Opting for green energy, or biodegradable office supplies or reusable supplies can be brought into practice if going digital is not profitable for the company
A growing number of activists and environmentally conscious people are talking about sustainability across all sectors. The deteriorating state of the environment has been a constant concern for quite a long time now. Climate change is real and steps must be taken to put a stop to unhealthy business practices. Opting to be sustainable is not just a trend one must blindly follow, but it is the need of an hour.
We have seen businesses talk about sustainability but very few have implemented the changes in their organisations. From CEO’s to world leaders, everyone has jumped on the bandwagon of sustainability but very few really know what to do and bring about the much-needed change. Although there has been a significant increase in the number of brands that are adopting the sustainable policy in their business model.
Brands have started taking the idea of sustainability to the core and designing the products around it. The vision is to recycle as many materials as they can and make the products less toxic for the environment. All these growing concerns for nature enables the brands to step up the technology and introduce us to vegan options which are environment friendly.
We as Indians have been gradually adapting to this change of opting for sustainable products. The hitch is that although we have accepted the idea, we aren’t ready to pay the premium price it comes at. The manufacturing costs of such products are high which directly results in a higher retail price. It becomes difficult for such brands to sustain in the long term as the manufacturing costs don't align with the retail price. Other competing brands are able to sustain as they are into mass production which eventually allows them to keep a lower retail price.
Knowing where your raw materials are sourced from, how you are recycling and reusing the waste, and how your customers can help in the same, all should be a part of a brand's business model. A dedicated risk management team that assesses the probable hurdles and comes up with solutions for the same should be a part of the strategy as well.
Each brand enters a stagnation period after 3-5 years of being in the market. How are their products different and better from their competitors, and what more can they offer to their clientele, becomes the primary concern. A strong research and development team has to be appointed which keeps testing sustainable material options on a daily basis whilst keeping the business model in mind. The next step is to market these products to the right audience. Knowing your audience is half the work done from a sales point of view. Understanding the needs of your customers and catering to that exact demand is a goal for every brand but very few can achieve it.
Marketing can be an expensive affair. Tweaking the marketing strategy when you have sustainable products is the only way to survive in this highly competitive market. Opting for online marketing rather than on ground options is one way a company can save a lot and send out the necessary message too. Opting for an e-commerce business rather than retail is a great step towards sustainability as the brands can save on multiple expenditures which are harmful to nature.
Incorporating sustainability in everyday options at the workplace can be a great initiative. Opting for green energy, or biodegradable office supplies or reusable supplies can be brought into practice if going digital is not profitable for the company. A plethora of options can be opted for as long as it suits the business model because what is a brand or a company if not a flourishing venture. Monetary gain is vital but not at the cost of the environment. So it all boils down to making a conscious decision.
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