Sustainability strategies have arguably gone from a nice to have to a necessity in business in recent years, as customers increasingly buy products not only for their quality but also their environmental and social impact. And while there are some very token efforts that can be made to appear green, making actual, lasting change to a business is much more difficult than simply changing to a renewable energy provider and planting some trees. At this year’s Retail Fest, a number of sustainabilit
ability experts gathered to speak about how businesses can make meaningful change in their industry, and how conscious consumers will shape shopping patterns moving forward.
Here are our key takeaways.
Your customers are buying hope
The leading case for sustainable action in businesses is that an increasing number of customers are willing to back brands that are walking the walk, and not only talking the talk.
This is because, according to Single Use Ain’t Sexy’s founder Josh Howard, people are increasingly feeling overwhelmed and discouraged by the worsening impacts of climate change presented in mainstream media.
“We’ve all heard of eco-anxiety: it’s the feeling that the environmental situation we’re in is so dire that nothing you do will be impactful enough to reverse it,” Howard said.
“You have to actively put that aside and feel that you still can make an impact. The way I see it, we’re basically selling the chance of a better future. It’s not only good for business, but it’s good for people’s mental health. It can help them to feel more optimistic and idealistic.”
There is a business case
Implementing sustainable practices will not only make your customers happy, it can also reduce operating costs if executed in the right way.
In years’ past, the business case for sustainability may well have been because it’s the right thing to do, but there are substantial cost savings and opportunities in rethinking how a business operates today.
“There’s a perception that sustainability costs money, but the data is there to show that that’s not necessarily the case,” said Blooms the Chemist’s chief operating officer Pamela Bishop.
“We’ve put forward a business case now, and I think in a larger business you need one to justify this kind of work so you can actually showcase the value and need.”
Blooms The Chemist is kicking off a number of new sustainability initiatives in July, and hopes to make a difference in what Bishop called an “incredibly wasteful industry”.
“When you think about medication, and the little blister packs they tend to come in, they’re extremely difficult to recycle, so there’s a big challenge,” Bishop said. “But we have a lot of exciting plans around what we can do there.”
B Corp can be the goal, but the process itself is worth it
Being recognised as a business that has been B Corp-certified is a badge of honour for many in the sustainable community, but getting the certification takes hundreds of hours of internal work, and requires a business leader to observe and understand almost all parts of their business.
It is for this reason, Biome’s Tracey Bailey argued, that B Corp certification is so powerful.
“It’s the most highly regarded certification for the social and environmental performance of a business,” Bailey said.
“And it’s been hugely beneficial for our business. There’s been so much about our business that has improved by going through the process [of certification].”
According to Bailey, since achieving B Corp status, Biome is a more resilient business, and is better prepared for changes in customer expectations. But more than that, they now fully understand the impact they are having on the planet, which ensures they are doing the right thing.
While the full certification process can take months of work, Bailey noted that there is a free assessment tool on the B Corp website that businesses interested in becoming certified, or that simply want to understand their impact, can complete in around 90 minutes.
“I’d recommend just jumping in and running through that first sweep of questions, because it flags the different areas in your business that you should be thinking about and looking at,” Bailey said.