Awareness among Indian consumers towards sustainable and ethical practices of brands has increased, which has led to a significant shift in their behaviours, according to a report. This shift indicates need for retailers to immediately develop capabilities, to meet this change in purchasing patterns also, said the joint report by industry body CII and global management consulting firm AT Kearney.
“There is increasing affinity with brand prestige and sustainability, and a willingness to shift purchases towards brands with higher ethical practices and sustainable processes,” said the report titled ‘Building towards sustainable retail’.
This increased awareness has driven a significant shift in consumer behaviours towards sustainable products and sustainable retail.
“Consumers, especially Indian consumers, associate brands’ sustainability and ethical practices with ‘trust on the brand’ — a key driver for brand preference,” it added. Indian consumers’ purchasing habits dovetail with global trends.
According to the report, the retailers ignoring this trend will likely miss out on a sizeable opportunity to tap into a new, growing consumer base. It also added that the Indian companies emerging on the sustainability plank have increased over the past few years.
“There is a growing recognition of the shift in the consumer mindset towards environmentally and ethically conscious brands and this has forced retailers to tailor their product and brand-building strategies accordingly,” it said.
Large Indian conglomerates have already initiated green supply chains. Majority of the retailers have adopted the United Nations’ Sustainable Development Goals, paving the way for more sustainable, healthy consumption worldwide.
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Source: Financial Express