NEW YORK – Oct. 20, 2021 – EDITED, the leader in Retail Intelligence combining market and enterprise data to fuel automation, today announced the release of The Sustainability EDIT 2021. The report includes global competitive data on over 4 billion SKUs from the EDITED Market Intelligence Platform, analyzing the evolution of the sustainable retail industry. By embracing data and AI, the research outlines the practices retailers are taking for a greener future.
With information on the number of styles launched, discounted and sold out each day, EDITED’s Market Intelligence data provides retailers with visibility into what products are selling to today’s eco-conscious customer. With these insights retailers can maximize profits and minimize the number of unsold goods, thus reducing their carbon footprints and improving sustainability initiatives.
According to The Sustainability EDIT, the term “sustainability” is more important than ever as retailers are converting their assortments to be more environmentally conscious. In fact, mentions of “sustainability” have become a staple feature in retailers’ communications to consumers, increasing by 84% in customer emails since 2019. Additional findings in the report include:
- Sustainability goes beyond apparel – Last year, footwear made up 7% of new sustainable products for menswear and 3% for womenswear.
- Sustainable apparel will cost the customer more – In 2021, sustainable menswear was priced at 12% higher than traditional menswear on average, while womenswear was priced at an average of 4% more when made sustainably.
- The popularity of sustainable home goods is rising – Recycled materials and bamboo are becoming increasingly common in-home furnishings. EDITED’s August 2021 analysis found that 100%-recycled pieces or pieces made with entirely recyclable materials are the most popular choices for retailers selling eco-conscious homeware.
- Despite the shift towards sustainability from other areas of the industry, fast fashion is only getting faster – The number of new styles dropped by fast fashion retailers is poised to outpace pre-pandemic levels. Since the start of the year, new fast fashion product arrivals are up 19%.
“Retailers have enough on their plates dealing with supply chain challenges and labor shortages, so trying to keep up with the ever-changing trends in customer preferences and sustainability can be overwhelming,” said Kayla Marci, market analyst, EDITED. “That’s why it’s critical for retailers to keep their finger on the pulse as we head into the holiday season. Right now, sustainability is top-of-mind for consumers, but tomorrow the focus could shift so retailers need to be agile and protect their bottom line.”
Powered by EDITED Market Intelligence, The Sustainability EDIT 2021 puts data insights into action. The report also includes recommendations for how retailers can shape their assortments to be more sustainable, the best pricing metrics behind eco-friendly products and more. Key takeaways for retailers include:
- A tight sustainability timeline is required – The Sustainability EDIT states that what companies do in the next five to 10 years will be critical. To strive towards net-zero emissions, retailers need to revamp their processes at every point in the value chain and not rely solely on offsetting excess emissions.
- Retailers should move away from 100% cotton – Fashion’s overreliance on cotton has led to environmental and political impacts while natural resources are at stake. Retailers should be looking beyond conventional materials to create more responsible garments.
- Education is imperative – To encourage consumers to dispose of clothing with the planet in mind, retailers need to provide education and incentives.
- Retailers must get creative with upcoming runways – Given the high environmental impact of runway season, digital solutions such as live-streamed runways, samples and immersive showrooms can help offset the impact of traditional fashion processes – helping to produce fewer physical goods.
To learn more about the latest sustainability trends and considerations, download The Sustainability EDIT 2021.
EDITED is the global leader in Retail Intelligence. We help retailers increase margins, generate more sales and drive better outcomes through AI-driven Market and Enterprise Intelligence to fuel Automation. By connecting business analytics and external market data, brands like Columbia and Inditex use the EDITED Retail Intelligence products to make better data-backed decisions, expediting insights into action. For more information, visit www.edited.com.
Ketner Group Communications (for EDITED)