Business & Investment

Ethics are important in the supply chain

Consumers increasingly want their companies to demonstrate their social and environmental responsibilities, and want to remain transparent about their procurement and supply chain initiatives.that is Studies show Canadian technology company OpenText surveys 3,000 US consumers to see how environmentally sustainable and socially responsible business practices are important to Americans and impact their buying behavior. bottom. After all, these practices are pretty important. According to a survey, nearly half (45%) of US consumers will never buy from a brand if they are accused of working with an unethical supplier. And, for example, the social and environmental aspects of production are considered. Instead, they look to find alternative brands that engage in responsible sourcing. The findings also show that the pandemic has made consumers more aware of the impact of purchases. After the pandemic, 82% of consumers said they would prioritize purchases from companies that make it clear that they are implementing an ethical sourcing strategy. This is compared to 72% who said they prioritized purchases from companies implementing such a strategy before the pandemic. The study also found that there are also strong business cases for developing an ethical supply chain. Approximately 40% of US consumers surveyed say they judge their brand based on brand behavior and supplier behavior. Studies show that consumers value such purchases from ethical brands, with more than three-quarters (78%) confirming that their products are ethically sourced or produced. , States that they are willing to pay more. In addition, the purchase of ethically procured or produced goods is important to 73% of U.S. consumers, but one in five (17%) admits that it began to be important to them last year or so. I am. The majority of US consumers (79%) even want to compromise convenience, such as accepting delivery delays, if they are confident that the goods are ethically procured or produced. Almost half (48%) agree to choose only occasional or specific items, but almost one-third (31%) always want this compromise. According to OpenText, supply chain visibility is the key to meeting these demands. “To build an ethical supply chain, we need to know all our suppliers,” said Lou Bratt, senior vice president and CMO of the company, in a statement. “Ethical consumers have more control over their purchasing power. Brands can no longer claim to behave responsibly if they don’t know their business or the business of their suppliers. Other findings are as follows. Nearly 60% of US consumers say the government should introduce regulations that hold businesses responsible for responsible procurement. Fifty-two percent say they prioritize purchasing from brands that incorporate parts of the circular economy into their processes (for example, focus on reducing waste and reusing and recycling materials). 77% also say that knowing the source of the product and the source of the parts is important in making a purchase decision.

Ethics are important in the supply chain

https://www.dcvelocity.com/articles/52737-report-in-supply-chains-ethics-matter Ethics are important in the supply chain

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