The “Green Lining” of COVID-19
Before the COVID-19 crisis, consumers revealed their demand for meaningful and sustainable change in the retail industry. The pandemic has not only accelerated this demand, it’s created a long overdue urgency to move beyond traditional sustainability efforts and move forward with adopting sustainable business practices that will help them survive and shift the conversation with consumers.
Suddenly, reducing environmental impact becomes not only good for the planet — it’s good for business. Through this new lens, brands should focus on reducing waste throughout the product development process and optimizing assortments for efficient inventory management, rather than on creating flash-in-the-pan product lines sourced from repurposed materials.
Brands’ heightened focus on SKU productivity and their embrace of new business practices like cutting air travel in exchange for remote meetings not only improve financials — they make brands more sustainable simply by consuming fewer resources. The new ways of working adopted out of necessity in response to COVID-19 are likely to persist as the “new normal” in our post-pandemic world. Brands who embrace and adopt more sustainable and efficient practices will achieve healthier, more consistent long-term growth and become the new leaders of a reimagined retail industry on the other side of the crisis.