Did you know that it is possible for large or small businesses to reduce their ecological footprint thanks to sustainable retail?
Sustainable retail is about revaluing responsible practices and reducing environmental impact by maximizing the use of resources to promote economic and environmental sustainability of retail stores.
This consists of reducing greenhouse gas emissions, reducing waste production and opting for materials from eco-responsible suppliers. Sustainable retail therefore becomes an attractive option to calibrate the management of companies wanting to be eco-responsible.
In this article, discover:
How to Make Your Retail Business More Sustainable
The rise of e-commerce and online orders is challenging old business models. Small and large companies must adapt and change their operating model. An interesting model is that of sustainable retail.
Here’s how to make your retail business more sustainable:
- establish a sustainability policy within the company,
- choose responsible suppliers and sell sustainable products,
- reduce the carbon footprint,
- reduce wastes,
- educate employees and customers in a respectful manner,
- offer more sustainable packaging in stores and in distribution centres,
- act proactively and collaboratively.
Those best practices reach all aspects of retail businesses. This ranges from responsible sourcing and efficient recycling, to animal welfare and reducing energy consumption.
Benefits of Sustainable Retail
In the retail industry, adopting sustainable practices can bring many economic, environmental and social benefits.
Here are a few reasons why sustainable retail is beneficial to a business:
- it is focused on the development of a circular economy,
- it allows the conservation of resources,
- it contributes to a greener and more sustainable economic recovery,
- it offers alternative and sustainable packaging,
- it enables customers to have a positive impact on the environment,
- it is part of the brand,
- it avoids greenwashing by taking concrete actions.
Reality of Sustainable Retail
Engagement and collaboration of your company with your peers will contribute to progress in sustainable development.
Have a beneficial impact on your customers and the planet!
Climate change, excessive waste and unethical labour practices are far more important to the average consumer than ever before. Customers tend to buy products from eco-responsible companies while they also tend to boycott companies that do not respect their corporate social responsibility. This is why it is important to show your customers what you do for the environment.
Play a positive role in your community and consider the environmental and social impact of your decisions.
The Place of the Circular Economy in Sustainable Retail
You can’t talk about sustainable retail without talking about circular economy (also called recommerce)! This business model for small or large companies draws its strength from eco-responsibility that resonates strongly with today’s consumers.
The circular economy (recommerce) is about revaluing practices such as rental, repair, purchase of used products, sales on consignment and product exchanges within a company’s business model for responsible use of resources.
Create long-term value for all the actors directly or indirectly involved in your business by incorporating the circular economy into your business model!
How to Increase Your Income With the Circular Economy
Opting for the development of a sustainable retail business can be advantageous for the profitability of the company. By adopting circular economy strategies, you can also reap some interesting benefits. The rental, maintenance and repair service offer are very lucrative, as is the sale of used items or items on consignment.
Offer Rental, Maintenance or Repair Services
Customers may be more likely to buy from you if you offer services that aren’t available elsewhere. Rental, maintenance and repair services are not available everywhere. Stand out and develop a relationship of trust with your clientele to build long-term customer loyalty and increase the engagement with your brand.
Learn how you can generate maximum income using features of a point of sale software tailored for sustainable retail!
Sell and Buy Second-Hand Items
By offering second-hand items at affordable prices, you can attract new customers who prefer to buy used products. It can also allow you to offer items that you wouldn’t have been able to offer otherwise and, thus, attract a larger clientele to increase your income.
Expand Your Product Line and Sell on Consignment
The principle of consignment sales is based on a business model where the retailer does business with a seller or a shipper in order to sell the latter’s merchandise while keeping part of the profit made.
Discover what are the advantages and what are the disadvantages of consignment sales for your business!
If you expand your range of available products, you will be able to attract a wider audience that seeks to meet specific needs. Selling consigned items meets these needs and gives you the opportunity to expand your product line in addition to sharing the profits with your supplier.
Discover what consignment sale is and what the best-selling items are in this sustainable business model for retail businesses!
In conclusion, sustainable retail is a responsible and environmentally friendly approach that aims to reduce the negative impact of traditional retail practices.
Thanks to the circular economy, you can increase your income while adopting good practices that will make your business a sustainable business.