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AUSTRALIAN RETAILERS MUST BE SOCIALLY RESPONSIBLE: PCW REPORT.
MELBOURNE, May 3 Asia Pulse - Retailers and consumer companies will have to be more socially responsible if they want to retain customers, lessening their reliance on sponsorship and donations to improve their public standing, a new report says.
The wide-ranging PricewaterhouseCoopers (PwC) report released today also looks at how retailers can engage baby boomers, beef up their private label offerings and cut costs through supply chain transformations.
PwC said corporate social responsibility (CSR) initiatives by business will move away from token efforts related to corporate philanthropy towards active management of social, ethical and environmental risks and opportunities.
"Exporters should expect greater scrutiny of their CSR practices by consumers, investors and authorities overseas," the PwC report.
One highly visible industry CSR program is the push to replace the use of plastic bags by supermarkets.
The 85-page report report said it remains to be seen whether the green bag initiative to replace the plastic bags is a fad or leads to long-term change in consumer behaviour.
The ageing population presents another problem for retail and consumer companies, with a major demographic shift set to occur over the next 18 years as baby boomers age.
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Source: HighBeam Research, AUSTRALIAN RETAILERS MUST BE SOCIALLY RESPONSIBLE: PCW REPORT.