What Retailers Should Know About Sustainable Products

According to a report published by McKinsey & Company, sustainability has become an increasingly important factor for consumers when making purchasing decisions, and this trend is likely to continue. In a survey of consumers across the US, many stated that sustainability is one of the top three factors they consider when making purchasing decisions. In addition, consumers are willing to pay a premium for products that are more sustainable, with more 60% of respondents indicating that they are willing to pay more for sustainable products.

As consumer demand for sustainability and eco-conscious products continues to rise, retailers and wholesale buyers must understand the significance of offering sustainable products. 

What are sustainable products?

Sustainable products are goods that are manufactured, sourced, or designed with minimal impact on the environment, society, and economy. These products aim to reduce carbon footprint, minimize waste, and promote responsible practices throughout their lifecycle. They often align with the principles of sustainability, focusing on the preservation of natural resources and the well-being of communities involved in their production. 

It is worth noting that sustainable products are not exactly the same as eco-friendly products. An item that’s sustainably made considers the product’s supply chain and its impact on the environment and society, while eco-friendly designs focus on the effect their production has on the planet.

What makes a brand or product sustainable?

Sustainably minded or co-friendly brands prioritize ethically sourced materials, such as organic cotton, upcycled denim, or sustainably harvested wood, to reduce the negative environmental impact. Eco-friendly products are crafted using production processes that prioritize energy efficiency and minimize harmful emissions, while sustainable products are designed for longevity and often utilize reusable materials or are easily recyclable at the end of their life.

Many sustainable products are handcrafted by artisans, supporting traditional skills and empowering local communities.

Why should retailers stock sustainable products?

With a growing number of eco-conscious consumers, offering sustainable products allows retailers to meet the rising consumer demand for ethical and eco-friendly alternatives. Stocking sustainable products can also attract a niche market of environmentally conscious consumers seeking brands that align with their values.

Retailers can offer sustainable versions of many everyday products to appeal to shoppers who are passionate about sustainable lifestyles. From clothing and accessories like bags, shoes, and jewelry made from ethically sourced and eco-friendly materials and home goods produced under fair labor practices to skincare products formulated with natural, organic, and cruelty-free ingredients, and packaged in recyclable materials, sustainable products can help a retail store build trust and foster brand affinity.

Retailers showcasing a selection of sustainable products can enhance their brand reputation, showcasing a commitment to environmental responsibility and social consciousness. As sustainability becomes more integral to consumer choices, retailers that incorporate sustainable products into their offerings can future-proof their businesses and stay competitive in the evolving market.

Discover sustainable wholesale brands on The Folklore Connect