Avery Dennison has teamed up with forecasting consultancy The Future Laboratory to release a Regenerative Retail Economy report, combining expert interviews with consumer insight and identifies the emerging trends and attitudes that will drive transformation in the decade ahead.
The report is released when the United Nations Framework Convention on Climate Change has challenged retailers to ensure that 20 percent of the retail industry by revenue is committed to net-zero by 2023 and that the entire sector reaches net-zero by 2050 at the latest.
This report highlights the groundbreaking technologies which will fundamentally change how retail and consumer brands do business as well as breakthrough approaches to e-commerce and omnichannel retailing.
Tyler Chaffo, manager of global sustainability at Avery Dennison Smartrac, said: ‘This is a time of huge disruption as the retail sector looks to recover from the Covid-19 pandemic as well as face the challenges of climate change. This report lays out the bold actions required to help retailers transition to net-zero and a regenerative retail economy. In a regenerative retail economy, retailers, manufacturers, suppliers, brands and consumers will each take responsibility and ownership over the collective need for a more sustainable future.’
The digital report, which is available free of charge, includes three predictions for the future of retail exploring the importance of pro-planet packaging, openly and transparently communicating environmental impact, and radical collaboration, which calls not only on governments to move the world to net-zero carbon emissions but also on business and civil society.
The report highlights that technological investment will be crucial to building a regenerative retail economy as retailers move towards regenerative systems. Research shows that 77 percent of business leaders listed environmental sensors and IoT as essential in meeting their sustainability goals. More than one-fifth claimed to have accelerated their digitalization plans by three years.
‘The combination of materials and digital solutions will play a critical role in building a regenerative retail economy. This means recovering and recycling materials at a faster rate than we are using them and creating greener last-mile solutions for packaging, shipping and returns as e-commerce grows,’ commented Rob Groen in ‘T Wout, marketing director for paper and film at Avery Dennison Label and Packaging Materials. ‘It means digitizing the supply chain so retailers can have a better understanding of their inefficiencies and waste to create more circular business models. And it means not only promising to preserve the planet but also proactively contributing to make the natural world a better place for all its inhabitants.’