As consumers place a larger emphasis on sustainable practices, many businesses are actively seeking ways to mitigate their environmental impact. Buyers are using their purchasing power to convey their preferences, with two-thirds willing to pay more for sustainable products. And this sentiment is gaining momentum, particularly among younger generations, with 75% of Gen Z prioritizing sustainability values when making purchasing decisions.
Beyond meeting evolving consumer preferences, companies that adopt sustainable practices can also reap benefits like operational efficiency, cost savings, and reduced risks associated with non-compliance and potential legal consequences. Also, promoting transparency and ethical practices can help businesses build customer trust, improve the customer experience, and increase customer retention.
But to communicate your commitment to sustainability without overloading your team, it’s crucial to have a centralized repository of product information. That’s where a Product Information Management (PIM) solution comes into play. A PIM system allows you to easily store, manage, and distribute product information across all your sales channels. The result? Your customers gain access to complete, accurate, and compliant information at every touchpoint to help them make informed choices.
Let's delve into the meaning of product sustainability, its role in today's business environment, and how PIM can help businesses streamline their messaging.
Product sustainability involves making mindful decisions across a product's lifecycle to minimize environmental, social, and economic impacts. This includes avoiding nonrenewable resources as well as products and practices that harm the environment. By integrating these principles, product sustainability seeks to create goods that are environmentally responsible, socially ethical, and economically viable.
Transparent communication and labeling can help consumers make informed choices, while regulatory compliance ensures adherence to established sustainability standards. This is especially relevant considering that 70% of consumers want to know what brands are doing to address social and environmental issues. Ultimately, product sustainability is a holistic endeavor that takes into consideration environmental concerns along with economic development.