In 2023, it is likely that consumers will continue to place a high value on transparency in the products they purchase. This trend has been growing in recent years, with more and more consumers seeking out brands that are open and honest about their practices, ingredients, and sourcing.
One key reason for this trend is the increasing awareness of the impact that consumer choices can have on the environment and on the lives of people and animals. Customers want to know that the products they buy are not contributing to social or environmental injustices, and are instead made in a way that is responsible and sustainable.
This trend is likely to be especially strong in industries such as fashion, food, and beauty, where consumers are particularly interested in the ethical and environmental practices of the companies they support. However, it is also likely to be relevant in a wide range of other industries as well.
There is a growing body of research and data that supports the idea that consumers are increasingly valuing transparency in the products they purchase. Here are a few examples:
1. 2019 survey by Cone Communications found that 87% of consumers said they would purchase a product with a social or environmental benefit if given the option. This indicates a strong desire among consumers to support companies that are making a positive impact.
2. 2020 report by Nielsen found that 66% of global consumers said they would pay more for products and services that come from companies committed to positive social and environmental impact. This suggests that transparency is not just a nice-to-have for consumers, but something that they are willing to put their money behind.
3. 2020 survey by Edelman found that nearly 75% of consumers said they would be more loyal to a brand that they perceived as being transparent. This indicates that transparency can be a key factor in building customer loyalty.
4. 2021 study by Accenture found that consumers are increasingly seeking out brands that are transparent about their practices, with nearly 60% saying they would switch to a brand that was more transparent. This suggests that transparency is becoming increasingly important to consumers and that companies that are able to meet this demand are likely to see an increase in market share.
The trends are likely to continue on 2023 looking at the consumer dynamic and growing consumer base of millennials and gen-z
In order to meet the demands of customers who value transparency, companies will need to be open and transparent about their practices, and will need to be able to demonstrate that they are taking steps to minimize their impact on the environment and to promote social and economic justice. This may involve things like using sustainable materials, supporting fair labor practices, and disclosing the source of their ingredients or raw materials.
Overall, the outlook for customer trend towards transparency in 2023 is positive, with consumers increasingly seeking out products that align with their values and that are made in a way that is responsible and sustainable. Companies that are able to meet these demands will likely see an increase in customer loyalty and brand reputation, as well as a potential for increased sales and market share.
Thus having your business being more transparent is crucial to capture this ongoing trend. Gratitude can enable that. Gratitude enables businesses to become transparent by being powered by blockchain technology, with easy-to-use tools to record their supply chain, narrate the story, verify on blockchain and present the data in a beautiful landing page that can be issued via Gratitude’s QR Code or URL that can be placed on a physical product or embedded on digital marketing campaign. Customers can then simply scan the QR codes placed on the product or click the link on a digital campaign and clearly see the product’s journey, verify sustainability claims, or any supply chain data that the company wants to reveal to the customer.
Begin your business’ true transparency journey by implementing Gratitude to unlock the hidden value of your supply chain data. Talk to our representatives via the following channels for support or assistance in implementation:
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