As consumers become more aware of what they purchase, they are increasingly seeking out companies that share their values and practices. One way for a brand to demonstrate its commitment to sustainability and ethical business practices is by revealing its supply chain to the public. But the benefit spans beyond marketing and sustainability.
Here are top 4 major benefits that can positively impact the brands :
1. Amplifying ‘Country of Origin’ Effect
The country of origin effect refers to the influence that a product’s country of origin has on consumers’ perceptions and purchasing decisions. This can be a significant factor in brand marketing, as consumers may associate certain countries with certain qualities or characteristics. For example, exotic fruits such as snake fruits, dragon fruit, etc are considered authentic and higher in quality if it is coming from Eastern Asia compared to ones that are cultivated in the United States. So does electronics, they are often perceived as higher in quality if it was made in Europe, the US, South Korea or Japan compared to everywhere else. Hence it is quite beneficial for brands to reveal their product’s story so that customers can associate the product that they are purchasing with a specific country.
2. Create Differentiation
In a crowded market, a brand that is transparent about its supply chain can differentiate itself from competitors that are less forthcoming about their operations. This can give the brand a competitive advantage and make it more appealing to consumers who are looking for companies that are socially and environmentally responsible. As it is proven true as well specifically in the food industry that consumers prefer brands that are more transparent than others according to research from Nielsen.
3. Improving Risk Management
Supply chain transparency can also help brands better manage risk by identifying potential issues and challenges in the supply chain. For example, a study published in the Environmental Science and Pollution Research found that supply chain transparency can help companies identify and mitigate risks related to natural disasters, labor practices, and other factors. This due to all parties being in the know of all aspect related to the product or service, hence damages can be avoided or mitigated if it happens or before it happens.
4. Improving Innovation and Collaboration
Finally, revealing their supply chain can also help brands foster greater innovation by allowing them to collaborate more effectively with suppliers and other partners. For example, a study published in the Intenational Journal of Management found that companies with transparent supply chains tend to have more innovative products and processes. This is due to the fact that all parties can see and understand what can be disrupted, make more efficient or replaced on the product journey to better suit their needs.
All of the benefits above requires a method to enable brands to reveal their supply chain in cost effective and streamlined way. Gratitude can enable that. Gratitude enables businesses to become transparent by being powered by blockchain technology, with easy-to-use tools to record their supply chain, narrate the story, verify on blockchain and present the data in a beautiful landing page that can be issued via Gratitude’s QR Code or URL that can be placed on a physical product or embedded on digital marketing campaign. Customers can then simply scan the QR codes placed on the product or click the link on a digital campaign and clearly see the product’s journey, verify sustainability claims, or any supply chain data that the company wants to reveal to the customer.
Begin your business’ true transparency journey by implementing Gratitude to unlock the hidden value of your supply chain data. Talk to our representatives via the following channels for support or assistance in implementation:
Website : https://more-gratitude.com
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