In 2024, greenwashing started getting some real pushback from consumers, who are beginning to boycott brands that engage in this practice, and from regulators. Invesco Advisers was forced to pay $17.5 million, WisdomTree paid $4 million, and Keurig Dr. Pepper paid $1.5 million. 2025 will redefine how we perceive and achieve true sustainability.
PwC’s 2024 Voice of the Consumer Survey recently revealed that the general public is happy to pay a premium for sustainable products. But there’s a catch: they need to trust the sustainability claims being made about the product. This can be difficult and costly for companies to verify in a way that satisfies most consumers. However, the rise of digital incentives and tracking can have a serious, beneficial impact on the situation. For example, McDonald’s launched a line of collectible, reusable cups for the holidays, and this program doesn’t just stop at distribution. Utilizing the McDonald’s app, customers can track their usage and earn rewards for continued engagement.
A recent survey found that only 29% of respondents had high levels of trust in products labeled “natural.” This, along with the fact that the same survey found 72% of consumers would like more information explaining exactly how these products are better for the environment, points to the fact that it isn’t a lack of public support that is keeping back more sustainable programs. Instead, the problem is largely data.
Near-field communication (NFC) technology, digital tracking, and blockchain. NFCs and digital tracking make collecting data much more efficient and can largely be automated. Blockchains are immutable ledgers that can’t be falsified or tampered with. Working together, this can make for a system that is affordable and wholly trusted. Already, some companies have begun tapping into blockchain to address sustainability while preserving trust, transparency, and traceability.