51 retail phases 511 new business model for

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5.1 Retail Phases 5.1.1 New Business Model for Environmentally Sustainability It is important that environmental sustainability is considered in the retailing phase in the global textile industry. For the retailing phase, it is essential that textile companies have a new innovative business model committed to the environment that embraces the company and stakeholders and measurement standards for how to measure and track the company s practice in environmental sustainability (Clinton N.D.). There is growing attention to an innovative business model geared toward environmental, social, political, and technological aspects as future growing and success strategies of the fi rms (Clinton N.D.). Greentailing, also called eco-tailing, is one of the most common business models dedicated to environmental sustainability. Key market trends in the retail industry In today s retail market, there are several key market trends directing retailers success and long-term growth: (a) greentailing, (b) demographic shifts, (c) experi- ential marketing growth, (d) thinking out of the box, and (e) selling service, not just products. First, greentailing refers to a business practice committed to environmentally conscious, socially responsible, and economically pro fi table retailing for all business activities (Perera 2009 ). It considers the effects to retailers dedication to the envi- ronment and society, consumer awareness and behavior, and employees and the supply chain, as well as returns to shareholders (Perera 2009 ). Greentailing caters to the growing demands of consumers seeking organic, environmentally and socially sustainable, and well-being products. To respond to these demands, greentailing requires the supply chain and retailers to become capable of implementing ideas and increasing pro fi ts while meeting eco-friendly standards in every aspects of the business (Perera 2009 ; Stern and Ander 2008 ). Greentailers whose major business emphasis is on greentailing grow faster then competitors with superior product innovation capabilities, because of their environmental sustainability. For instance, due to endless green evolutions, two leading greentailers, Walmart and Whole Foods, constantly grow much more quickly compared to their competitors who are non-greentailers (Stern and Ander 2008 ). Second, today s major shifts in consumer demographics alter market characteristics that are different from fi ve years ago (Zadro 2014 ). Due to aging baby boomers fading out of retail consumer markets, consumer demographics have become younger than previous market. The resulting Environmental Sustainability in the Textile Industry 43
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emergence of technologies is now an essential part of consumer concerns (Zadro 2014 ). Third, consumers in-store experience and their engagement in the brand are new powerful drives to creating sales and pro fi ts beyond the price of the products (Stern and Ander 2008 ). Fourth, retailers must think out of the box to discover novel and innovative ways to connect to consumers, especially in consid- eration of non-traditional consumers (e.g., online shoppers) (Stern and Ander
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  • Fall '19
  • environmental sustainability

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