"What's in this?" The Business Relationship Between Transparency and Veganism
The convenience of life in the 21st century means more information than ever before rests at our fingertips. Any vegan would tell you how crucial this intel is to sustaining a cruelty-free lifestyle.
87% of millennials say they would be more loyal to a company that helps contribute to social and environmental issues. A skeptical generation, gaining their trust comes through transparency.
Supply Chain Transparency is a relatively new concept. Alexis Bateman, director of MIT Sustainable Supply Chains, pins it as requiring “companies to know what is happening upstream in the supply chain and to communicate this knowledge both internally and externally.”
What does that mean? Companies being responsible for using ethical materials and labor at each step of their manufacturing process, all the way through distribution. To ensure this they must disclose the process through which their product is made to both consumers and employees/affiliates.
Consumers and vegans alike only stand to benefit from such visibility. As veganism trends upward, more businesses will look to pad their bottom line by inviting consumers inside.
The vegan food market is projected to grow 10.5% from 2019 to 2026. Among top organic and natural food trends, plant-based food was selected most by market prognosticators.
The vegan women's fashion market looks even better, with 13.6% growth expected from 2020 through 2027. (Both projections are based on Compound Annual Growth Rates)
The greater share of vegan women's fashion market belongs to specialty stores, which typically house multiple vegan brands and products in the same space. At 31.4 %, they beat out they beat out department stores, hypermarkets and e-commerce channels of distribution. This ties into consumer loyalty gained through retail transparency.
Finding out what goes into the products we consume and how they are made tends to open eyes, minds and wallets.
In a 2019 survey by Vomadlife of 12,814 vegans, the largest percentage (21.9%) chose to go vegan after watching a full-length documentary. Only 11.2% went vegan randomly without external influence.
Fourth on the list was social media posts at 13.2%, another avenue in which we invite others into our lives/worldview.
Ultimately, the more we are informed as consumers, the more power we have in our decisions.
The easier it becomes to sift through the bullshit and dispel the myths that somehow persist about veganism.