With sustainability becoming a hugely important factor in the retail industry, how exactly can businesses switch to eco-friendly packaging and ensure they benefit from it? In this article, environmentally-conscious packaging brand, W.F. Denny, shares the business benefits of switching to sustainable packaging and why many retailers should be considering providing a more eco-friendly offering.
Attract and Retain Customers
Not only does switching to sustainable packaging help the environment, it can also attract new customers and help you to retain existing customers. Research has clearly shown that consumers are more likely to spend their money on sustainable brands — one-third have stopped purchasing certain products and brands due to sustainability-related concerns. Sustainable packaging was also labelled as one of the top five most important practices they value from a company.
Some of the below stats indicate consumer’s attitudes towards eco-friendly packaging:
- 50% of British consumers would choose an eco-friendly packaging option at a higher price.
- 69% believe companies should be required by law to use eco-friendly packaging, even if it means a price increase.
- 75% of British consumers want online retailers to offer more eco-friendly materials when packing their orders to minimize waste.
- 75% of international consumers would pay more for sustainable packaging.
There are many misconceptions around the cost of eco-friendly packaging, with many businesses concerned that it can be more expensive. However, this isn’t always the case. As eco-friendly packaging has become much more popular, vendors now provide these at competitive rates, meaning you can get great deals. In cases where the initial cost may be higher, the economic benefits of using sustainable packaging outweigh the upfront costs.
Cutting down the actual amount of packaging you use can be another way of improving your sustainability and saving money as a business. Not only will this help you to minimize excess waste, but it will also help when it comes to shipping costs and will cost you less to replenish packaging stock.
Reduce Carbon Footprint
One of the main benefits of switching to sustainable packaging (and the most obvious) is the positive impact it has on the environment. It’s a great way for you as a business to improve your CSR (corporate social responsibility) and reduce your overall carbon consumption, further strengthening your reputation as a company that cares about the planet.
Eco-friendly packaging doesn’t have to be boring or limited. In fact, it can be incredibly versatile and suited to a range of different products. Whether you run a small-scale local catering company and require sustainable packaging for your fresh goods, or have your own creative business on an online marketplace, such as Etsy, there are endless options available to suit your individual needs.
In conclusion, there are multiple benefits for your business when it comes to switching to more sustainable packaging solutions including:
- Improves your brand’s reputation and image
- Helps attract new customers
- Retains existing customers
- Reduces your carbon consumption
- Versatile and can be used for a whole host of different products
This article was submitted by W.F. Denny — a UK-based online wholesale supplier and distributor of eco-friendly, biodegradable and compostable packaging. Visit www.wfdenny.co.uk for more information.