For as long as jewelry has been part of mainstream fashion, there have been concerns about the industry’s impact on the planet. These criticisms go beyond the environmental damage inflicted during the production stage – questions have also been asked about the human and social implications of traditional industry practices.
From sourcing the raw materials to bringing the end product to market, ethical jewelry is all about ensuring higher levels of transparency throughout the supply chain, to not only reduce any negative impacts, but to actually leave a positive footprint behind. This can be achieved through ensuring fairer pay and working conditions, promoting the recycling of materials and protecting ecosystems near mining sites to name a few.
In this article, we explore why suppliers should commit to stocking more ethically sourced products and the role they play in promoting a more sustainable future for everyone in the industry.
Appeal to eco-conscious consumers
Modern buyers are demonstrating a clear preference for ethically sourced and eco-friendly products. In fact, one study found that 81% of survey respondents agreed that purchasing ethically sourced and/or produced products is important. While research suggests that it’s the younger generation who are more likely to care about ethical goods, it’s clear that consumers across the board are taking an eco stance when it comes to where their money goes.
As an independent retailer, it’s important to do what you can to set yourself apart from competitors to appeal to a wider audience. Ensuring your stock is ethically sourced is a great way to do just that. Not only are modern consumers more likely to want to associate themselves with companies that demonstrate strong ethics, but these products can also give you a USP that competitors may not be exploring. What’s more, you may find that when you show a clear commitment to eco-friendly practices, consumers will be more likely to pledge their loyalty to you instead of shopping around. This is a great way to boost your bottom line and grow your business.
Demonstrate corporate social responsibility
Corporate social responsibility (CSR) refers to the wider impact that businesses have on their community and beyond. It’s not just about giving to charity; companies that excel in this area go above and beyond to make positive social, environmental and economic impacts on their employees, customers and the wider world beyond their office walls.
Not only does this highlight to prospective customers that you’re a trustworthy and ethical business, but studies also suggest that it can have a positive impact on staff retention and employee morale. Make CSR an ongoing commitment rather than a one-off obligation and you’ll notice the benefits for yourself and the wider community for years to come.
Future-proofing your company
As social conscience grows and governments across the world continue to clamp down on unethical practices, committing to ethical sourcing now will ensure you can get ahead of the curve and build a more sustainable business that will be safeguarded from future legislation regarding sustainable trading.
There are also a wider range of opportunities that ethical companies are likely to be presented with to accelerate the growth of the company. These include, but aren’t limited to, better investment, the opportunity for cost savings, establishing a more loyal customer base and attracting more skilled employees.
