‘Generous brands’ in the current retail climate have pioneered the information that consumers want to know about the businesses they’re buying from. Innocent Drinks, for example, have shown to be a ‘generous brand’ associated with good health, charitable causes, and tongue-in-cheek marketing campaigns that resonate with their consumers.
Christian Davies, Executive Creative Director at FITCH Design explains that it’s not just the ‘façade’ that consumers are interested in, but the actual supply chain decisions too.
Buying can be a force for good
“We believe shoppers will absolutely want to know what retailers care about. On a macro level, this trend will influence the products retail brands choose to provide. It will push us to continue to explore how the act of buying can be a force for good.”
The results for being transparent and open with consumers, will be staggering. To support this a survey by the Business Citizenship Report 2014 reported that:
- 78% of respondents would recommend a company seen as such
- 74% of respondents would be “proud” to be associated with it
- 71% say they would be loyal to such a business
While savvy consumers will seek information to ensure their ‘generous brand’ is who they perceive them to be, consumers may still not be aware of the deeper procurement complexities. A lack of natural resources and high demand for raw materials in new markets, for example, will not be understood as such, but that will not stop them wanting sustainability at a fair price.
Not forgetting modern slavery
The International Labour Organization estimates that 30 million people are enslaved today, and the profit generated by this labour is $150 billion annually. For UK firms, modern slavery is now a legislative measure, and not just an ethical ‘nice-to-do’.
Our Modern Slavery Report showed a shocking 71% of procurement professionals felt they were ill-prepared for new legislations and struggle to monitor their supply chain. Growing pressures to prove ethical standards to customers means you need to be ahead of the game to offer transparency in your business.
Triple the transparency
Retailers need to be more transparent, not only to meet legislation and ensure their supply chain in retail is compliant, but also to appease the demands of consumers in 2020 and beyond. Ethical product purchases are at an all-time high, and it falls to retail facility managers and property managers to ensure their brands are ready for the change.
For more insights into the consumer trends that will affect the industry in 2020 and beyond, download our free report, Retail 2020 report today.