Trade Extensions: Consumers put their trust in manufacturers and retailers to look after suppliers
Consumers put their trust in manufacturers and retailers to look after suppliers and are prepared to pay more to shop at retailers who treat their suppliers better.
The latest research from sourcing with optimisation specialist Trade Extensions reveals the implicit trust consumers place in manufactures and retailers to look after supplier welfare and the penalties retailers face should they betray this trust.
The research reveals that while only 20% of UK and US consumers ranked suppliers as the most important consideration at the point of purchase, 76% feel manufacturers and retailers have a responsibility to look after suppliers and only 9% feel that manufacturers and retailers have no responsibility.
This implicit trust that consumers place in manufacturers and retailers is further demonstrated by the fact that 75% say they would prefer to shop at a retailer if it can demonstrate they treat their suppliers better and over 75% of consumers are prepared to pay a premium. In addition, only 25% of consumers feel the government should get involved in supplier welfare.
Trade Extensions, CEO, Garry Mansell, said “Companies often talk about the ‘trust’ that exists between consumers and their brands and sometimes this ‘trust’ feels intangible. However, what this research shows us is when trust is broken, consumers let companies know very quickly by taking their custom elsewhere.”
In addition, consumers are also prepared to pay a premium if a retailer can demonstrate they treat their suppliers better than their competitors. Overall, 76% of consumers are willing to pay more and 28% will pay between 5% - 10% extra and 17% are prepared to pay an additional 10%.
Mansell said, “It is clear that consumers expect suppliers to be treated well and they are prepared to pay extra. Good buyers manage their suppliers in a sustainable way and while buyers and suppliers need each other, they both need the end consumers to be happy as well.”
The Trade Extensions ‘Research Bulletin’ series looks at sourcing and supply issues from the point of view of the end consumers and allows supply chain professionals to get into the mind of their ultimate customer.
Download the report here:
About Trade Extensions
Trade Extensions (www.tradeextensions.com ) specialises in strategic sourcing with optimisation and its platform, TESS™, is used to run projects ranging from routine sourcing, such as simple reverse auctions, to advanced projects involving goods and services worth billions of dollars, millions of data items and multiple rounds of negotiation. Over $1 billion worth of spend is allocated through TESS™ each week.
Trade Extensions has offices across Europe and the U.S. Its sourcing platform is used by leading companies including P&G, Tesco, Unilever, Cargill, Coca-Cola, Dow Chemicals, and Kimberly-Clark.
The Trade Extensions logo is a registered trademark of Trade Extensions TradeExt AB.
TESS™ and TESS Academy™ are trademarks of Trade Extensions TradeExt AB.
+44 (0)20 8004 3236
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Business Wire
IBC25.5.2018 20:22 | pressemeddelelse
NBC Universal, Havas Group and Endemol Shine Discuss a Future with AI, Blockchain and VR at IBC2018
THE-FRENCH-PAVILION25.5.2018 11:28 | pressemeddelelse
Pavilion of France at the 16th International Architecture Exhibition – La Biennale di Venezia
SIA25.5.2018 10:32 | pressemeddelelse
SIA Acquires Card Processing Businesses in Central and Southeastern Europe from First Data
PA-WESTINGHOUSE-ELECTRIC25.5.2018 08:02 | pressemeddelelse
Westinghouse Accident Tolerant Fuel Development Moves Forward with Cooperation Agreement with ENUSA
BRIC-HOLDING25.5.2018 08:02 | pressemeddelelse
BRIC HOLDING Offers Aimedis – ICO: Germany’s Leading eHealth Platform Goes Public
ALPS-ELECTRIC25.5.2018 04:35 | pressemeddelelse
Alps Electric to Acquire Greina Technologies, Inc. as Part of Sensor Business Strengthening
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum