Pandemic resulted in businesses thinking differently to woo customers
Sustainability has become an important issue for most businesses today although it did not originally revolve around when building brand images of sustainability. But now social and environmental issues relating to forward and backward integration in retail business and its supply chain play a pivotal role in building brand equity in sustainability, said Lilanthi Herath, CEO of Laugfs Supermarkets (Pvt) Ltd at a recent webinar held on the topic of “Sustainable Retailing –The Path to Transformation.”
She said retailers play an important role, being the conduit between the supplier and the consumer. But Sri Lankan companies have a long way to go where backward and forward integration is concerned. However a strategic plan will enable to uplift the economic, environmental and social aspect of the country for the future generation as well. Sustainability also requires a longer term focus and multiple stakeholder engagement in overhauling old infrastructure that needs integration right across the retailing industry. It has to cover the core values of organisations and management of each companies where leadership will enable to go forward. All sustainable engagement will take a long time to reap its benefits and may not be immediate in differentiating brands. Human capital too plays an important aspect here as well. Sustainability in business requires a lot of effort for companies and for consumers. But the COVID-19 pandemic that shell shocked the entire world became a macro economic issue that gave the way to re-look at conducting business.
“Today we see people without jobs parking their vehicles and doing businesses to support their income. Although such people have entrepreneurship qualities we see a lot of challenges to sustainable issues in relation to packaging etc.” There are no regulations to control their operations as to how they package their products and deliver it to consumers. Consumers disposing such packaging has become a challenge to the environment as well. Referring to online business, she said although it eliminate contact between persons, it poses a challenge where such products are wrapped contrary to environmental regulations. Sustainability is challenged in every aspect where business is conducted, she added.
CEO Singer Sri Lanka Plc, Mahesh Wijewardena said that sustainability is connected to businesses be it retail or any other business for the long term continuity and for survival of businesses the stakeholders provide the impetus to help carry on with businesses. By following global trends retailers adopt various changes such as digital technology etc. Sustainability comes in various forms such as the product, service offering, retail, ambience, shopping experience and people’s preferences and digitalisation that keep changing continuously. The other factors include the harm caused to the environment. “Energy efficient product such as packaging, minimizing wastage, is needed for sustainability development. There is a huge development in the retail sector where job security is important in driving sustainability. During the pandemic period we had to educate people how to buy products by having a constant dialogue and by ensuring their safety as well as the company employees,” he said.
CEO, Jaykay Marketing PVT Ltd Charitha Subasinghe said sustainability is relevant to all stakeholders. “Unless we are relevant to stakeholders, businesses are bound to collapse,” he said. There are different types of stakeholders that depend on different types of businesses and the intensity and focus will change. Stakeholders are better informed and know what is available and have different aspirations as well. Stakeholder millennials are different from a few generations ago who seek quick gratifications and retaining them in a workplace especially in retail trade is difficult.
CEO of Softlogic Holdings Mohammed Rizvi said that sustainability is a catalyst for innovation. There are lot of innovations that comes under the sustainability agenda. Mobile phones are a great innovation for sustainability. The products developed by them contribute to conserve electricity where the electronic industry is concerned. Along with the pandemic the retail sector had a tough period but sustainability too has moved up the agenda of the retail trade. Today consumers too demand environmentally friendly products for their wellbeing.