How Sustainability Helps My Business
Sustainability remains a strong differentiator for the independent pet retail segment. It is not just good for the environment, it is also good business. According to a new study by McKinsey and Nielsen IQ, (1) your customers recognize and reward sustainable strategies. The study shows that products that claim to be environmentally and socially responsible average 28% cumulative growth over the past 5 years compared to 20% for products not making such claims. In a 2022 study by Greenpoint, 66% of US consumers and 80% of young adults (18 – 34) are willing to pay more for sustainable products vs. less sustainable competitors.
Sustainable practices not only can drive incremental top line sales, it can also improve bottom line profits by improving operating efficiencies. Employee recruitment and retention also improves with a sustainable strategy. According to a survey conducted by the Harvard Business Review, a side from health insurance, job seekers place the highest value on social benefits.
If you want to know more about how sustainable practices can help your business grow, join us on our next IndieChat, “How Sustainability Helps My Business” March 8th at Noon Pacific moderated by Ashley Lane of the Pet Sustainability Coalition where we will discuss ways to drive traffic, profits, and employment through sustainability practices.
(1) https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/consumers-care-about-sustainability-and-back-it-up-with-their-wallets
