Over 50 per cent of Australian consumers are happy to pay more for products if the brand is actively reducing its waste and plastic usage.
The new data from Mastercard showed that brands need to display how they’re improving their sustainability, with just 52 per cent of consumers trusting that the brand they’re buying from is acting sustainably.
The implementation of sustainable practices is becoming more critical for businesses as nearly half of the surveyed Australians stated they would actively avoid shopping at a business that did not source its products sustainably.
This trend seems to have been recognised by businesses as 70 per cent of SMEs claim they are both actively exploring how to operate more sustainably and taking steps to improve their practices within the next year.
More than two-thirds, 72 per cent, of businesses leaders are interested in adopting new technologies to improve their sustainability, which include technological practices such as data analytics, automation technology, and blockchain.
Richard Wormald, Division President, Australasia, Mastercard, said in the digital age businesses and consumers can leverage technology to track and manage carbon and other emissions across the value chain, from sourcing materials and manufacturing to final distribution and personal consumption.
When it comes to the bottom dollar, 55 per cent of businesses believe that by implementing sustainable practices and initiatives they will increase their profitability in 2022.