Sustainability is more than just a buzzword. It’s a practical component of your overall business strategy. If you haven’t integrated sustainability into your business model, now is the time to start. Whether you’re operating a physical store, a digital-only enterprise, or a service entity, sustainability can be designed into your operations.
Sustainability is first and foremost a practice that’s focused on the environment. But your business stands to reap its fair share of rewards with sustainability on your side. You can improve public perception and even your bottom line by adopting sustainability practices. Check out these four core reasons to integrate sustainability into your business today.
1. Appeal to Your Customer’s Emotional Buying Patterns
No matter your business, potential customers can always choose you or the other guys. Sometimes, your product is an emotional purchase, like a dress for an upcoming event. Other times, you are providing a service that meets a need, like plumbing repair. Even if your business itself doesn’t spark an emotional buy, emotion is still a guiding factor.
When looking to meet their needs, customers are faced with deciding between you and the competition. If your organization highlights sustainability practices in your model, it’s likely that this aspect can make your business more appealing.
For example, imagine you own a boutique. If you’re not already stocking sustainable brands, women’s wholesale apparel platform Faire allows you to select sustainable clothing items that match up with your inventory needs. With filters that can be used to identify sustainable offerings, the marketplace makes the process easy and approachable.
Once you’ve sourced sustainable garments for your boutique, highlight their placement on your sales floor and website. Consumers may feel inclined to purchase from this section specifically because you offer sustainable fashions. Further, customers may feel more inclined to purchase from you instead of another similar boutique.
Most customers go shopping set on buying something, be it for a need or a want. When you associate your brand with sustainability, you make it more likely that they will be buying from you.
2. Improve Your Profit Margins
As a consumer yourself, you may already be aware of something: Sustainable goods typically come at a higher price. This higher price point often indicates a better-paid workforce, superior product quality, and conscious material sourcing and waste disposal methods. All of this adds up to a higher MSRP. But with the values-oriented appeal of sustainability, your customers are more apt to accept the higher price.
Furthermore, this relative price insensitivity isn’t necessarily limited to the sustainable goods themselves. The green sheen they cast may allow you to adjust your standard items’ prices to be in alignment with your sustainable products. Consider pricing non-sustainable items just 20% lower than your sustainable line. This pricing approach can encourage consumers to pay a small amount more for your sustainable items.
By anchoring the price of standard items near the price of sustainable ones, you can improve your profitability overall. Chances are, customers will leave your shop feeling good about their standard and sustainable purchases, and you’ll have higher profit margins.
3. Stay on Trend
Even if your shop is one of the most distinctive in the business, there will always be competitors and copycats. Keep your brand fresh and adaptive as tastes and sentiment in your industry change.
Integrating sustainable goods into your product lineup allows you to offer the newest items to your customers. At the same time, you’ll be showing them that you care about the planet. Position the offerings right, and you’ll be known for selling cutting-edge styles that don’t require a sustainability sacrifice.
In your store, highlight your sustainable products with a special tag or rack on the floor. Your customers may be seeking out this line specifically, and this will streamline their shopping experience. If you’ve got a walk-in customer, your sustainable sections can call their attention to your unique product variability. They’ll know instantly that you care about sustainability while providing styles that your customers love.
Other retailers may be slow to pick up on these trends, especially in fashion. Consider promoting your sustainability practices to your customers. If you determine that the sustainability angle is differentiating for you, share it with the public.
To do so, develop robust marketing materials, in-store signage, and social and web content. Include information about sustainability in your product descriptions, which can help you rank higher in organic search results. You can be the example that shows sustainability and style are not mutually exclusive.
4. Support Sustainable Production Practices
In the past decade or so, sustainable production practices and transparency of workforce conditions have been pushed to the forefront. Sustainable products often come with a commitment to pay good wages, provide safe working conditions, and adopt mindful disposal practices.
Especially in the textile industry, news reports of companies with more sustainable practices have influenced consumer buying decisions. Additionally, sustainability-minded individuals feel more inclined to buy second-hand goods through traditional thrift stores or online marketplaces like thredUP. Provide an alternative to secondhand by featuring sustainably-produced items that can help consumers feel good about buying new.
Highlighting sustainable selections in your store can boost consumer confidence. Lean into sustainably sourced products by making them a hallmark of your shop. With consistent stocking, branding, and prioritization on your floor or website, consumers will associate your brand with sustainability.
Implementing Your Sustainability Plan
Before you hit buy on your next product order, determine how you will integrate sustainable products into your business. Devise a plan that includes both featured products and marketing to get the most out of your sustainability-minded efforts.
Although sustainability is an important component of mindful living, keep your business priorities in mind as well. Ensure that your adoption of sustainability supports your business plan and profitability projections.
Today, there’s no reason why sustainability and profitability cannot coexist. Developing and implementing a sustainability plan can help you stay on track and on target no matter your industry. Source products from reputable marketplaces, position them to your customers, and stay consistent with your messaging. With sustainability as your mantra, you’ll provide high-quality products to your customers while making a positive impact on the world.