It’s official: running a sustainable business isn’t just good for the planet, it’s good for business, too.
A study by Nielsen has proven that 73% of millennials are willing to pay more for sustainable products and research by McKinsey & Company has shown that costs are 16% lower and revenue is up to 19% higher for brands that prioritize sustainability.
To help retailers master sustainability, we’re hosting a free masterclass on April 25. Our panel of eco (and retail) experts will share unmissable insider insights and practical guidance to help you build a more sustainable and profitable business. Get your ticket now.
In the meantime, this blog will explore six game-changing technologies, tools and solutions that can help your e-commerce business become more sustainable…
1. Inventory planning
Proper inventory planning is crucial for sustainability. By using cutting-edge forecasting technology like Inventory Planner, you can ensure you only buy the stock you can sell, dramatically reducing the risk of ‘waste’ products that have to be liquidated or disposed of.
It’s estimated that up to 22% of inventory is unnecessary. That’s bad for sustainability because the more inventory you hold, the more power and heat you use to store and process it. Inventory Planner helps you only carry the inventory you need – and can actually sell.
Inventory planning can even cut your carbon emissions by helping you scale your PO to a specific volume or weight, to ensure you fill every last square inch of freight capacity and pack containers and vehicles in the most efficient way.
2. Sustainable packaging
Modern consumers care deeply about sustainability – and will choose the brands they spend their cash with based on their commitment to sustainability, including the type of packaging they use.
Pulpex is a first-of-its-kind fibre packaging solution that uses technological innovation to deliver much-needed eco-packaging category change. Pulpex is introducing a renewable fibre bottle technology that’s designed to replace the 1.3 trillion glass and plastic bottles produced globally each year.
Adopting innovations like Pulpex and other types of sustainable packaging can help you significantly reduce your carbon footprint compared to using traditional packaging, while showcasing your commitment to sustainability to consumers.
3. Data analytics
As well as enabling you to cut waste by buying inventory based on accurate forecasting data, your inventory planning tool should offer data analytics that further support sustainability.
Inventory Planner proactively flags up trends you might otherwise miss, such as when a particular variant is slow moving, so you can take action (such as bundling it with more popular items or offering a discount) to avoid it becoming obsolete.
Inventory Planner’s data analysis can also help you plan based on the actual (not projected) lead time of your suppliers. This can avoid waste and ensure your resources are used more efficiently, reducing the overall ecological footprint of your operations.
4. Carbon accounting software
Every brand looking at ways to boost sustainability should consider carbon accounting software to measure their greenhouse gas emissions and gain a clear baseline from which to improve.
Leading solutions like Sage Earth use accounting data to build your business’s carbon footprint, with the aim of helping you reach net zero emissions in your operations and supply chain.
Carbon accounting software can be a practical way to set realistic carbon reduction targets, pinpoint areas within the business to focus efforts and track progress.
As well as supporting regulatory compliance for some businesses, carbon accounting software can also demonstrate a clear commitment to sustainability which can help you win favor with consumers and investors.
5. Optimized logistics software
Advanced shipping software solutions like Shiptheory can help you take further strides towards becoming a sustainable business by optimizing your shipping routes and processes.
By factoring in traffic patterns, vehicle type, distance and types of delivery, optimized logistics software can help you easily calculate the most eco-friendly routes for delivery vehicles.
Shortening key routes and avoiding congested areas is a powerful way to minimize fuel consumption and reduce greenhouse gas emissions, while at the same time improving efficiency.
6. Online retail delivery technology
Online retail delivery technology can help you cut the carbon-intensive process of getting orders to customers.
According to HubBox, a software solution that makes it easy for retailers to provide pick-up options, adding local pick-up can see carbon emissions reduced by up to 85% compared to home delivery as carriers drop an average of 6 packages per stop.
By choosing to pick-up their parcel, consumers eliminate the risk of requiring a redelivery which reduces emissions even further.
Learn more in our free masterclass
Hear more from HubBox, as well as Verified B-Corp 5874 Commerce in our upcoming sustainability Masterclass.