Zen D’Amato Gautam, founder Eco Market Malta
The latest research suggests that now more than ever, companies need to infuse their brands with purpose, trust and sustainability; something that benefits communities at large and the environment
In a report that offers an insight into the new priorities of consumers, and opportunity for every business to survive and thrive, Euromonitor International, a global market research company, has revealed six trends that are defining consumer behaviour and influencing business strategies amid the Covid-19 pandemic:
- An increase in the use of digital tools for businesses to stay connected with consumers at home.
- An increase in safety measures at businesses’ brick-and-mortar outlets, exceptional sanitisation standards, more products that enhance hygiene and immunity and contactless services.
- Increased demand for solutions to enhance work-life balance as remote work increases.
- An increase in consumers’ desire to reconnect with nature and preference for open-air venues for leisure and safe socialising.
Increased consideration to budget and value by consumers, who will favour affordable, value-added products and services.
A rise in purpose-driven initiatives that support the triple bottom line (TBL): people, planet and profits, as 70% of professionals expect consumers to be more conscious about the environment and sustainability than before Covid-19.
Almost as if in anticipation of, and certainly in response to these changing trends, Eco Market Malta recently launched Coral, an e-commerce platform offering products that are good for the people and good for the planet.
Coral is a user-friendly online store with several products from local business across multi categories including Fashion & Accessories, Baby & Kids, Health & Beauty, Home & Office, Travel & Outdoors and Food & Beverages.
Launched in December 2020, Coral features over 500 products, with new ones added almost daily. It is important for us to work with like-minded individuals who have our same values and ethics. Each brand is carefully curated and vetted through a thorough sustainability check-list, which is reviewed on a yearly basis. We want to re-assure our clients that they can trust the Eco Market against any type of greenwashing, which is a dishonest marketing tactic making a product look eco while in reality is not.
‘A business that makes nothing but money is a poor kind of business’ – Henry Ford
Sustainable businesses look for significant economic, social and environmental impact. Covid-19 has highlighted yet again the need for a global response in terms of sustainability and provides an opportunity to transform our polluted economy toward a cleaner and circular one. Sustainability does not have to mean hard-to-achieve environmental goals. It is an ongoing process consisting of one achievable step after another. Some of the most important elements that a sustainable business owner should look into in detail are the sourcing of raw materials, packaging, shipping and delivery, greening the office, waste reduction, water and electricity conservation, raise the life-cycle of the product or allow maintenance or re-purpose and official global certifications of sustainability standards. Every business, regardless of size and industry, can easily implement green business practices, contribute to the planet’s well-being and at the same time growing successfully and profitably.
What is good for the planet, is also good for business – Forbes, 2019
Sustainability isn’t merely a matter of preference or good PR anymore. Due to the fast-evolving climate scenarios and new government legislations, it is becoming a defining factor in a business’s commercial viability. There are several benefits awaiting those who turn the tide for success and sustainability which go hand in hand. A business going green makes customers feel that it is a trustworthy business and will attract new customers, strengthen existing customer loyalty and create a harmonious, purposeful work force. Other benefits include cost reduction, increased profits, attracting green funds and compliance, in view of new environmental laws by government and the EU.
CEOs around the world admit that going green is key to success. It shows the world you care more than just making money and that you are committed to create a positive impact beyond your own personal gain.
Eco Market Malta is a social enterprise advocating for UN Sustainable Development Goal #12; Responsible Production and Consumption. It can be contacted on 9925 7337; www.coral.shopping; email: email@example.com; Facebook: coral.shopping.online; Instagram: coral.shopping.online