“Today’s Millennials are just as interested in how a business develops its people and its contribution to society, as they are in its products and profits,” - Barry Salzberg, CEO of Deloitte Global, in their 2015 Global Millennial Survey.
Consumer awareness of equitable sourcing, biodiversity and related notions is going up. As consumers become ever more informed, their expectations towards the private sector become more stringent. Recent research that tracks equitable sourcing awareness illustrates that consumers want to know more about how companies source from biodiversity and are willing to boycott a brand if they are not acting in an equitable way. In addition to an increasing awareness of equitable sourcing itself, consumers also appear to know more about ideas related to it, such as biodiversity conservation and its equitable sourcing (the sourcing of biodiversity−based ingredients in a socially and environmentally responsible way). In 2014, over 40% of consumers had heard about the equitable sourcing of bio- diversity and nearly 50% had heard of the equitable sharing of benefits derived from the use of biodiversity between industry and developing countries. [Source: http://ethicalbiotrade.org]
Not only did consumers say they were aware of the equitable & local sourcing, they said they were willing to act if a company was not behaving in an equitable way. Over 80% of respondents stated they would boycott a brand if is not sourcing in an environmentally and socially responsible way. Of course, there is always a difference between what consumers say they will do and what they actually do, but such figures suggest brands have a lot to lose if their practices do not fit consumers' expectations. Another factor is consumers’ growing awareness & desire for more information, with more consumers demanding they would like to know about how Companies source their ingredients. Equitable sourcing of products or ingredients will eventually become a key requirement for preferred brands and their suppliers. Adopting equitable and sustainable practices allows companies to differentiate themselves in the market, taking the lead in meeting the demand for equitable products.
Major brands, in particular, say they are keen to build trust in their products by becoming more environmentally and ethically conscious but are prepared only to invest if they can see it will add to the bottom line. The world today is reeling under the impact of environment degradation caused by industries and rapid population growth. Global warming is the gradual increase in temperature of the earth's surface. Thankfully, many fashion, food, ecommerce, auto, and consumer product brands are now striving to produce/ source goods that do not harm the environment and are locally/ ethically sourced to support the underprivileged and the marginal communities - improving the lives of those, who really work hard just to earn their bread.
What are the key standards?
To support and grow this practise, our motto of volunteering is treate awareness and involve students and teenagers about equitable sourcing and their importance. As a direct result, today Millennials and Gen Z will take away a positive impact from the Brand(s) that participate and promote the same. Already strengthened with 51,000+ students across 22 Colleges registered on our marketplace platform, and 100+ NGO tie-ups – Volunteer4India (V4I) has launched the campaign on ‘Equitable Sourcing’ as a key Volunteering program initiative, and we request your brand to participate in this initiative for not only a “Meaningful Business Model” establishment, but also capturing an opportunity for “Brand Social Capital Marketing” through a cumulative positive buzz on Social Media from the Volunteers; with powerful amplification from the Brand’s own Social Media assets.
In joining the V4I initiative, a company agrees to comply with the principles of Equitable Sourcing. This means using practices that promote the sustainable use of natural ingredients or locally-made products, while ensuring that all contributors along the supply chain are paid fair prices and share the benefits derived from the use of biodiversity. By adopting the Volunteering program of V4I, companies foster long-term relationships with their source communities, creating employment, contributing to local development and helping to preserve local ecologies – and at the same time engage & develop positive reinforcements about their brands among the buyers of tomorrow.
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Time13th Mar 12:01am - 30th Sep 11:59pm