Competitor Strategies in Ethical Labels
COCA-COLA LEADS GLOBAL ETHICAL LABEL SALES BUT FALLS BEHIND IN DIVERSIFICATION
Coca-Cola generated the highest value sales of products with at least one ethical label,reaching USD 73.8 billion as a result of the recycling claim used on its carbonated drinks bottles. However, with recycling claims now an expected industry standard, the carbonates giant will need to work harder to match the diverse investment in ethical initiatives by rivals such as Danone (in B Corp certification) and Nestl (in growing its Cocoa Plan sourcing initiative) in order to retain the top spot.
SELF-CERTIFICATION HITS TRADITIONAL CERTIFIERS
The Fairtrades of the world are still relevant for the moment because consumers know and trust them. However, as retailers and manufacturers take ownership of responsible sourcing strategies for tea, coffee and cocoa, there will continue to be a shift towards cost-efficient,alternative sourcing initiatives.
TECHNOLOGY IS DRIVING GROWTH OF ALTERNATIVE ETHICAL MODELS
The Fairtrades of the world are losing their status quo as a new wave of sustainably focused start-ups trial digital platforms such as blockchain and smart labelling to connect consumers much faster with the ethical credentials of brands. However, alternative ethical models are young, have yet to prove themselves at a global scale and will need to look to industry collaboration and strong branding to build credibility.
BUILDING TRUST IS A KEY PART OF SUCCESS
Building trust will remain an active process. As retailers and manufacturers continue to look to emerging alternatives, the changing shape of commitments and plethora of claims could deter consumers. Transparency will be critical for manufacturers through regular reporting,external audits and strategic marketing. In some cases, collaboration with certifiers can help to validate ethical standards in the eyes of the consumer where certification or regulation is absent.
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