It’s Time to Make Sustainability a Top Priority

Consumers and retail executives are still facing a significant disconnect when it comes to their views on sustainable shopping.

While consumers are increasingly demanding more choice, many retailers are taking a wait-and-see approach. That’s according to findings from the First Insight and the Baker Retailing Center at the Wharton School of the University of Pennsylvania Report. While this survey reports on U.S. consumers, the findings reflect similar shopping trends across other countries in Europe and more.

Even if some consumers have difficulty defining exactly what “sustainability” means to them, they know it when they see it. Yet their preferences around environmental impact can vary widely, ranging from biodegradable packaging and organic ingredients to carbon offsets and a number of other factors.

One thing is clear, however. A growing number of convenience shoppers are actively seeking out sustainable products and businesses-and they’re willing to pay a premium for “green” goods. That’s great news for convenience retailers, as long as you’re prepared to meet the demand.

If you haven’t yet detected an influx of green shoppers at your stores, it’s likely only a matter of time before you do. And if you want to remain competitive, you need to implement a sustainability strategy that benefits both your customers and your business.

Address the inflection point

In some cases, you simply can’t foresee disruptive change on the horizon-such as a global pandemic. In other cases-such as sustainability-all the signs are clear. Just as digital transformation helped you adapt faster to the rapidly changing market dynamics during the pandemic, a transformation around sustainability can create new opportunities to differentiate your business while making a positive impact on the environment.

This type of transformation means finding ways to bridge the gap from the legacy carbon world to a more sustainable future-from the store to the forecourt. But if you’re like everyone else in the industry, you probably have a lot of questions about how to offset lost fuel sales due to the rapid growth in electric vehicle sales.

In other words, how soon do you need to make EV charging a priority? And how can you start attracting EV drivers to your business?

Focus on delivering convenience

One good way to appeal to these drivers is to double down on what you already do best-delivering convenience. For instance, could you deliver a level of convenience that turns EV charging into a competitive advantage for your business? Because customers might have a few extra minutes during a charge-up (compared to a shorter fuel-up), you could draw them into your store with real-time offers tied to charge-ups or provide guest Wi-Fi and fresh foodservice options in case they want to linger.

Even if many of your customers don’t yet own an EV, you still can provide sustainable options for them at the pump. For instance, you can offer your customers carbon offsets with each fuel purchase through your loyalty program. In this way, you can reward your customers by allowing them to “invest” in green initiatives that counterbalance their carbon footprint. You essentially empower them to continue purchasing their normal items such as fuel, coffee, and snacks while knowing their purchases will positively impact the environment.

Differentiate your brand

No matter what programs you implement, prioritizing sustainability within your business strategy can deliver both immediate and long-term benefits such as:

• Enhancing your brand: You can improve your brand reputation in areas around your stores by supporting projects the local community cares about. Your customers can see the impact of your sustainability efforts in their own neighborhoods.
• Building goodwill and credibility: If you focus on sustainability, do it right. Savvy consumers are quick to spot “greenwashing,” where brands exaggerate their environmental efforts. Make sure you can substantiate your claims and validate outcomes to show your customers that their efforts are making a difference.
• Attracting motivated shoppers: The 2021 Business of Sustainability Index by GreenPrint, a PDI company, found that consumers are willing to pay more for environmentally sustainable products. Raising your environmental efforts can help you withstand stiff pricing competition.
• Staffing more effectively: If you’re struggling to staff your stores because of ongoing labor shortages, highlighting your sustainability efforts could help you attract prospective employees-and retain them longer.

Go green and stay profitable

As a business owner, you need to ensure profitability. And you can still care about the environment and your community. The sooner you begin to implement forward-thinking sustainability initiatives, the more likely you are to stand out in a crowded marketplace.

When consumers perceive your brand as environmentally friendly, they have a reason to choose you over your competitors. And they’ll be less prone to make a switch over small price differences. In particular, carbon offsetting programs like those offered by GreenPrint can help you help your customers make a difference while supporting a business they already trust.

To learn more about integrating sustainability into your loyalty programs, visit https://www.pdisoftware.com/consultation/sustainability-solutions/?utm_source=gcsf&utm_medium=content-syndication&utm_campaign=gcsf-422