A new treaty is being shaped as we speak between consumers and sellers. Shoppers want to do business with companies that are fair, so this treaty must hinge on veracity, transparency, credibility, honesty and good will. If I have a choice between services from an ethically driven company and one with questionable business practices, I’d vote for the former every time.
… Because prices are a known commodity to all in this new economy, people want to know that not only did they make the right purchase, but that they also made the purchase from a vendor that treats their suppliers and employees decently.
Consider this: If the market price for a person’s time is $10.50 an hour (at minimum), then I might pay an additional 5-7 percent on my purchase so the company can pay its employees $15 an hour. I have the satisfaction of knowing my money helps employees work their way up the Maslow ladder.
… Consumers’ ability to vote with their mouse and to reject unacceptable behaviors have given them unprecedented powers.
The Bottom Line
Companies that are succeeding in this space have a particular way of handling things.
They have 24/7 human customer-care centers, which provide real-time support and resolution to consumer challenges. They treat their suppliers and vendors with respect and transparency. And they know how to price their products in a way that respects clients’ needs, while maintaining an ethical corporate culture that will drive shoppers to do business with them.
I am not to sure about the conclusions by Ori Karev. Does the majority really take care to do business with companies that are fair? Looking at the full parking slots in front of some of the discount supermarket chains, which are sure not the fairest to their suppliers, sometimes not to their employees, often not giving the society anything back through sponsorships for sports, the arts or social organisations, I have big doubts, how consumers vote through their purchases. Even people, who do not need to count every cent, are looking for the cheapest offer, not for the companies doing fair trade or being socially engaged. I really hope times are a changing – after all.