Tuesday, September 27, 2016

Retail Ethics Matter to Consumers

Historically, the shopping cart was filled based on a simple process of determining the quality and the appropriate price. Today, it's a more complicated process as consumers become increasingly aware and concerned about how ethically products are made.

In a recent survey of 1,000 UK shoppers, Morgan Stanley Research found that, "While ethical concerns don’t dominate shopping habits—prices and quality still rank highest—they have gained prominence since 2010, particularly with the critical younger consumer demographic."

Of all items in the survey, the nine percentage point increase regarding the importance of ethics was the largest. It points to the reality that the next generation of consumers believes that there is value in protecting both the workers and the environment involved in manufacturing and production.

Several major retailers have already recognized the benefit in providing transparency to their customers. Gap recently released a list of all of the factories that provide it and it's six companies (Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix) with product. Given the nature of the modern consumer's relationship with retailers, it's fair to say that having an ethically sound business model will reap rewards that far outweigh the costs.

As Paul Daulerio of the CT Post notes, "Businesses focusing on encouraging ethical practices are commonly viewed with respect by employees, stakeholders and the community. The ethical philosophy of a business can thus affect it in many ways including its reputation, productivity and profitability."

Championing your business's commitment to sustainability is a move that will cause consumers to connect your brand with a sense of respectability. This can be done with something as simple as eco-friendly packaging that demonstrates to them your priorities. Contact us today to discuss packaging options for your business that will send the right message to your customers.

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