The National Retail Federation’s annual Big Show was this week, bringing 40,000 retail professionals to New York to discuss the latest in strategy, technology, and innovation in retail. One of the biggest talking points?

A new study conducted by NRF in partnership with IBM which found that purpose-driven shopping will dominate consumer behavior in the coming decade. The study, which surveyed 19,000 consumers from 28 countries, presents a new perspective on the state of retail--and how to capture consumers’ hearts in an ever-expanding marketplace.

It’s not news that consumers like to feel good about their purchases. And in the Internet age, information about ethical shopping has never been more available. Labor policies, ecological impact, and animal welfare are all being placed in the spotlight as sites like The Good Shopping Guide make it easy for consumers to determine the who, what, and how behind their purchases.

What’s surprising is just how important purpose has become in determining consumers’ shopping decisions. The study found that one-third of consumers will stop buying a preferred product if they lose trust in its brand--in fact, one-third of respondents had already abandoned a favorite brand in 2019 for ethical reasons. Shoppers are willing to pay more, meanwhile, for products they believe in, with 70% of respondents claiming they would pay 35% more for eco-friendly products and for companies with transparent business practices.

This means that in retail, low prices or quality products alone won’t cut it. The modern consumer has more options than ever when it comes to sourcing their goods--and they’re looking to ensure that their shopping aligns with their beliefs.

Consumers are demanding earth-friendly, worker-friendly business practices, and are demanding accountability from brands to demonstrate their commitment to ethical production. It’s clear that now more than ever, ethical retail is the healthy choice for your business--and your world.

Get In Touch

Name

First Name

Last Name

Email

Subject

Message