In today’s trading environment, sustainable practices are becoming a huge selling point. Public awareness of the need for society to change to more sustainable practices has gained huge momentum, and retailers should ignore this at their peril.
It wasn’t that long ago that offering green products was seen as something of a niche market and an added expense. But the tables have turned completely. It is no longer a niche market, and rather than being seen as additional costs, switching to a more sustainable business model can boost your bottom line.
Here we explore how being green can boost your profits.
The Case for Sustainability in Business
The growth in consumer demand for sustainable products and packaging is surging. Consumers are now more educated about environmental issues and are increasingly basing buying decisions on the environmental impact of their purchases.
This is one of the most important factors when it comes to why sustainable business practices are likely to boost your bottom line.
Let’s look at a practical example of how this works. For this, we will consider one product, we will discuss its environmental impact and the benefits of switching to a sustainable option – The product in question? The humble disposable coffee cup.
The Disposable Coffee Cup Problem
Traditional disposable coffee cups may not seem like an environmental catastrophe, and perhaps calling them this is a little harsh. But only a little! The problem is that the blend of card and plastic that is used to manufacture these is a nightmare to recycle.
These need specialist recycling facilities that are few and far between. The result is that a staggering 99.75% of these are never recycled, according to an article on the BBC website.
For the retailer, this poses two problems. The first is that public awareness is turning people away from this type of product. The second is that governments are already planning – and in some cases already implemented – legislation to combat this, including introducing levies on disposable coffee cups.
Now imagine a consumer desperate for their morning shot of caffeine. They have the choice of two coffee shops, both of which serve excellent coffee. However, one uses traditional disposable cups and potentially has to pay a “latte levy” on each disposable cup, which they pass on to the customer.
The other coffee shop, on the other hand, has made the switch to plastic-free disposable coffee cups, aligning with sustainability values and avoiding any additional levies. Which shop do you think the consumer would choose?
Of course, the coffee cup is just an example, but this scenario can be scaled to fit any situation where the consumer is faced with a choice between a sustainable option and a less eco-friendly alternative.
Whether it’s packaging materials, energy sources, or ethical sourcing practices, consumers are increasingly prioritising sustainability in their decision-making. Businesses of all types have the opportunity to tap into this shift by embracing sustainable practices and offering eco-friendly alternatives.
Maximising the Benefits of Switching to Sustainable Products
Let’s have a look at the coffee cup example again. Now, the consumer may not be aware of the environmental credentials of the businesses in question and will probably not quibble over a few cents. So, to reap the full benefits of switching to sustainable products, retailers need to effectively communicate their sustainability efforts and differentiate themselves from competitors.
Here are a few methods that can help to get your message across.
- Branding: Make sure that all your branding merchandise clearly states your environmental credentials.
- Transparent Labelling: Clearly label products with eco-friendly certifications or sustainability logos to provide instant recognition to environmentally conscious consumers.
- Social Media: Social media is an incredibly powerful tool, and consumers just love sharing posts about environmental success stories.
- Email Marketing: Another powerful tool is email marketing. Use it as a method of updating customers on your latest sustainability efforts or eco-friendly products.
- Community Engagement: Participate in local sustainability events, sponsor eco-friendly initiatives, and actively engage with the community to showcase your commitment to sustainability.
In a nutshell, it is all about getting your “green” message spread as wide as possible. By effectively communicating your eco-friendly business practices, you can differentiate your business from the competition and use a sustainable approach to business to boost your profits.
Sustainability: A Responsible Approach to Business Growth
Sustainability is no longer just a buzzword. It has become a powerful tool for conscientious businesses to grow and minimise their environmental impact at the same time.
By understanding the case for sustainability, such as the increasing consumer demand for eco-friendly products, and by taking practical steps towards sustainability, retailers can unlock new opportunities for profitability.
Here at Think Greener, we can help you to achieve this. We supply a range of eco-friendly products that can help your business grow by highlighting your environmental credentials. Our range includes compostable coffee cups, ice cream cups, and more.
By switching to a sustainable business model, you not only contribute to a healthier planet but also create a branding opportunity that will boost sales. Call us today to find out more about how Think Greener’s products can help the planet and your business.
