In recent years, the topic of sustainability and inclusivity has gained traction in both the public and private sectors. As consumers become more aware of the impact of their purchases on the environment and society, businesses are adapting their practices to meet these changing consumer demands, resulting in a shift towards a more sustainable and inclusivebusiness products as well as practices.
According to a report by McKinsey & Company, the COVID-19 pandemic has accelerated this trend, with consumers now placing even more importance on sustainability and social responsibility when making purchasing decisions. The report found that 64% of consumers worldwide now consider acompany’s environmental and social impact when making purchases, up from 50% in 2019. Additionally, 75% of consumers are willing to pay more for sustainable products, up from 66% in 2019.To meet suchevolving consumer demands, businesses are taking a more holistic approach to sustainability and inclusivity. According to a report by Boston Consulting Group, companies are integrating sustainability into their core business strategies and focusing on creating value for all stakeholders, including employees, customers, communities, and the environment. This approach,known as “creating shared value,” is becoming increasingly popular among businesses as they realize that sustainability and inclusivity is critical for creating long-term business value.
Therefore, the theme of the 14th National Marketing Konclave organized by KIIT School of Management (KSOM) is “Building a sustainable inclusive future: Addressing Consumer priorities in the new era”to deliberate on the paradigm shifts happening in the business world. The issue is even more critical for today’s students who are the future business leaders since the younger generation is more concerned about sustainability and social responsibility, and they seek to work for companies that share these values. Hence, building a sustainable inclusive future is a pressing issue that requires attention from businesses, consumers, and academia. As the world moves towards a more sustainable and equitable future, KSOM aims to create awareness, generate interest, and provide a discussion platform on this theme and subsequently prepare its students to become responsible and ethical leaders.