Earth Day on Sat, Apr 22, 2023

Are you looking for ways to improve your bottom line while also making a positive impact on the environment? Contrary to popular belief, sustainability isn't just about being eco-friendly; it can also help you save costs, attract and retain customers, and gain a competitive edge in your industry. As consumers become increasingly conscious of their environmental impact, investing in sustainability isn't just the right thing to do, it's also a smart business move. In this blog post, we'll explore how focusing on sustainability can benefit your eCommerce business in more ways than one.

When we look specifically at the eCommerce industry, we see that much of its negative impact comes from the supply chain, the production of products, and the processes involved in getting those products into the hands of consumers. The majority of production takes place in East Asia, where there is often a lack of transparency and environmental regulation. Additionally, the transportation of products rapidly contributes to carbon emissions, air and water pollution, and other environmental problems.

But it's not all bad news. Consumer trends are changing, and more and more people are choosing to support businesses that prioritize sustainability. According to a study by EY, 70% of Millennials say that a company's environmental focus influences purchase decisions. This is particularly relevant for the eCommerce industry, given that a large portion of its customer base is made up of Millennials and Gen Z. These younger generations are increasingly concerned about the environment and have the purchasing power to drive change.

Implementing sustainable practices can lead to cost savings in the long term. For instance, by optimizing supply chains to reduce transportation and packaging waste, businesses can lower their operational costs. Similarly, investing in energy-efficient technology can help reduce energy consumption and utility bills.

Sustainability efforts can also lead to increased customer loyalty and improved brand reputation, both of which can drive sales and revenue growth.

For instance, being a B Corp can lead to lower investment risk and higher customer loyalty. A study by Oxford University found that B Corps have lower volatility of earnings and are less likely to go bankrupt compared to non-certified companies. In addition, a survey by B Lab found that 63% of consumers are more likely to purchase products from B Corps and 80% of consumers are willing to pay more for products from B Corps.

B Corps also tend to have a competitive advantage in the market. A report by Deloitte found that companies with a strong sense of purpose, such as B Corps, tend to outperform their peers in terms of revenue growth and have higher levels of employee engagement and productivity. Being a B Corp can also help companies attract and retain top talent who are interested in working for organizations that have a positive impact on society and the environment.

Overall, becoming a B Corp can help eCommerce companies improve their bottom line by reducing risk, increasing customer loyalty, and providing a competitive advantage in the market.

Therefore, it is not just necessary to take action to protect our environment, but it is also becoming increasingly advantageous to do so. Sustainability is a growing value proposition, and businesses that prioritize it are well-positioned for growth as consumers, regulators, and investors drive significant opportunities. Brands both big and small are capitalizing on the call for more green initiatives. As Wayflyer continues to help the growth of eCommerce companies across many different product categories, we want to facilitate businesses in understanding the benefits and pathway to rolling out plans to make their businesses more sustainable.

For every business that signs up to the Wayflyer platform during Earth Week, we will plant a dozen trees through donations to the Canopy Project, a global non-profit organization that works on reforestation projects all over the world. Planting trees is one of the cheapest and most effective ways to take CO2 out of the atmosphere, and it also provides vital habitat for animals, stabilizes land from erosion and natural disasters, improves soil health, and provides economic development for local communities. Research suggests that forest protection and restoration, along with other "natural climate solutions," can provide over one-third of the climate mitigation needed between now and 2030.

At Wayflyer, we believe that businesses have a responsibility to prioritize sustainability and that doing so can help them create a community, build a strong brand, and improve their lifetime value. This Earth Day, we encourage eCommerce businesses to join us in taking action to protect our planet and build a more sustainable future for all.