A great business tailors itself to an audience of customers. As people become more environmentally and ethically minded, companies that identify and evidence themselves as such will continue to grow. In the 2010s, there have been numerous new companies with that focus, companies making that transition, and companies that already, as such, experiencing high growth.
Demand for cruelty-free cosmetics to eggs from cage-free, grass-fed chickens are examples of ways that people are more mindful of animal welfare.
Retailers
Almost every grocery store provides discounts for shoppers using reusable bags, though, at an average of five cents off per bag you bring, the savings incentive of doing so is trivial.
A retailer that has placed a considerable focus on becoming more ethical is Target, the 8th largest retailer in the United States, based on sales in 2017.
In 2017, Target partnered with International Justice Mission, the world’s largest organization fighting modern-day slavery and human trafficking, and several related organizations, committing themselves to eliminate the use of forced labor in their supply chains. When you scan the Target app on your phone at checkout, if you have a free Target Circle account, you can cast a vote after each transaction for a nonprofit in your state for them to donate money to. The app even tells you how much money they gave to each nonprofit over a specified period — this program launched in September 2019.
Though some customers will purchase whatever is cheapest, there is an increase in willingness to pay more to shop at places or buy products that are doing good, or at least avoiding doing harm. Last year, Lowes Foods started selling its raw meat products in recyclable plastic packaging rather than styrofoam. Many restaurants are replacing styrofoam to-go boxes with biodegradable or reusable ones. The decreasing price gap between ethically produced goods and foods versus those who don’t advertise as such is another incentive for people to purchase such items.
Though their products are pricey, apparel and outdoor company Patagonia advocates for, participates in, and funds conservation efforts. In April 2019, they announced that they would no longer sell their popular vests with embroidered corporate logos to companies who are “ecologically damaging.”
Energy Producers
North Carolina electricity provider Duke Energy advertises how they are increasingly producing electricity from renewable sources and providing discounts for people to equip their homes with their kits of energy-saving products such as lightbulbs and thermostats. Their website describes how they have a “triple-bottom-line” of “people, the planet, and profits.” Duke Energy plans to cut carbon emissions by fifty percent by 2030 and become carbon-neutral by 2050.
In Conclusion
Though many companies seek to be more eco-friendly and ethical to appeal to younger consumers, such efforts have near-universal appeal. This trend will continue, especially when companies see that such initiatives cause a higher demand for their products and services.
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