Despite the apparent conventional wisdom that brands have aligned their sustainability initiatives with consumer interests, both parties are not always in lockstep. One study from experience management provider First Insight illustrates that while 68 percent of consumers will pay more for sustainable products, 66 percent of retailers don’t believe these shoppers will make the effort.
In a Q&A with Sourcing Journal, Greg Petro, CEO of First Insight, shares where experience management fits in to help brands improve product decision making and eliminate this sustainability disconnect.
Sourcing Journal: What role does First Insight play in the sustainability conversation in 2022?
Greg Petro: ESG initiatives, particularly sustainability, are climbing up the priority list for almost every business. First Insight plays multiple roles in the sustainability conversation. Customers use our Next-Gen XM platform to make better business decisions about product selection and pricing, branding, assortments and buying that drive more sustainable operations and higher profitability.
Also, we publish an ongoing series of consumer reports that provide insights into changing consumer attitudes and behaviors. Co-published with the Baker Retailing Center of the Wharton School at the University of Pennsylvania, our recent reports revealed that Gen Z is increasingly influencing older generations to make more sustainable purchase decisions and that retail executives are out of touch with what consumers really think and do when it comes to sustainability.