ChicExecs Co-Founder and Co-President, Kailynn Bowling, shares how corporate responsibility is influencing consumer buying decisions on Forbes blog. Here is an excerpt from the piece.
Corporate social responsibility (CSR) is a hot topic, both for big enterprises and small businesses. And if you think corporate responsibility is just lip service, think again. CSR has a tremendous impact on how the public perceives you, as well as your customers’ shopping habits.
Corporate social responsibility is how a company considers its impact on the environment, culture and society. Basically, it’s acknowledging that your business has an effect on the world, and it should be a better corporate citizen because of that.
This isn’t just about social issues, either. CSR includes:
• Environmental protection
• Worker treatment
• Corporate governance
• Corporate ethics
Corporate responsibility is the right thing to do in 2022, but it has a tremendous impact on how customers interact with your brand, products and employees, too.
1. Shoppers seek out eco-friendly products.
Did you know that shoppers are four to six times more likely to purchase from purpose-driven companies? Since Millennial and Gen Z shoppers prioritize environmental activism, you can bet that they’re going to shop with these values in mind. They definitely don’t want to buy from a business that hurts the environment. It’s the reason why brands like Sephora are taking environmental action so seriously.
2. Shoppers will boycott irresponsible businesses.
Perhaps this comes as no surprise, but according to one study, 76% of consumers wouldn’t do business with a company that opposes their views, and 25% of consumers have a zero-tolerance policy for unethical behavior.
If you aren’t investing in CSR, there’s a chance consumers will turn on your brand.
3. Shoppers amplify CSR messaging.
But it isn’t all doom and gloom! If you take CSR seriously, your shoppers will do a lot of promotion for you. According to a 2015 study, 80% of consumers would tell friends and family about a brand’s CSR efforts. So if you want shoppers to sing your praises on social media, CSR is a no-brainer.
Read Kailynn’s entire blog here.