Supply Chain Sustainability is the process governments, companies, communities, and even individuals can follow to avoid negative impact on the SC.
It is a praxis that all SC levels must follow: from raw material sourcing, production, storage, transportation, and delivery points to the last destination, the customer, and much more. The fact is that the SC has an enormous environmental impact.
Sustainability is an organisational priority for an ever-increasing number of managers and their customers, as developing a sustainable SC is vital to a business's success. The Sustainability goal is to diminish environmental damage from anything concerning your SC: carbon footprint, energy consumption, waste, and water. It also deals with issues such as fair labour practices and human rights.
SC sustainability has suffered from many critical circumstances these last years due to inflation, increased transportation costs, demand volatility, product shortage, drivers' crisis, the potential resection worldwide, and plenty of supplier relationships to consider. It is the reason it is not now companies' priority. However, there are plenty of Sustainable benefits: it is beneficial for the planet, suitable for business continuity, meeting consumers' demands and driving ROI.
Leaders recognise the value of Sustainability as an escalating driver and competitive advantage. They are each day more convinced that ESG practices are worth the investment, as it will drive more investments in new and improved products. Because of the extreme climate change experienced recently, business continuity is at risk. The Coronavirus pandemic classifies among the most disruptive financial events in contemporary history and the cause of disaster for many.
The Retail industry is very susceptible to unpredictable, challenging weather conditions, mainly impacting demands, deliveries, consumers' behaviour volatility, stock, and consequently, prices. Nowadays, consumers are more aware of where their products come from and how they are produced.
Likewise, according to recent surveys, 75% of GenZ, once labelled 'the first digital natives,' are now called the 'Sustainable Generation; they are willing to pay more for goods which offer SC transparency and Sustainability than to go for brand names.
· GenZ group born, covering 1995 to 2010; most members are now in their mid-20s.
· They are generally tech-savvy and are accustomed to making informed purchasing decisions.
· Three-quarters of them would rather buy sustainably than go for a brand name.
· GenZ consumers' attitudes shift to sustainable shopping.
· This first generation influenced those of the same age and inspired other age groups to act more sustainable.
· When shopping, they show the most concern for the planet's well-being, influencing others to make sustainability-first buying decisions.
Takeaways:
· Critical global events, by all means, shape the spending behaviours of the generations that come of age during them.
· The facts indicate that the pandemic made Millennials cut their career or come to an end.
· Generation Z regards Sustainability high in their way of living and spending money.
· This generation is now considered the generation of Sustainability; more line up with supermarkets or stores which value their buying capacity, and dominance increases for sustainable products.
· For more than a year, we could take a collective deep breath as the skies turned clearer when factories worldwide shut down and emptied highways; we got used to working and learning from home.
· We all must learn to live with less.
Do you think Generation Z is the only group concerned about Sustainability?
Prophetic Technology
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