Successful Sustainability:
Sustainability is no longer a “nice to have”
Consumers want responsibility and sustainability
So, what can retailers do?
Adopt greener pricing practices
Source: 2019 Accenture US Holiday Shopping Survey
Give rewards for sustainability and loyalty
Be data-driven
Data is the key for retailers to maximize sustainability initiatives effectively. From pricing to assortment to marketing, every decision you make around sustainability should fit what your customers want and need. And data is how you do that.
The proper analytics unlocks effective, target promotions to sustainability-minded consumers, enabling you to affect demand, increase basket size, and win consumers over.
Use pricing to move demand to more sustainable products, take advantage of private label growth and locally sourced items, and leverage trade-up strategies.
Use consumer demand data analytics to establish the best pricing approach. Having real-time analytics on consumer demand will help retailers confidently identify margin opportunities and evaluate which sustainable products are worth investing in.
Managing the entire product lifecycle more efficiently reduces waste from the start. More accurate demand forecasts mean you can run a leaner inventory and minimize markdowns.
Pricing is one of the fastest levers a retailer can pull to affect consumer demand and purchasing behavior. A few ideas are:
• Price more sustainable products favorably against less sustainable ones
• Take advantage of private label growth trends and the demand for locally sourced items
• Leverage trade-up strategies to drive higher revenues with less packaging
Ready to Go Green?
Our experts will take a look at your pricing and sustainability strategies (or help you create them) to make sure you’re taking the right steps.
Talk with a pricing expert
© 2021 Revionics, an Aptos company. All rights reserved.
Deliver the Right Prices with Confidence
Revionics guides retailers on the lifecycle pricing journey with leading AI solutions for pricing, promotions, markdowns and competitive insights. As a trusted partner, we provide our customers with clarity and confidence to make optimal pricing decisions for powerful results.
Revionics is an Aptos company and plays a key role in their suite of unified retail solutions.
1. Track, monitor and gauge
2. Use pricing to manage and shift demand
3. Increase promotional effectiveness
4. Better manage the entire pricing lifecycle
5. Incentivize green consumer behavior
6. Promote your sustainability efforts
The worst thing you can do is not talk about your sustainability practices at all. Whatever efforts you make around environmental responsibility, consumers want to see a tangible impact. Share your impact with authenticity.
6 pricing and loyalty strategies for greener grocery
63%
want clear labelling to show a product’s sustainable or ethical credentials
66%
want retailers to offer incentives for recycling unwanted items
54%
want to be shown the origin of ingredients or materials used
53%
want to buy products in specific quantities to reduce waste
"
It is no longer a question of whether it is ‘necessary or not’ to launch sustainable business practices but rather how long it will take before consumers, shareholders, or governments punish businesses that don’t.
- Olivia Berdak, VP and Research Director, Forrester
Generational trends show no sign of stopping
of Generation Z, who will begin entering the workforce this year, prefer to buy from sustainable brands, according to Forbes.
62%
BACK TO TOP
Pricing is one of the fastest levers a retailer can pull to affect consumer demand and purchasing behavior.
A few ideas are:
• Price more sustainable products favorably against less sustainable ones
• Take advantage of private label growth trends and the demand for locally sourced items
• Leverage trade-up strategies to drive higher revenues with less packaging
A few ideas are:
• Price more sustainable products favorably against less sustainable ones
• Take advantage of private label growth trends and the demand for locally sourced items
• Leverage trade-up strategies to drive higher revenues with less packaging
• Price more sustainable products favorably against less sustainable ones
• Take advantage of private label growth trends and the demand for locally sourced items
• Leverage trade-up strategies to drive higher revenues with less packaging
Price more sustainable products favorably against less sustainable ones
Take advantage of private label growth trends and the demand for locally sourced items
Leverage trade-up strategies to drive higher revenues with less packaging
Price more sustainable products favorably against less sustainable ones
Take advantage of private label growth trends and the demand for locally sourced items
Leverage trade-up strategies to drive higher revenues with less packaging
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