Sustainable sourcing, also known as green purchasing, has an enormous impact on the retail industry. Although this isn’t a new concept, ethical awareness has become more popular in recent years. Consumers have grown more aware of the origin of their purchases.
What is sustainable sourcing?
Sustainable sourcing is defined as a combination between ethical, social and environmental performance factors during the process of choosing suppliers. If businesses want to source sustainably, they must consider purchasing green guidelines that apply to products such as remanufactured or recycled materials. Las Vegas based company, Alchemy Nutra, organically sources all their CBD Hemp products from a small partner network of U.S. hemp farms.
How does this benefit businesses?
Businesses are able to benefit from sustainable sourcing because of risk mitigation, a reduction in costs for vendor systems, and boosts in brand competitiveness. This allows for the possibility to attract new customers all while expanding to new markets. Many consumers are more conscious of the companies they purchase from. The desire for sustainable enterprises is predicted to be the future of business.