A great first step to take into the realm of retail sustainability is to create a sustainable business model for your store. But what exactly is a sustainable business model? A sustainable business model is one that “prioritizes sustainability, assesses and addresses environmental impacts, and Is transparent and thorough in its reporting.” Basically, a sustainable business model is one that prioritizes sustainability without hindering your chances of turning a profit.
Why a Sustainable Business Model Is Important
A sustainable business model lessens the risk your store poses against the environment while enhancing operational efficiency; furthermore, you can improve customer relationships while supporting local communities if your model is built thoroughly! Ultimately, a good sustainable business model incorporates financial profits, community engagement, and environmental benefits.
Revolutionize How You Recycle
Recycling should be one of the largest areas of importance in your sustainable business model. It saves renewable products from ending up in land fills or in the environment and can save non-renewable materials from the same fate by finding fun and unique ways to reuse them. To get started, look at what you throw away in your store. Think about where it ends up in the world and if it can be used for someone else before being thrown out. Designate a bin for items you can recycle, reuse, or donate.
Optimize Reverse Logistics
Optimizing reverse logistics – the process of handling returns – for sustainability can reduce environmental impact, enhance social responsibility, and improve economic performance for your store. Most products that make their way back through the supply chain can be reused. Streamlining your store’s returns process minimize your carbon footprint by reducing waste materials, which can dramatically improve your store’s image and customer loyalty.
Sources
https://www.business.com/articles/how-to-create-a-sustainable-business-model/
https://gusto.com/resources/articles/business-growth/how-to-build-a-sustainable-business
https://www.linkedin.com/pulse/building-sustainable-business-model-guide-small-businesses-lqmtc/
retailconnection 