Why Sustainable E-commerce Is Important?
Nowadays everyone is focused on being eco-friendly so consumers now expect brands to demonstrate initiatives when it comes to environmental and social causes. This high expectation of consumers can lead to high loyalty points for companies that are deeply committed to earth-friendly practices. If brands show interest in the environmental issues that consumer cares can establish brand trust. 58% of consumers choose brands based on their beliefs and values, Edelman found. And, 68% of consumers are willing to pay more for sustainable products, according to a Wharton School of Business survey.
The percentage has increased by 17% since the pandemic. Adapting sustainable practices just not satisfy your consumer expectations it can also boost your bottom line by introducing new operational efficiencies and reducing waste—the idea being, to focus on sustainable business practices now to benefit even more in the future.
Three Pillars Of Sustainability In E-commerce
Sustainability often denotes the path of less convenience. Converting global practices into sustainable ones is one of the greatest challenges of the 21st century. Ultimately, its goal is to create a balance between the environment, society, and economics. Balancing these three competing concepts makes up the three pillars of sustainability.
Environmental: The environmental pillar is the most discussed as companies focus on how to reduce their carbon footprints, waste from packaging, and overall environmental impact. Tracking and focusing on reducing the impact on the environment can have both a positive impact on the planet and a positive financial impact as more and more consumers come to value the efforts being made.
Economic: For business growth, they do have to focus on their viability and profitability as a company. That said, to be sustainable, profit cannot come at the expense of the other two pillars. Concerns under this pillar are whether or not the business stakeholders’ interests align with those of the company’s community, customers, and values.
Social: For attaining sustainability, the other two pillars the environmental and economic are very important; however, the social pillar remains a crucial aspect of sustainability overall. This includes working in a way that benefits employees and the surrounding community according to social standards. It also means paying attention to your entire supply chain and making sure the people involved in creating your products are treated and compensated fairly.