More Retailers Doing Well by Doing Good

Retailer success and involvement in socially desirable projects are not incompatible. In fact, support for the community is at the core of many retailers’ strategies.
As Jonathan Lee reports for Retail Touchpoints:
“The cross-pollination between corporations and non-profit organizations has produced a family of businesses referred to as benefit corporations — defined as for-profit entities that make humanitarian and environmental concerns a core focus of their decision-making processes. Because of their focus on public service, benefit corporations garner strong followings from consumers based on good will. They also are ideally situated to be agents and long-term funders of social good.”
TOMS, the footwear retailer, gained mainstream popularity and worldwide exposure for the One for One” program, which is core to the entire TOMS business. With this initiative, TOMS matches every pair of shoes sold by donating another pair to a child in need. Warby Parker, the multichannel prescription eyeglasses and sunglasses retailer, has a similar program called “Buy a Pair, Give a Pair.” For every pair of glasses sold, a matching pair is donated to a person who does not have access to affordable eye care.”
“Due to the success of these initiatives, charitable campaigns and social good business models are becoming a key component of successful retail businesses. As a result, entrepreneurs and retailers are integrating social good into their brand identities and overall business strategies.”
Click the image to read more, including several tips.

 

 

This entry was posted in Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business, Part 7: Communicating with the Customer and tagged , , , , , , , , , , . Bookmark the permalink.

4 Responses to More Retailers Doing Well by Doing Good

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  4. Pingback: TOMS’ “#WITHOUTSHOES” Campaign | Retailing: From A to Z by Joel Evans

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