According to a latest research, it has been revealed that sustainability is ranked as the second most important objective for businesses in the retail sector. Whereas, the first priority on the list was was improving customers’ experience (64 percent).
The survey comes from the US Cotton Trust Protocol and Economist Intelligence Unit (EIU), that took inputs from 150 executives based in fashion, retail and textile businesses across Europe and the US. It showed that leaders are introducing sustainability measures throughout the supply chain. 65 percent are sourcing sustainability produced materials, 51 percent are introducing a circular economy approach and cutting greenhouse gasses, whereas 41 percent are investing in new technologies such as 3D printing and blockchain.
The report also states that the industry leaders require collaboration to make sustainable change, but when it comes to external support, they don’t necessarily think further regulation is the answer. Jonathan Birdwell, regional head of public policy and thought leadership at the EIU, said in a statement: “It’s clear from the survey results and our interviews with business leaders that the industry is committed to driving progress on its sustainability performance. We were particularly struck by the fact that sustainability is largely considered as pre-competitive, behind the scenes brands are sharing resources and lessons learned.”