A green industry report of 2014 that surveyed 60 countries worldwide stated that 55% of their consumers did not mind paying higher prices for environment-friendly goods and that 71% of American respondents revealed that a product’s impact on global warming and climate change is one of their considerations in their purchases.
This is a commendable positive outcome of rigorous campaigns and information dissemination about the alarming state of global health, and such encouraged the mushrooming of so-called green businesses.
Sustainable business, or green business, is an enterprise that provides primary consideration to the welfare of the society or economy, progressively addressing issues such as human rights, gender equality, greenhouse emissions and reduction of carbon footprints.
Thus, investments abound in technologies of renewing energy as well as offsetting its rise in consumption, like solar panels which are now popular in emerging residential housing development. Other popular eco-friendly products include new appliances with high ratings from evaluation agencies and tankless water heaters.
Minimization of wastes, another nemesis of legislation for clean air, is another focus of business establishments particularly those in food service. According to estimates, food wastes account for bigger percentage of greenhouse gas emissions. Department stores and supermarkets adopt zero waste business models and recipe-based food delivery services.
Even in the manner of marketing their products, green businesses demonstrate to the consumers their support to the cause of environment preservation. Some companies opt to advertise through a showcase of their business cum sustainable practice of air purification or establishing and maintaining an urban garden. Businesses tend towards paperless transactions through digital marketing and online advertising.
Meanwhile technology companies encourage telecommuting which is becoming another green business trend, as traveling from residence to office casts significant carbon footprints. Further, employers save in energy and financial costs with smaller office spaces to maintain.
Continuous growth of green businesses is expected to cater to the parallel increase in consumers’ awareness of the need to protect the environment. Certainly, the business development cost of designing innovative products is imputed to their market prices. However, a research study revealed that consumers’ preference is dictated primarily by the functionality and effectiveness of the good, and once these are compromised, there is a limit to the price they are willing to pay for the sake of the environment.
A business development manager based in San Diego, Janique Goff possesses a keen interest on green technologies such as biofuel and water desalination. For more eco-updates, visit this page.