The Sustainable Development Goals (SDGs) are a set of 17 goals that the international community has committed to achieving by 2030. The SDGs were adopted by 193 UN member states, who also agreed to meet them by 2030. There is no getting around it: we need to consume differently. We see these three consumer trends as a source of innovation for the retail sector. These trends are not only about doing good for the world. They are also about doing well for business and society. Retailers have an important role to play in transforming the way we consume and, as such, a significant responsibility when it comes to implementing the SDGs. To achieve the SDGs, retailers will need to collaborate with external stakeholders, including policymakers and civil society organizations
The Sustainable Development Goals (SDGs) are a set of 17 goals that the international community has committed to achieving by 2030.
The Sustainable Development Goals (SDGs) are a set of 17 goals that the international community has committed to achieving by 2030. They range from ending poverty, protecting the planet and ensuring peace and justice for all citizens.
The goals were created after Earth Summit in Rio de Janeiro in 1992 and are intended to be a way for the world community to work together towards common objectives.
There is no getting around it: we need to consume differently.
It’s no secret that consumption is a major driver of environmental degradation. The UN estimates that global consumption will grow by 1.7 per cent per year over the next 15 years; if you’re in the United States, your own consumption rate is likely higher than this average. To meet our current rates of consumption in 2030 will require an additional 40 per cent of energy and 60 per cent more water.
It may seem obvious that we need to consume differently—but how?
Well, there are two ways: buy less or buy better products. Buying less means consuming less stuff overall, which can help reduce your ecological footprint and make space for other people who need it (e.g., refugees). Buying better means consuming fewer low-quality products by making more informed choices about what you buy—and donating or recycling any leftover items to create less waste overall (see also “buy one give one”).
We see these three consumer trends as a source of innovation for the retail sector.
We see these three consumer trends as a source of innovation for the retail sector.
- The rise of the digital consumer: As more shoppers turn to their mobile devices to make purchases, retailers need to adapt their business models and strategies.
- The rise of the social consumer: Social media has changed how people connect with brands and receive information about products. Retailers need to find ways to leverage this engagement in order to make better decisions about product development and marketing campaigns.
- The rise of the responsible/sustainable consumer: Consumers are increasingly looking for brands that reflect their values when making purchases—and they’re willing to pay more if they feel that way!
These trends are not only about doing good for the world. They are also about doing well for business and society.
The retail industry is at a crossroads. On the one hand, it faces an increasingly complex set of challenges that will require more than ever before to be sustainable and innovative if it is to thrive in the future. On the other hand, it also has an unprecedented opportunity to address these challenges by taking advantage of recent technological developments and shifting consumer preferences.
The role of retail in achieving the SDGs goes beyond simply selling products and services; rather, it entails facilitating access to them for all people around the world through investments and collaborations with governments, NGOs, communities and other stakeholders at all levels. This means that retailers must be more transparent about their supply chains so they can collaborate with others on initiatives such as reducing food waste or climate-smart agriculture; they must endorse sustainability initiatives like fair wages for their employees; they should embrace new technologies like mobile payments (which has helped spur financial inclusion) because doing so creates opportunities for innovation while also benefiting society at large; etcetera…
Retailers have an important role to play in transforming the way we consume and, as such, a significant responsibility when it comes to implementing the SDGs.
Retailers have an important role to play in transforming the way we consume and, as such, a significant responsibility when it comes to implementing the SDGs. In addition to being in a unique position to influence consumer behaviour, retailers must also ensure that they are part of the solution rather than part of the problem.
For example, as consumers become more conscious about climate change and other environmental issues, retailers must take action by reducing their carbon footprints through energy-efficient lighting systems and green building practices that reduce waste production. Similarly, retailers need to address poverty by providing affordable goods while also supporting local communities through fair trade initiatives or philanthropy programs that improve livelihoods for those living below the poverty line with micro-loans.
To achieve the SDGs, retailers must collaborate with external stakeholders, including policymakers and civil society organizations.
To achieve the SDGs, retailers must collaborate with external stakeholders, including policymakers and civil society organizations. In particular, they can play a key role in tackling climate change and creating sustainable cities. Retailers need to understand the opportunities provided by digital transformation while also adapting to it.
Retailers must rethink their operating model to meet consumer demands and adapt to digital transformation.
Retailers must rethink their operating model to meet consumer demands and adapt to digital transformation. Retailers must innovate and adapt to meet consumer demands, while also transforming their operating model in response to the digital shift. The retail industry must collaborate with external stakeholders (such as governments) to identify market failures that may impede progress toward the SDGs and identify potential opportunities that could help advance them.
Conclusion
As the retail sector continues to evolve, it is important for retailers to embrace these new trends and develop innovative solutions that will help them meet consumer demands while supporting the SDGs. For example, retailers could leverage their position as trusted advisors to provide guidance on sustainable consumption choices or promote community-based solutions that would mitigate environmental impact. As they do so, they must also be conscious of the potential downsides of their actions such as undermining local producers or perpetuating socioeconomic inequalities. Ultimately though, if we want less wasteful consumption patterns then we need companies like yours to make these changes happen!