Despite the challenging economic climate and rising costs of living, sustainability remains a critical focus for both consumers and retailers. A recent report from marketing channel Wunderkind highlights that retailers are facing sustained demand to address external issues such as social justice, diversity, and sustainability in their brand messaging and company policies.
The findings of the report reveal that 37% of retailers surveyed believe that diversity, equity, and inclusion have the most significant impact on their consumer marketing efforts. Additionally, 33% of retailers identified social causes as a key factor guiding their marketing approach. Environmental issues were also considered important, with 32% of retailers incorporating them into their brand communication strategies and marketing campaigns. In fact, the report found that 50% of executives acknowledged environmental factors as one of their top pressures.
The demand for sustainable shopping is growing among consumers, despite concerns about the rising cost of living. A poll conducted by Zurich’s Youth Against Carbon initiative found that 59% of consumers are forced to make less sustainable choices due to soaring prices. Nevertheless, 74% of those surveyed expressed the desire for the government to take steps to make sustainable behavior and products more cost-effective. This shows that consumers want to prioritize both affordability and sustainability.
Another study conducted by Centra, involving more than 2,000 UK shoppers, revealed that key brand values and green credentials are becoming significant factors in purchasing decisions. Almost a third of shoppers (29%) stated that sustainability was a crucial consideration. Furthermore, 25% emphasized the importance of authenticity and whether a brand truly lives up to its stated values.
In addition to implementing sustainable practices and green policies, businesses face the challenge of effectively showcasing their efforts to customers. Wunderkind suggests that owned channels, such as email and text messaging, should play a central role in marketing strategies to directly communicate sustainability initiatives to customers. Wulfric Light-Wilkinson, General Manager International at Wunderkind, stresses the importance for brands to be socially and ethically conscious, minimize environmental impact, and truly live their values. By effectively communicating through owned channels, retailers can establish meaningful personalized relationships with customers, influence their buying decisions, and ultimately build lasting brand loyalty and trust.
Useful links:
– What COVID-19 Could Mean for the Boundaries Between Sustainability and Profitability
– Unpacking Sustainability’s Market Share
