ChicExecs Co-Founder and Co-President, Kailynn Bowling, shares how corporate responsibility is influencing consumer buying decisions on Forbes blog. Check out this highlight from the feature.
Corporate social responsibility (CSR) 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.
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.
To stand out, your brand needs to:
• Minimize single-use or plastic packaging
• Use sustainable materials
• Reduce its energy consumption
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.
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.
Corporate responsibility isn’t just a trend; it’s a necessity. Shoppers are hyper-conscious of how their spending habits affect the world, which means your brand needs to take CSR seriously.
Go here to read Kailynn’s entire blog.