Retailers should listen more closely to their customers about their sustainable shopping preferences, according to a new report based on data collected from top retail executives and thousands of consumers in the US.
Research contained in the First Insight report found evidence of a profound sustainability knowledge gap existing between the two cohorts, which presents opportunities for retailers not only to bolster their reputations and strengthen their ESG posture, but also to enhance consumer loyalty and increase profits.
It came as a shock to those in retail to find that the modern consumer is willing to spend more for brands with stronger sustainability credentials, with two-thirds of shoppers saying they would pay more for greener products. By contrast, two-thirds of retailers said that consumers would not be willing to hand over more of their money for sustainable brands.
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