Retail veteran Sir Stuart Rose told delegates that from fair wages to sustainability, the retail world needs to rethink how we consume and what we pay.
Sir Stuart Rose, Non-Executive Director of Majid al Futtaim and Woolworths South Africa, told the World Retail Congress delegates that both they and consumers have a shared responsibility to change to create a fairer and more sustainable future.
“In this world, where we are all eating way too much, we have to start the process of education.” Rose said. “Sustainability issues are increasingly shaping trends in the retail sector and as consumers become more demanding about transparency, retailers will need to reconsider what it is that they are selling and who their customers are.”
“Transparency is a good thing, there is no doubt about that.” Rose said. “Whether it’s about clothing, food or any other part of the retail industry. You cannot sell a t-shirt for two dollars and make a profit, if the person who actually made it, is being paid a fair wage.”
According to Rose consumer trust in many industries, such as the political landscape, has been broken. Retailers, however, are actually very well positioned to build trust, especially when it comes to assessing environmental impacts, he said.
“There are more than enough investors out there, who do have a lot of sustainability credentials. All we have to do is to surround ourselves with really great people and embrace change together.” Rose said.
Artificial intelligence and technology can be liberating forces, but they must be at the service of the people and the company, Barbara Martin Coppola, Chief Digital Officer, Ingka Group, told World Retail Congress delegates in a separate session.
“When we do that then the benefits are incredible,” she said. “We are at a time when technology can be scary, but it's about us and our goals and values. Today, consumers are afraid of privacy invasion. We can treat data responsibly and give people the choice about what is done with their data. This may restrict functionality, but will provide trust.
Technology cannot be at the expense of human buildings. We are at an important time on how we regulate this.”
