The millennial customers, besides being dominant in purchasing goods, also care about the company's social values -- its social responsibility, sustainability, and ethics.
Previously, consumers would be satisfied with only the end-products.
But not anymore. Today, they want to make sure that the products are ethically sourced from the leading sustainability company in the UK.
They even go as far as looking at the conditions of workers in the factories.
Consumers today are gauging retailers on many parameters, like;
- sympathetic labor practices
- community involvement
- ethical dealings with vendors
- humane treatment of animals among others
Henceforth, if a business wants to win the hearts of customers, then they have to get rid of the 'corporate hypocrisy', that corresponds to discrepancies in words and deeds.
Customers are always on the lookout for such "inside information", as getting any kind of information these days is just a 'Google Search' away.
The proliferation of social media is a powerful tool that easily identifies the company from their words and deeds.
This kind of customer inquisitiveness is the latest thing, a study on consumer habits suggests that consumers are demanding that the leading companies should value the interests of the society at least and have some sense of responsibility towards societal interest and wellbeing.
The global marketplace demands the business world to lend importance to value over the fiscal imperatives, where they should try to emulate Starbucks that spends more than it needs to spend on coffee beans to buy only the most ethically sourced beans, and H&M, the brand has recently claimed to have 100 percent ethically-sourced down products in their collection this year.
Today, the core strategy of the companies is to win the hearts of their customers is to build sustainable and ethical supply chains through sourcing strategy. Sustainable supply chains are an emerging trend and many countries across the world are actively taking part in it to improve the triple bottom line.
Companies can not only establish stronger brand value and consumer acceptance by being carbon responsible for supply chains. They can also reduce costs and improve revenue through a sustainable supply chain. And an efficient supply chain cannot be divorced from corporate social responsibility (CSR) that concerns the environment, health, and safety.
An increasing number of companies are adding value to their offerings by using a responsible sourcing strategy to build sustainable supply chain reporting.
Sustainable Supply Chain, is a continual improvement process that improves the environmental and social impacts.
Supply Chains have established themselves as the predominant means of achieving action towards sustainability and this is achieved through proper responsible sourcing strategy and management of raw materials, products and services at all stages within the chain.
Tiger global, is a leading sustainability company in the UK, and can help you to build sustainable supply chains and can transform your business across the world. Their intense focus is on how to progress towards sustainability through responsible sourcing strategies with the proper measures and reports.