• Subhashree Balaji, Employee |
3 min read

As the world becomes increasingly aware of the importance of sustainability, businesses are also being held to higher standards when it comes to their environmental and social impact. This is particularly true for companies in the UK, where customers are increasingly looking for brands that align with their own values and beliefs.

Evolving Customer Behaviours

Customers are becoming more vocal about their desire for businesses to take a proactive approach when it comes to sustainability and are increasingly aligning with a company's values and its commitment to social, environmental, and ethical principles. They are demanding transparency and accountability from the brands they support and are willing to vote with their wallets. In fact, a study by KPMG has found that 50% of consumers are willing to pay more for sustainable products. This shift in consumer behaviour is encouraging companies to re-evaluate their operations and make changes to better align with sustainable practices.

Sustainability in 2023

The business environment has become increasingly complex due to factors such as disrupted supply chains, rising cost of living, uncertain economic climate and geopolitical tensions. During such times, it can be difficult for businesses to invest in sustainability initiatives. However, it is crucial to consider sustainability, as not only does it attract and retain customers who are increasingly conscious of the social and environmental impact of their purchases, it also helps mitigate risks and ensure long-term profitability. Adopting sustainable practices can lead to cost savings, improved efficiency, and stronger resilience in the face of market fluctuations.

There are a number of ways that companies can be sustainable in the current economic climate:

  • Implementing cost-saving measures such as reducing energy and resource consumption
  • Adopting digital and leaner business models to increase efficiency
  • Diversifying revenue streams to reduce reliance on one market or product
  • Investing in sustainable technologies and practices to reduce long-term costs
  • Building strong relationships with suppliers and partners to ensure supply chain stability
  • Prioritising transparency and communication with stakeholders to maintain trust and credibility
  • Emphasising circular economy practices that focus on reducing, reusing and recycling resources

The way forward

Sustainability is no longer a nice-to-have, but a must-have for businesses. From impacting customer loyalty and performance to driving business growth, the benefits of sustainability are clear. As customer expectations continue to change, companies must demonstrate their commitment to sustainability in order to be successful in the long run.

How KPMG can help

Our experts have deep knowledge about the pressing issues and trends in market. This insight shapes the comprehensive suite of our services. Here are some of our key service offerings:

  • Business Value Orchestration: Integrated enterprise-wide optimisation which extract unrealised value to increase margin.
  • Customer 360: Reimaging the customer experience to integrate non-tangible benefits into product offering.
  • ‘’Glocal’’ Process: Architecting globally consistent, modular and scalable processes which are locally configurable to drive sustainable growth and change.
  • ESG: Proactively push for positive ESG impact and drive the market by being the innovation setter.