Sustainability is shifting from a niche focus to a critical element in retail business strategy, driven by consumer awareness of environmental impacts. A McKinsey report notes that 60% of consumers are willing to pay more for sustainable goods, indicating a significant trend towards ethical consumption. To adapt, retailers must innovate their operations from sourcing to waste management, ensuring transparency in their sustainability efforts. The article highlights EcoVadis assessments as an important tool for businesses to evaluate their environmental, social, and governance performance, thus enabling them to meet the expectations of both consumers and investors.
As sustainability becomes a major consideration for both consumers and investors, companies are seeking reliable ways to assess and report their environmental, social, and governance (ESG) performance.
According to NielsenIQ, nearly 73% of global consumers are willing to change their consumption habits to reduce their environmental impact, pushing retailers to rethink their business models.
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