The wheels of industry have changed direction, and the world is changing as a result. Does this mean that businesses need to abandon certain brands and markets, or can they change their underlying values and purpose to reflect and serve a new generation of conscious consumers?
What is Conscious Consumerism?
Ever since the industrial revolution at the start of the 19th century, society has had an escalating impact on the planet. Mechanization, globalization, and new political and economic ideologies have created a world that is tightly controlled and sensitive to market decisions at every level.
Embedded within this system of corporate capitalism are the consumers, whose purchasing decisions create and sustain markets for sometimes unsustainable goods and services. Businesses know this and use marketing influences to create a demand where there was none.
Conscious consumerism can be defined as the conscious purchasing decisions of consumers to support environmental or social causes. While there is a debate over whether conscious consumerism can work at scale, there is evidence to suggest that consumers change industries.
Why is Sustainable Business Important?
It has long been the case that commerce follows demand and, in some cases, creates it. But it works the other way as well. The choices consumers make to support or oppose certain markets and products change how businesses manufacture and market products in the future.
One excellent example of this dynamic in action is the growth of vegan culture, which has gained momentum over the last decade. With the pressure of a climate crisis bearing down on us, a vegan diet is viewed – and rightly so – as a simple lifestyle change with far-reaching effects.
Now, businesses across the board need to take the demands of consumers seriously and modify their strategies and business models to reflect changing markets. Of course, there are two aspects of sustainable business; one is commercial, and the other is environmental.
Brand Adaptation
Whether the bottom line is at stake or not, brands need to modify their value system to reflect the values of their customers. It is no longer enough to lead with commercial intent; brands must adopt and communicate values such as sustainability, social justice, and climate change targets.
Adapting a brand for modern markets is important for maintaining relevance and future-proofing the business, but brands must also be genuine in their efforts. Greenwashing is an issue in the world of commerce, but it is also a substantial risk that can ruin a brand’s reputation overnight.
Purpose and Value
Conscious consumerism is redefining the way businesses create and sustain their brand identities. With the rise of conscious consumerism, brands are concerned that revenue will drop off due to changes in consumer behaviour. So they are changing core business strategies.
Brands seeking to cater to their conscious customers might source raw materials from sustainable places, use ethical supply chains, and add value to products by increasing their lifespan. All of these efforts are then interwoven into the brand to sustain consumer interest.
Sustainability Strategies
For a long time, sustainability was a dirty word in the commercial domain; it meant cutting back services and manufacturing, switching energy suppliers, and changing supply chain infrastructure at a great cost to the business. Now, sustainability is viewed as an opportunity.
Adopting sustainability strategies might be expensive in the short term, but it’s also an investment in the brand and the future. Make no mistake about it, sustainability is a key term for the 21st century, and businesses that don’t adapt to the changes are likely to be the first to fold.
Holistic Strategies
Changing some aspects of the business in line with sustainability is admirable, but is it enough to create a brand fit for the 21st century, and could more be achieved by revising your business through the lens of sustainability? It’s worth developing a holistic approach to a modern brand.
Sustainability includes carbon efficiency, water efficiency, product packaging, waste management, and supply chain strategies. It might be economical to start with one or two issues, but treating the process holistically means that changes don’t create negative outcomes.
Routine Updates
Startup businesses tend to work quickly to ensure they catch the market at the right moment and make an impression. This is also the case when launching new products and services after establishing the brand in the market. This same approach is needed in sustainability strategy.
When new technologies or strategies emerge that can support environmental efforts, brands that adopt them first are best placed to strengthen their reputation with customers and clients. The same is true of updates and upgrades. Stay relevant when it comes to any green updates.
Logistics Solutions
A key concern for businesses and brands attempting to be more sustainable is logistics. Of course, logistics is a huge carbon emitter, especially when it comes to long-haul flights and cargo vessels. It seems there is no easy solution to sustainable logistics, but they are needed.
One option is to use reverse logistics services to enhance supply chain performance. Using qualified logistics services gives you more choices when it comes to transporting goods from warehouses to shop floors. Overall, the best short-term solution is to curtail industry transport.
Company Culture
Sustainability can be a hard sell from the outside, but when consumers start changing their minds about what to buy and why, it’s time for companies to take notice, and it’s not only on the commercial side of the fence. Internally, businesses need to start building a sustainable culture.
When the business has an internal focus on sustainability, it can drive change and become an industry champion of the best modern-day sustainability practices in business. Commercial sustainability becomes simple and more streamlined when everyone pulls in the same way.
Conclusion
Conscious consumerism might be a bit of a buzzword, but there’s no question that the choices and behaviours of modern consumers in changing. We only need to look at how much modern consumers are willing to pay for ethical products to see that it is having a transformative effect.
