They must play a more proactive role in tackling climate change, achieving sustainability goals and embracing green principles.
While it is easy to sell everyday consumable products in a more sustainable way, brands in sectors like clothing, electronics and luxury goods find it challenging to adopt an eco-friendly avatar. With the focus on growing market share, the traditional business model has also made businesses rely on unsustainable products and processes to create repeat business.
For instance, even though tech companies have attempted to reuse their products, the amount of electronics goods binned every year continues to be considerably high. It is time for brands to adopt the principle of “one planet living”.
Businesses across categories must realise that they need to function within the limitations of the planet’s finite resources. This is crucial because consumers are increasingly becoming environmentally conscious and many of them have already passed peak retail in high streets.
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[4 minute read]