Sustainable shopping is healthy, even amid a pandemic
As sustainability professionals, we’ve been talking for years about how consumers are increasingly influenced by values and sustainability. We search the data for proof points that people would prefer to buy from a more sustainable company. Indeed, even when we find the proof points, we also find a large action gap between what people say and what they do.
We think the action gap is about to get smaller, due to a set of trends and the context of the pandemic.
The pandemic has shaken the mental health and emotional well-being of people everywhere. It also has caused many people to consider more carefully what they value most …
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Do consumers reward companies for their climate leadership?
Most sustainability practitioners believe customers will reward a company for doing the right thing. We know it’s a complex story and that price, accessibility of product and perceived efficacy all affect shoppers’ choices. In general, however, we trust that customers will pick sustainable solutions if they are easy to find and price differences are negligible.
And there is evidence that consumers do prefer to buy sustainable products. NYU Stern’s landmark study found that 50 percent of CPG growth from 2013 to 2018 came from sustainability-marketed products. The study is based on what consumers actually bought — not what they said they would do.
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When shoppers return, will they choose green?
By Diane Osgood
Consumers are spooked.
Record unemployment, continued levels of lockdown in many places and general uncertainty have most of us startled and longing for certainty. No wonder that we’ve seen plunges in consumer spending and confidence around the world.
Once consumption resumes, will people make choices to support a more sustainable economy?
In conversations among fellow sustainability leaders, I often hear optimism that shoppers will make decisions based on how companies behaved during the coronavirus pandemic. There is hope that shoppers will remember which companies treated their employees well and stepped up to provide technical or financial support during the pandemic …
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It’s urgent to reshape our economy towards justice and sustainability
By Diane Osgood
Right now, talking about shopping can seem trite.
Yet, to address systemic racism, we need a more just economy. An economy slanted towards white ownership plus discriminatory labor practices perpetuate systemic racism.
As discussed in earlier columns (here and here), consumer demand drives 70 percent of the economy. Consumers and citizens have significant influence over the shape of the economy because we — in aggregate — ultimately control almost 70 percent of it …
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Why sustainability professionals should drive green consumerism
By Diane Osgood
Most people’s wallets are slammed shut right now, and an unthinkable number of people face unemployment and loss of business. The coronavirus pandemic offers a painful and unique opportunity to re-envision the economy we want and how we get there.
Business is driven by consumer demand. When there is a great demand, business expands. When there is little demand, business contracts. Government policy aside, this is what shapes the economy.
The good news is that the majority of U.S. consumers want to buy purpose-driven brands that support sustainability. However, despite our intentions …
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Insights from green banking: What keeps customers from switching banks?
By Diane Osgood
ESG may be all the rage, but what about retail banking?
The deposits you make at your retail bank for personal and business accounts sustain the bank’s ability to make loans and investments. Loans and investment fuel growth. Put simply, a bank’s capital can flow towards fossil fuels or renewable energy, towards local business loans or financing environmentally damaging projects …
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After the pandemic, achieving better sustainability requires new materiality tools
By Diane Osgood
A materiality analysis for sustainability provides insights on business risks, opportunities and future trends that influence a company’s ability to create value. It tells you what’s important to internal and external stakeholders.
Next-generation materiality tools make it possible to access stakeholder views in a more comprehensive and affordable manner than before. These flexible tools can be deployed rapidly, enabling you to quickly assess the changing landscape to provide:
- A finger on the pulse of how society’s, employees’ and stakeholders’ views are shifting during the pandemic.
- A more in-depth analysis for impactful sustainability strategies.
Purpose drives companies to leadership
By Diane Osgood
Purpose-driven companies have a North Star that guides them.
That North Star shines bright even in these fluid, turbulent times.
In tough times, “analysis paralysis” too often hijacks decision-making. We want more information. We want more data. We want more direction from political leaders. We want more clarity about what our customers need.
Companies that are purpose-driven find ways beyond the paralysis. More …
What it takes to create shareholder value and employee engagement
This is the first in a series of blogs that explores the value of meaningful purpose, strategic sustainability and material Environment, Social and Governance (ESG) management.
By Diane Osgood
Over the past 25 years I have witnessed companies embrace purpose, sustainability and ESG to create value for shareholders and employees.
However, it takes more than a cursory effort for a company to outperform. Purpose must be meaningful to gain employee buy-in. Sustainability must be strategic and ESG material. More …