The business world is competitive; if innovation and customer-satisfaction are absent then your business will soon be edged out. However, striking a balance between competitiveness and production costs is difficult. Thankfully, your business can become competitive in the modern world thanks to eco-friendly solutions. Here are some reasons why:
- Green energy is getting more interest: As the world seeks a drastic reduction in its carbon footprint, green energy is getting more attention and investment as it is understood to be a way out for us all. This translates to better visibility for businesses that are incorporating green energy solutions in their strategies. For example, in recent years Tesla and other vehicle-producing businesses have seen a rise in their business profiles and worth mainly because they are driving the change towards cleaner energy solutions. While your business may not be close to theirs in value, simply reducing your carbon footprint can earn you some recognition in your locality.
- Eco-friendly products are attractive: Product attractiveness plays a part in setting your brand apart from others. Coca-Cola for example has announced plans to replace its PET packaging with new eco-friendly solutions. The designs of these intended packaging are attractive and already generating some buzz among consumers. When this is finally achieved, it is safe to say that the product will receive a boost in reception.
- Eco-friendly products can reduce your business costs: Effective reduction of production costs may translate into a tidy profit on each product. Switching to biodegradable packaging, products without harmful ingredients, and a simple production chain will reduce your business costs. An example is how restaurants are using organic food packs for their customers. This is not only innovative, but it also reduces the cost of using plastic food packaging.
- Strengthening customer-business relationship: In 2014, a Nielsen study found out the following (among others):
- Millennials are more passionate about environmental preservation.
- Millennials make up more of the modern shoppers.
- Buyers were more likely to buy products that reduced their carbon footprint. This was because of positive personal behavioral change towards environmental protection.
What this means for your business is that you can have a better relationship with your customers if you can adopt eco-friendly solutions for your products. As millennials make up a large part of modern shoppers, you should consider the impact that this can have on your business and consider other factors involved in implementing the same.