You’re Missing Out on Customers If Your Brand Isn’t Eco-Wake—Here’s How to Snag Them
You’re constantly battling to attract new customers and keep current ones.
Given that it can cost five times as much to acquire new customers versus retaining existing ones, there’s a good chance you’ve leaned into retention over acquisition.
But what if simply doing good could help you earn more loyal customers and attract more new business?
New Harris Poll research commissioned by Google Cloud exposes how U.S shoppers approach consumer brands in eco-forward ways. From apparel, electronics, and beauty products, to food and beverage, brands are challenged to align their products with their values—and shoppers are ready and willing to vote with their wallets.
A majority of shoppers prefer eco-friendly brands and will avoid brands that don’t align with their values. Through this whitepaper, we will share with you how to attain more customers through a sustainable business.
“Your everyday shopper is paying increasingly closer attention to the values of consumer goods brands and how eco-friendly their products and practices are, reports Google Cloud, and they are acting accordingly.”
The massively unsetting and chaotic COVID-10 pandemic played a significant role in this transition, as people re-evaluated every detail of life, from their morning coffee routing to their career and mental health.
A recent Boston Consulting Group survey of more than 3,000 people across eight countries finds that “in the wake of the pandemic, people are more concerned-not less-about addressing environmental challenges and are more committed to changing their own behavior to advance sustainability…with 40% reporting that they intend to adopt more sustainable behavior in the future.”
Sustainability has become a core value for many shoppers, and most (52%) would prefer to support sustainable brands that align with their values-and avoid brands that don’t. Google Cloud research reveals that “82% of shoppers prefer a consumer brand’s values to align with their own., and they’ll vote with their wallet if they don’t feel a match. Three-quarters of shoppers reported parting ways with a brand over a conflict in values.”
A survey from McKinsey & Co. affirms these findings, reporting that 66% of all respondents and 75% of millennial respondents say that they consider sustainability when they make a purchase.
With an overwhelming majority of shoppers examining a company’s environmental footprint before spending their money and then buying accordingly, is your brand eco-aware to survive?
A sustainable business balances people, planet, and profit. While you can’t overhaul an entire organization overnight, you can make incremental, strategic changes that lay the foundation for meaningful sustainability.
As the eco-advocates at Grow Ensemble point out, the right balance of people, planet, and profit require attention in five key areas: ethical sourcing of materials, eco-conscious manufacturing practices, waste-limiting packaging, shipping options that offset the carbon footprint and landfill waste diversion at the end of a product’s life.
But there’s one step you must take before helping your business improve in any of these areas, and it’s to fill in the gaps.
When setting your business on a course for increased sustainability, what you don’t know can hurt you especially in the case of inventory management such as: excess inventory, product returns, and end of life product cycles.
With e-commerce revenues growing 15% annually and a product return rate near 30% of sales, you can expect 4 billion incremental unis to be added to the annual reverse logistics pipeline by 2022, reports Deloitte.
And returns are expected to grow right alongside revenues. If current industry forecasts hold steady, explains Deloitte, “by 2022 retailers can expect 13 billion units worth $573 billion to be returned annually. That’s four times the total e-commerce sales in 2008.” Is your business equipped to handle this escalation?
Enlisting an environmentally conscious logistics firm such as Segue Corporation can help identify opportunities for customizable sustainable inventory improvement. We outline your reverse logistics, identify gaps, and create the ideal inventory management solution for your requirements. Our automated and optimized process gets your products reconciled, repaired and resold faster – with more ease and more profitability than before.
For 34 years and counting, Segue Corp. has implemented ecologically conscious and scalable reverse logistic solutions. As a result, our partners maximize the value of their returns, reduce operational expenses and environmental impact, protect brand integrity, and enhance their customer experience.
Over the past 3 decades, Segue’s relentless focus on reducing environmental impact has resulted in:
- 95% of Segue client’s returned and excess inventory was kept out of landfills
- 5.85M units have been recertified
- 31.0M pounds of waste diverted from landfills
For over 34 years, Segue Corp. has provided global custom-tailored supply chain solutions. Our relentless focus on reducing environment impact, re-using and recycling has been the key driver to our recertification, distribution, 3PL, and channel management solutions.
Segue’s industry-recognized supply chain solutions and sustainability efforts, has garnered partnerships with top-tired consumer brands offering alternative and incremental Recertified products.
Today, our global portfolio of brand partnerships offer a wide variety of product categories such as consumer electronics, personal computers and accessories, gaming gear, and lifestyle products including luggage and apparel.
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