Avery Dennison, the global leader in materials science and manufacturing, has released a trend report on “The New Transparency”. The outcomes underline the importance of transparency as a powerful tool capable of giving businesses unprecedented control over their supply chains and their environmental footprint while offering consumers increased visibility, safety and education. The report, commissioned in partnership with forecasting consultancy The Future Laboratory, is the first of a content series to be released over the upcoming twelve months. Founded in 2000, The Future Laboratory is one of the world’s most renowned futures consultancies, offering a unique blend of trend forecasting, consumer insight, foresight, brand strategy and innovation.
Transparency, a concept already gaining ground before the global pandemic, has been galvanised by the rapid spread of the coronavirus, showing just how quickly change can be implemented if the need arises. Consumers are also increasingly demanding transparency in recent times, with 70% of people feeling that trust in a brand is more important now than in the past.
“First and foremost, consumers are demanding this information – they want to understand the environmental footprint and be able to trace the provenance and journey, in detail, of the products they buy,’ said Renae Kezar, Global Senior Director, Head of Sustainability at Avery Dennison. ‘But embedding transparency also serves to unlock more effective decision-making for businesses, increasing their resilience.”
“Embedding transparency also serves to unlock more effective decision-making for businesses, increasing their resilience.”
“The New Transparency” outlines recommendations such as digital identities, tracing and sustainable materials within four category-specific micro-trends – blockchain and analytical technologies, labelling, packaging, and secondary waste. In the report Avery Dennison shared:
BEAUTY
In the beauty sector – blockchain technology can encrypt epigenetic data to generate consumer-specific cosmetic profiles – providing hyper-personalised service. While digital identities can be used to trace raw ingredients and materials, further equipping consumers with details on how their products are made and sourced.
RETAIL
In retail, e-commerce has experienced a boom during the coronavirus pandemic. Smart packaging and logistics can be a new touchpoint for transparency and sustainable practices. Here transparency is as much about social values as environmental ones. By assigning digital identities to physical products brands are enabled to bring more visibility into their supply chains and to better monitor global sourcing processes.
MATERIALS
In materials, conscious consumers want to know and understand where products came from and what their environmental footprint is. They are becoming increasingly aware of a product’s journey – from sourcing to the overall lifespan of a product. Designing materials for longevity or using waste to create by-products should be taken into account. This should be considered for all components of a product to encourage circularity, recycling and ultimately future-proof supply chains.
Want to deep dive into Avery Dennison’s foresight report feel free to download “The New Transparency” report here.