157 R E TA I L & C PG attitudes and their actions when it comes to sustainability practices. Interestingly, two-thirds of respondents (65 per cent) noted that supply chain transparency is a core focus for their sustainability efforts. It is believed that supply chain transparency could empower brands to identify areas in their operations where they could become more socially and environmentally responsible. Yet, only 29 per cent said they have all the supply chain technology needed to be more ethical and sustainable. While constrained by budgets, pandemics and a struggle to survive, retailers need to look beyond the next few weeks and months and embrace new technology and implement solutions now to reduce waste, water consumption and carbon emissions, without compromising the customer experience. According to the Bank of America, Generation Z is predicted to have a collective income totalling $33 trillion by 2030 as they enter the workplace. This will account for more than one-quarter of global income. Previous research by K3 also found that more than half (54 per cent) of Generation Z shoppers have already boycotted retailers for their lack of environmental awareness. It is imperative that retail and fashion businesses do not underestimate this generational shift in mindset. Now is the time for retail and fashion businesses to start seriously investing in technology that enables them to become more sustainable. By using technology effectively to gain greater visibility over their operations, businesses can start to identify which areas of their supply chain can be improved. The time to adapt is now. Increasing profits and protecting our planet do not have to be mutually exclusive. Read the full research from K3: https://bit.ly/3r2bxCg Casey Potenzone is chief commercial and strategy officer at K3 “ The fashion industry and related sectors contribute 10 per cent of all carbon emissions worldwide” K3 research found that 30 per cent of consumers had boycotted a retailer for a lack of environmental awareness
RkJQdWJsaXNoZXIy NzQ1NTk=