It is no secret that nowadays, there's a steady rise in attention paid by society to environmental problems, with various ecological crises haunting mankind more and more regularly. Modern society has lots of ways to improve the ecological situation, such as using environmentally friendly products and products that are not harmful to the environment. Danil Kontsevoy, a renowned expert in the field of eco-business development in many different positions, including such ones as head of divisions at companies like Nike, The Walt Disney, and Global Brands Group, discussed with us these ways of business and production development.
Now, what is an eco-business?
This term refers to business activities based on the principles of environmental responsibility, and nowadays, there are many varieties of eco-businesses, including environmentally friendly products, waste management, renewable energy, and many more.
The path to nature conservation enables the emergence of new business opportunities.
The growing popularity of eco-business is due to people around the world's increasing concern for the environment. Businesses benefit from being eco-friendly because it helps attract customers, reduce environmental impact, and meet regulations. One of the best options is for companies to utilize and give a second life to products and materials that certain manufacturers are going to recycle/destroy. Companies can invest in green business development by improving manufacturing processes, reducing waste, and promoting eco-friendly products. This wonderful concept works not only for fashion industry companies but is also quite accessible for manufacturers from other areas of the economy.
New Fashion and Environmental Awareness
Sustainable clothing and shoes are often more expensive because of their high quality or the use of eco-friendly materials, but they may also be inexpensive but still be of high quality. For instance, we purchase products and materials that have been refused by the customer or when the factory has produced more than it needs and is going to utilize these raw materials. We buy back those from the factories at low prices, and our advantage lies in the ratio of price and quality—the prices for our products are low compared to their high quality. According to The Round Up, the sustainable fashion industry will grow to 15 billion dollars by 2030.
As technology evolves and interest in sustainability grows, eco-sustainable clothing will inevitably become more accessible in the years to come. Eco-clothing that combines style and comfort is becoming increasingly sought after, and models designed with everyday needs and functionality in mind are growing in popularity.
Sustainable Consumption Image
The image of sustainable consumption is formed through lifestyle, buying eco-friendly goods, and supporting eco-friendly brands. The gradual popularization of such productions in society is very important here. Holding various educational events, for example, perfectly contributes to such processes. At the same time, the use of social media is equally important, which continues to have a great influence on fashion and the opinion of the buyer. Influencers and virtual fashion shows are becoming an important part of the industry. Buyer awareness is, in fact, an important factor: according to a study by The Round Up, a third of people surveyed would be willing to buy sustainable clothing if they knew where to buy it, and more than half of the respondents were interested in buying it after the survey itself.
Fashion Trends
More and more consumers are likely to buy used clothing, which helps to reduce the fashion industry's environmental impact. Minimalism and "classics" are once again becoming popular trends in the fashion industry, especially clothes with clean lines, basic colors, and classic cuts. In addition, right now, we are witnessing a great increase in interest in handmade work; the return to embroidery, appliqués, and decorations are becoming part of fashion collections, giving clothes uniqueness and individuality. It's no secret that brands are actively engaged in creating collections that take into account the diversity of customers in terms of age, gender, ethnicity, and size, but the current trends of returning to classic styles and minimalist design have not been bypassed including very large manufacturers.
Digital Fashion
Digitalization and e-commerce are actively developing all over the world, which entails major changes in the work of hundreds and thousands of manufacturing companies because in order to organize the work of a large wholesale store selling clothes and shoes online, it is necessary to reliably adjust the work of internal structures and employees of the company. Logistics, accounting, warehouses, sales, technicians, and administrators—to make it work implies a huge number of specialists. Digitalization helps to reduce not only disruptions but also the amount of time spent on various tasks whilst increasing the speed and quality of customer service at the same time. Online shopping continues to grow, and many brands are moving their business into the digital space, trying to implement many innovations on their online platforms. For example, virtual fitting rooms and shopping for clothes using AR technology can provide a significant competitive advantage. This technology allows the customer to immediately "try on" the product they want or view the desired garment from all angles. The opportunity to try on virtual clothes can pull the buyer, holding his attention on the goods of the online platform. Moreover, e-commerce is more and more frequently using the mechanism of "sorting the showcase" when the list of goods is formed individually for each single buyer.
Environmental friendliness is an international trend today. According to Honeywell, Over 80% of Businesses Plan to Increase Spending on Environmental Sustainability Goals Over Next Year. It's not a simple desire to benefit the environment, but it is also a lucrative and promising field that not only helps mankind cope with the accumulating ecological problems but is also a great alternative to many classic business models. The popularity of eco-brands will only grow in the future, and eco-technologies can significantly reduce the costs of the enterprise. Therefore, a business built on respect for the environment and reasonable use of natural resources has all chances to become a stable and profitable business.
