Learn why business sustainability is today’s smart business.
70% of companies now have a form of governance of sustainability in place, according to a recent McKinsey study, and it's likely you're hearing more about Environmental, Social and Corporate Governance, or ESG, than ever before.
More businesses are going sustainable because more of today's consumers demand it. Here's a look at what business sustainability is, how it can help your brand and your bottom line.
In business, sustainability refers to doing business without negatively impacting the environment, community or society as a whole.
Also referred to as corporate sustainability or green business, business sustainability initiatives usually address the three pillars of sustainability.
Environmental Pillar
Initiatives that reduce the carbon footprint of the business throughout the value chain.
Social Pillar
Initiatives promoting the wellbeing, health and safety of communities, customers and employees.
Economic Pillar
Initiatives that ensure businesses can thrive while making these long-term positive impacts.
Companies with high ratings for environmental, social and governance (ESG) factors have a lower cost of debt and equity... companies with high ESG ratings outperform the market in the medium and long term.
— McKinsey
McKinsey calls the idea that business sustainability is a luxury investment or a PR device "cynical and increasingly untenable." The consulting firm's research found that there is a desire for improved sustainability from both consumers and business leaders. The research also revealed that improving sustainability and entering the circular economy often improves a company's financial performance.
50% of consumers will pay more for sustainable products.
— Accenture.
83% of consumers say it's important for companies to design products meant to be reused or recycled. More consumers say they are buying environmentally friendly products now than they were five years ago, and that number is expected to grow in the next five years.
There are many ways to make your business more sustainable. At Blue Bite, we help you achieve business sustainability by:
Inform and Engage Consumers
Provide repair, reuse, resell and recycling information to consumers directly through products.
Promote Sustainability Events
Blue Bite’s contextual digital experiences provide information to end users based on location, time and more.
Reward Sustainable Practices
Gamify sustainable behavior through embedded product experiences.
Educate Consumers
Go in-depth on how your brand uses sustainable practices to manufacture products.
A Continually Open Channel
Inform consumers of new measures they can get involved in so the sustainability story doesn’t stop at the sale.
Encourage Product Recycling, Reuse and Resale
Give consumers the information they need to keep products out of landfills.
Give Products a Second Life
Blue Bite provides product owners a connection to secondary markets to extend the product lifecycle.
Reassure Authenticity
Give secondary buyers peace of mind that the items they are purchasing are authentic.
Protect Fashion Subscriptions
Deliver a way for owners to confirm an item returned is the same item that was loaned.
Listen to Blue Bite CEO & Co-Founder Mikhail Damiani talk with FashionTech journalist Amanda Cosco about how brands can enable their products to tell their sustainability story, gamify sustainable behavior and create a circular economy around product ownership.
