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Transparency gains traction as consumers seek to improve brand loyalty

"Growing awareness about sustainable and ethical fashion is encouraging the fashion industry to become more transparent about its operations. Today, consumers are more concerned about the origin of their clothes than they were earlier. They are now familiar with every aspect of their garment’s production including the source of accessories, dyeing process, factory conditions and the environmental impact of overseas shipping, etc. They have also realised the benefits of being aware about such information for their business."

 

Transparency gains traction as consumers seek to improve brandGrowing awareness about sustainable and ethical fashion is encouraging the fashion industry to become more transparent about its operations. Today, consumers are more concerned about the origin of their clothes than they were earlier. They are now familiar with every aspect of their garment’s production including the source of accessories, dyeing process, factory conditions and the environmental impact of overseas shipping, etc. They have also realised the benefits of being aware about such information for their business.

A recent report by Sourcing Journal titled “Transparency: Opportunities, Obstacles & Outlook 2019” reveled around 85 per cent respondents have realised the importance of transparency in the success of their business and around 66 per cent of them have already introduced transparency initiatives while another 15 per cent plan to introduce them within the next year and 13 per cent expect to pursue these initiatives in the next 2-to-5 years.

Rising demand increases focus on transparency

The report also notes 35 per cent respondents viewed consumer demand as being the major trigger for increasingTransparency gains traction as consumers seek to improve brand loyalty focus on transparency by brand. Around 53 per cent believe increasing consumer interest in transparency arises out of their curiosity to know everything about their products.

Around 56 per cent respondents believe focus on transparency has increased their brand’s reputation besides increasing customer’s loyalty. On the other hand, around 35 per cent measure the return on investment of their transparency efforts by how much they meet or exceed industry standards, while nearly one-quarter (24 percent) measure sales, monetary returns and good press coverage.

Transparency in supply chains and factories

Around 78 per cent executives advocate an improvement in transparency of their supply chain around 60 per cent preferred their factories and retailers to be more transparent. As per International Corporate Accountability Roundtable (ICAR), transparency improves a brand’s reputation, efficiency, legal compliance and access to capital. Around 66 per cent believe it is important for them to be known for their apparel product’s environmental impact. Out of this, 58 per cent are willing to pay around 20 per cent more prices for sustainable and eco-friendly products. Another 82 per cent would pay more for items they could recycle or dispose of sustainably.

Ensuring a fair treatment to their workers

The Global Consumer Transparency survey also indicated that around 78 per cent respondents would like to ensure fair treatment to apparel workers. An additional 78 per cent would like to understand the price dynamics of their products while 77 per cent would like to ensure their clothes are eco-friendly. Around, 81 per cent respondents expressed their willingness to buy clothes from transparent brands while 50 per cent are ready to abandon brands that make environmentally or socially harmful clothes.

Though the transparency report acknowledges improvements in accountability within the fashion industry, it advocates more government involvement to ensure that companies remain compliant with the law.

 
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