Shawn Nelson, founder and CEO of Lovesac, a keynote speaker at the ICX Summit, shared insight on how sustainability impacts the retail customer experience.
There’s one prime fact to know when it comes to sustainability in the retail realm: it’s likely not going to drive any massive sales and it is pretty much a bust as a sales strategy.
Yet this fact shouldn’t keep retailers from pursuing a sustainable philosophy, as sustainability has become critical, according to Shawn Nelson, CEO of the Lovesac Company.
The Lovesac Company designs, manufactures and sells modular couches and bean bag chairs. In his role as CEO, Nelson has crafted a new standard for sustainability with Lovesac’s Designed for Life ethos.
Sustainability, said Nelson, is now “table stakes” for any retailer intent on “building a brand people will love.” He made the remarks during a keynote address at the ICX Summit taking place in Charlotte, North Carolina this week.
The summit, a dual event with the Banking Customer Experience event, brings together B2C brands to learn from industry leaders, network among peers and hear from top innovators about delivering exceptional customer experience.
It is hosted by Networld Media Group, a business-to-business media communications company specializing in digital media, associations and events in the mobile, self-service, digital signage, retail, food service and financial services industries.
Nelson’s statements fall right in line with retail leaders’ view; a recent survey revealed 69% of CEOs do see sustainability as a key growth opportunity
The Lovesac sustainability approach
Designed for Life redefines what it means to be sustainable.This approach strivesfor a balance between sustainability, profitability and Lovesac’s commitment to building a sustainable future.
“My advice,” Nelson told summit attendees is, “don’t just talk about it, and don’t lead with it [in regard to sales strategies], just do it.”
Nelson is the author of “Let Me Save You 25 Years: Mistakes, Miracles, and Lessons,” from the Lovesac Story as well as the host of the Let Me Save You 25 Years Podcast, featuring guests like Gronk, Mark Cuban, Ginny Clarke, Sara Blakely and Shaun White.
He advocates for “sustainable capitalism,” where responsible practices are embedded into every aspect of business operations. Achieving this requires three key approaches as Nelson shared in an interview at RetailCustomerExperience.com:
- Principle-based government regulation to ensure fair and sustainable business practices.
- Corporate charters that include social responsibility as a core element of the company’s mission.
- Leadership that prioritizes sustainability, balancing profitability with positive environmental and social impact.
Describing the current economic headwinds as a “crazy landscape” in which to be talking about sustainability, Nelson told summit attendees that the retail customer experience is “alive and well,” and that consumers expect a great experience and tier expectations are evolving.
The need for a strategic guide
During his keynote, one of nearly two dozen keynotes and sessions taking place at this week’s summit, which is celebrating its eighth year, Nelson said retailers need to have a ‘strategic guide’ in place and need to ask if they have a tight grip on staying true to that guide.
He also advocates more than a few business mantras — such as inspiring humankind “to buy better, buy less,” and to be an “insatiable learner.”
Nelson presented statistics revealing that Americans are a disposable society, whether its clothes or digital devices.
Yet he also shared statistics revealing that consumers are willing to pay for self sustainability in products and would even be willing to pay more for that aspect.
“It’s a good thing to do [support and drive sustainability] and we have the power to do it, but it requires us all to participate.”
About Networld Media Group
Founded in 2000, Networld Media Group is a leading media communications company specializing in digital media, events and associations in the technology, restaurant, banking, and retail industries. It’s media brands include ATMmarketplace.com, DigitalSignageToday.com, FastCasual.com, KioskMarketplace.com, QSRweb.com, RetailCustomerExperience.com and RewardsThatMatter.com. Events under the Networld umbrella include the Fast Casual Executive Summit, the Restaurant Franchising & Innovation Summit and the Self-Service Innovation Summit.
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