounted rates regardless of quality. Environmental, human rights, and circular economy considerations are now part of their buying decisions. Informed decisions are key to influencing customer purchases and spend.
The reason that sustainability has garnered such spotlight is due to scarcity of resources, the increasing amount of plastic in the sea, and the ill effects of climate change. The society in general, specifically the younger generations in particular are voluntarily environment conscious as they strive to make a better world for their future or, at least, not get worse.