A report shows 49% of businesses recorded increased demand for sustainable products in 2022 but 34% of consumers say brands and retailers make sustainability information too difficult to find.
The product-to-consumer software company Productsup has published its Business Growth report, a study comparing business priorities for the year ahead with today’s consumer expectations.
Productsup says the report reveals a “sharp contrast” between what consumers want and how businesses intend to meet demands.
The report showed that consumers are more likely to make a purchase if a product is reusable (71%) or recyclable (70%). Despite this, consumers say information on a product’s reusability (34%) and recyclability (30%) is difficult to find.
The report highlighted that over 2023 55% of businesses plan to increase their level of sustainable product information to meet “evolving consumer expectations” and “differentiate themselves from competitors.”
Younger demographics want sustainability information delivered across all touchpoints and in different formats, whereas older respondents specifically prefer information included in product descriptions and easy to find, the report found.
If most businesses are struggling to drive sales, move out inventory, and reach new customers, then it’s time to stop following the majority.
For respondents aged 16-24, they wanted an online comparison (40%), followed by giving more detailed information in product descriptions (39%) and providing a QR code on packaging that gives more information (37%), the report found.
Providing further explanation of what makes a product organic, free-range, or eco-friendly is the leading step to boost consumer trust in ethical brands and products (43%), the report showed.
Initiatives like partnering with global non-governmental organisations (26%) and generating positive press about ethical practices (22%) were the least influential ways to build trust.
The report is based on a survey of 755 senior decision-makers from 16 countries – either personally responsible for or reporting to those responsible for – managing product information at their organisation, Productsup says.
Commenting on the report’s publication, Marcel Hollerbach, Chief Innovation Officer at Productsup, said: “If most businesses are struggling to drive sales, move out inventory, and reach new customers, then it’s time to stop following the majority.
“History has shown that harsh economic climates reward the brave outliers who embrace change and go all in on innovation. To be successful in 2023, companies have to be willing to experiment and invest in areas that are outside the norm.”
