As the first normal-like year post Covid comes to and end, it has been another eventful year for the Climate with the conclusion of COP28. Will it be memorable, perhaps yes if the agreement to phase out Fossil fuels is adhered, for being the agreement struck in the middle of the large fossil fuel producing region. Progress critics will always have a case of too little, too late, but the optimists in us believe that any positive change is to be celebrated, and 2023 is a year when a lot of positive change happened. The biggest being that Climate Change Agenda has gone mainstream!
As we look towards 2024, we see 3 interesting trends developing in the world of business in EU and US:
1. Slow but sure: The pace of business since the pandemic has reduced. People are bringing their personal selves to the business, and that means that they want every effort to mean something, to be impactful and long standing. What this means is that business transactions and relationships take longer to occur, but successful deliveries means that they are unlikely to change unless there is something exceptional.
2. Quality not Quantity: Another remnant of the pandemic. Fewer items being bought, but people expect quality. If you do not have consistent high quality, people will move to another supplier/brand/substitute. Of Course your price will be important, but as long as you are in the range, people will consider you.
3. Being eco-friendly does not need to cost the earth: Climate change has focused the minds and made niche eco-friendly products mainstream. Traditionally higher priced than regular products, there is more scrutiny coming into the pricing with many blogs now showing how to go eco-friendly in an earth friendly way. For businesses jumping onto this bandwagon, reducing consumption is the message, which doesn’t meet the revenue goals. So ensure you show a clear circular chain, and how your standards (emissions, waste, etc) are measured and verified. Remember it takes one bad review or new story to take down your entire business.
As we end 2023, we would like to say thank you to all of you for the support and positivity shown and we wish you a very relaxing, safe and healthy festive season and a very positive and prosperous new year 2024.