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How do you run your online business, manage to stay sustainable, and keep up with the latest trends?
What is business sustainability? It means to sustain your company or organization long-term without harming the environment. It is one of the eCommerce trends shaping the future of online retail.
How do you run your online business, manage to stay sustainable, and keep up with the latest trends? In this blog, we’ll discuss some sustainability trends and how to keep up with them.
There’s no doubt that the COVID-19 pandemic accelerated the eCommerce industry. Statista predicts global eCommerce sales to grow from $5.2 trillion in 2021 to $8.1 trillion in 2026. That’s a potential increase of over 55% in the next few years!
As eCommerce thrives, online retail brands should keep up with recent trends, such as automation, personalization, artificial intelligence (AI), extended reality (XR), mobile commerce, and cryptocurrency. However, one thing they must not ignore is sustainability in business.
Harvard defines sustainability as “doing business without negatively impacting the environment, community, or society as a whole.” If you’re an online retailer, this means examining how your eCommerce business impacts the environment and society.
Here’s good news: Three-quarters of organizations claim they have increased their sustainability investments over the past few years. Some may be hard to implement, but Deloitte’s report shows that top measures that have been taken so far:
The ESG (environmental, social, and governance) framework is a holistic approach, which acts as a guide for companies on how to manage risks and seize opportunities.
Here’s why your online business should promote eCommerce sustainability:
Let’s explore some trends of eCommerce sustainability next!
Sustainability is no longer just a business initiative some companies should consider implementing. It should be a way of life incorporated into every business operation. Doing so ensures business continuity and long-term success.
That said, here are four sustainable eCommerce trends you should keep:
It’s no secret how companies across all industries have been destroying the planet. That’s why the idea of sustainability has emerged to address this problem. The primary focus is on protecting the environment.
Jim Pendergast, Senior Vice President at altLINE Sobanco, highlights the value of business sustainability for environmental protection.
Pendergast says, “Sustainability is about conducting business operations that do not harm the environment. But more importantly, it’s about companies and organizations contributing to saving the planet.”
He suggests sustainable measures for environmental protection:
70% of Americans say companies have a social responsibility to make this world a better place, and 77% of consumers choose to buy from companies with this commitment.
Morgan Taylor, Co-Founder of Jolly SEO, underscores the importance of CSR.
Taylor argues, “Businesses do not only create value for the consumers; they exist to benefit their immediate communities. And what better way to be a socially responsible company than to set ethical, financial, environmental, and philanthropic practices?”
Taylor mentions the four key areas of CSR in business.
Digital tools and technological resources can give brands a leg up in the business landscape, but also in terms of their sustainability practices.
Jim Rainey, VP of Growth at CoPilot Search, recommends using technology for business sustainability.
Rainey argues, “Sure, technological advancements have contributed much to hurting the planet due to modernization and industrialization. However, companies should consider leveraging technology for the better.“
Rainey suggests how to use modern technologies to promote sustainability.
Did you know that 90% of customers trust socially responsible businesses? Consumers are more likely to purchase from brands with CSR initiatives and support sustainable products or services. This reflects the evolving consumer behavior towards sustainable companies.
Gerald Lombardo, Head of Growth at Popl, suggests focusing on sustainability for positive brand reputation, consumer trust, and customer loyalty.
Lombardo explains, “Businesses and consumers are aware of companies’ impact on the planet. They are both working hand in hand to protect the environment. While socially responsible companies have started offering sustainable products and services, customers have begun patronizing them.”
Here’s how to align your sustainable practices with the consumer behavior:
Companies and organizations across all industries can no longer ignore the call for sustainability. The eCommerce industry should heed the call! A quick review of the trends we’ve covered so far:
If you pracitce sustainability, you’ll build a positive reputation amongst consumers, which you can leverage their loyalty to grow a successful and thriving online business!
