5 of 10 Singaporean consumers won't buy from unethical suppliers
One of their considerations is environmentally sustainable practices.
Nearly five of 10 Singaporean consumers or, 45%, would not buy from a brand connected with unethical suppliers, according to a survey conducted by OpenText.
The survey included 1,000 Singaporean respondents and focuses on the importance of ethical operations in the supply chain. Part of the considerations in the survey includes environmentally sustainable practices.
87% of consumers show a willingness to spend more on more ethically sourced products. Of these, 38% is willing to spend 25% to 50% more for such a product.
Meanwhile, 81% of respondents say that these ethical practices matter to them, with 23% seeing that it started mattering to them in the last year. 89% are even thinking of comprising convenience in order to ensure its ethical production.
Open Text Senior Vice President and CMO Lou Blatt spoke about how the consumer is adapting to the demand for ethical business principles.
“Creating an ethical supply chain requires having visibility into every supplier. The ethically-minded consumer is exercising more control over their buying power. Brands can no longer claim they act responsibly if they have no visibility into their operations or those of their suppliers.”
This also applies to shopping online, as 59% of Singaporeans make a conscious effort to purchase locally sourced products.
75% also believe that businesses have a responsibility to ensure their suppliers stay by an ethical code.
Due to this, 72% think that the government should introduce regulations to hold businesses accountable for responsible sourcing.88% also believe that online retailers should be more transparent on the sourcing of products.
Overall, 84% say that knowing where the product has originated from is essential to their buying decision.