Due to growing customer demand for environmentally friendly products and services, companies all over the world are emphasising sustainability as a key growth strategy.
According to a recent survey by Simon-Kucher & Partners, there has been a noticeable shift in consumer behaviour as 34% of consumers are willing to pay extra for sustainable solutions.
With the growing global dialogue surrounding sustainability, more and more firms are realising how important it is to incorporate eco-friendly practices into every aspect of their business operations. There is more demand than ever for companies to respond and adapt as customers position themselves as proactive agents of climate action.
Kantar’s Director of Client Services, Akinola Afere, emphasised that companies need to change their focus to purpose-driven marketing. He urged businesses to integrate sustainability into their core operations, pointing out that throughout the past ten years, consumer expectations have changed due to the growing need for sustainable products.
NielsenIQ study from 2015 showed that 66% of customers were prepared to spend more on sustainable products, a number that is still rising and supports this trend, BrandSpur news brand reports.
An Accenture survey conducted in Europe revealed that 62% of consumers give priority to brands with strong ethical values, and two-thirds of consumers assess a company’s transparency before making a purchase.
Companies are making greater commitments to environmental, social, and governance (ESG) measures in this context. Unilever, for instance, has set high goals, such as investing $1.1 billion in sustainable projects over the next ten years and reaching net-zero emissions by 2039. The company also intends to include detailed information on greenhouse gas emissions across its supply chain on the labels of its products.
Sustainable packaging is now yet another important topic of attention. Procter & Gamble has said that, as part of a larger plan to reach 100% recyclable or reused packaging by 2030, its Old Spice and Secret deodorants will soon be offered in plastic-free packaging.
Comparably, Nestlé aims to have 95% of its packaging recyclable or reusable by 2025, and more than 80% of the materials used in its other products are currently designed to be recycled.
The MD/CEO of 11PLC, Adetunji Oyebanji, emphasised the requirement of comprehending community demands to successfully execute sustainable practices. He promotes creative solutions that adopt the ideas of the circular economy and promote moderation in consumption, which lessens waste and its negative effects on the environment.
According to him in an exclusive interview with MARKETING EDGE: “The new consumer paradigm centers around sustainability.”
Notable progress is also being made by Nestlé Nigeria in its environmental initiatives. The company has extended its commitment to sustainability by introducing new recyclable packaging for Golden Morn, its premium cereal.
Nestlé’s Corporate Communications Lead, Victoria Uwadoka, underlined, “We are committed to creating products that are not only beneficial for consumers but also for the planet,” showcasing the company’s all-encompassing approach to sustainability.
