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Role of Market Research in the Changing Climate Scenario

Preservation of our planet has now become a major issue. Businesses, governments, and consumers are under pressure to deal with this issue swiftly and effectively. There is no longer any doubt that climate change is occurring right now as you read this. It has cost many lives and livelihoods with extreme weather conditions and has lead to disruption of our environment. We witness it all around us, from terrible droughts and wildfires to floods in many cities and countries.

According to a Forbes article from 2022, the cost of climate change to businesses will reach $1.3 trillion by 2026. This number is as a result of changes imposed by the government and problems with supply chains, shipping, and packaging. Sweden, the UK, and Denmark have all committed to ending the sale of new gasoline and diesel cars by the year 2030, with Denmark allowing an additional ten years to do so.

Oil firms, airlines, steel producers, and auto manufacturers come to mind when we think of the industries that produce the most pollutants. But in a report by the WWF and Greenpeace, the Finance sector has been shown to be a significant source of carbon emissions because of the its carbon footprint.

According to scientific studies, we must change how we work and live.

The COVID-19 pandemic has increased this need for change. Recent consumer researches demonstrate that consumers are sincere about their care for the environment and are willing to do their bit. In 2020, market analysts in the United Kingdom established the Insight Climate Collective (ICC). The group already has more than 300 industry professionals and is urging the sector to band together to address the environmental catastrophe.

As per the latest reports, more than 70,000 global social media posts on sustainability and plastic pollution were analyzed using affinity mapping and other digital research techniques. For instance, to apply a varied strategy to segmentation and customized messaging for each section, firms require direction on how to design and use plastic packaging.

How can Market Research Make an Impact?

Market research enables businesses to comprehend how new consumers perceive social and environmental concerns and how they can work to address them. Market research projects can hasten the implementation of change by assisting organizations with setting priorities, strategizing, identifying opportunities, and communicating effectively.

IBI Global Research Solutions helps brands with solutions and insights so that they can make planet friendly decisions.

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