Luxury retail brands are making sustainability a priority more than ever before. From choosing more eco-friendly materials to incorporating energy-saving technologies, these companies have seen the importance of creating better environmental practices and have acted accordingly. As luxury retail continues to move with the times, increasing sustainability is sure to become an even bigger part of their strategies for success going forward.
Consumers are becoming increasingly mindful about sustainability when it comes to shopping habits, and luxury retail is responding by investing in sustainable initiatives that will protect the environment while still allowing them to continue delivering luxurious items. With sustainability set to continue its growth in influence in the industry, upscale retailers must be prepared — or miss out on this particular trend. The brands we work with are pursuing a multitude of sustainability initiatives, from improvements in their supply chain to innovative ways to extend the usable life of their products through curated resale channels.
Sustainability can be highly data-driven. Sustainability has become more important than ever in the retail industry, and within the supply chain, retailers now have access to technology that provides them with a 360-degree picture of their inventories and customer preferences. They are already making sustainable and ethical supply chain decisions with regard to material sourcing and labor, and by layering in data they can also make intelligent decisions about pricing, discounting and future inventories so they can reduce unsold inventory at the end of a season.
With this deeper insight into both their sustainability initiatives and inventory stocking, businesses can better tread the line between meeting customer demand and minimizing waste to stay competitive in an ever-changing and complex market.