The planet has gone through tumultuous shifts in the last year, regarding its people and the land they work with. As more consumers understand the power of retail, and how easily accessible it is, the higher production and consumption becomes. As sustainability becomes one of the most important factors for the planet, Power Retail is aiming to drive awareness and encourage sustainable practices throughout the entire retail industry.
As the world shifted from the outdoors to spending a primary amount of time inside, the Earth began returning to its natural state. In China, their lockdown measures saw a sharp decline in AQI and PM2.5 concentrations, with air pollution dropping 25 percent even after the lockdown had ended. In India, locals could see the Himalayas on the horizon for the first time in years, and air pollution plummeted by 60 percent. With such amazing efforts to reduce the planet’s pollution, there is no reason why the planet’s inhabitants should go back to the way it was before the pandemic.
Retail is one of the most damaging industries to the planet, and as its popularity continues to expand, so do the chances of further damage. The last 20 years have dramatically changed the way consumers understand the power of retail, and the way they can access it. Since the globalisation of e-commerce and easily-accessible retail platforms, there has been an intense increase in production and consumption. This, in turn, has strengthened the divide between the planet and consumers.
Power Retail has partnered with The Purpose Agents to create the Power Retail Sustainability Index, to drive awareness and encourage sustainable practices throughout the entire retail industry.
“Social and environmental responsibility are key to good business strategy. Not only do customers ask for it, but it is also an important risk management tool to ensure future relevancy and operational resilience. 2020 has been a year of many shocks to our planet, its people and the way businesses operate and respond. The urgency for our global and business community to come together and drive positive change could not be more pronounced,” explained Anna Forster, Co-Founder of The Purpose Agents.
In a study from CouriersPlease, 87 percent of Aussie consumers said they are more likely to purchase products that are ethically sourced and sustainably produced. Transparency and sustainable practices have become a much-needed element of a modern retail company. It’s not just scientists that are enforcing this notion, it’s consumers too.
What is the Sustainability Index?
The Sustainability Index consists of a questionnaire, derived from the triple bottom line theory, whereby companies should be working toward achieving positive results with regard to three bottom lines:
Profit: The traditional measure of corporate success
People: The measure of social responsibility when doing business
Planet: The measure of environmental responsibility when doing business
The 28-question benchmarking survey opens the opportunity for retailers to thoroughly assess and discuss their social responsibility and sustainability initiatives. This will be done across three topic areas – Company Ethos; Business Operations and Value Chain; and Business as an Agent of Change.
Responses to each question are rated on a scale from one to five. Scores will be tallied to determine the ranking on the Sustainability Index, and Power Retail will revisit these rankings continuously to chart the movement of sustainable practices in e-commerce.
So, does your business deserve recognition for its sustainable practices? If you think your company works towards a positive impact, this is your moment to recognise your hard work. To take part in the Power Retail Sustainability Index, submit your company’s practices today.
Submissions close September 25th.
Introducing Talking Point, an exciting new series from Power Retail. Each month, we will cover a specific topic relevant to e-commerce. This month, we are showcasing and celebrating #Australian retailers. Watch out for this logo every month as we dive into new topics and investigate what it means to be an online retailer in Australia.