Today’s consumers are becoming increasingly selective about what they buy, focusing not just on quality but also on how well those products align with their values. According to PwC’s Voice of the Consumer Survey 2024, which gathered insights from shoppers across 31 countries, 9.7% of consumers are willing to pay a premium for goods that are sustainably produced or ethically sourced. This gradual change in consumer values reflects growing awareness and demand for businesses to take responsibility for their supply chains, from fair labor practices to environmental stewardship.
So what does this mean for your business in the Philippines? By choosing to source ethically and partnering with responsible suppliers, you send a powerful message that your brand stands for more than just profit and is committed to principles that matter to customers. Ethical sourcing also allows you to tap into the rising demand from eco-conscious and socially responsible buyers while strengthening your brand image and trust.
In this article, we’ll discuss why ethical sourcing and working with the right suppliers can bring lasting benefits to your business.
1. Builds Trust and Credibility
When you work with suppliers who follow ethical and sustainable practices, you show customers that your business values integrity and responsibility. People are more likely to trust a brand that is transparent about where its products come from and how they’re made. This trust can lead to repeat purchases, stronger customer loyalty, and positive recommendations from satisfied buyers.
But building credibility isn't just about winning over customers; it also extends to your relationships with suppliers. One way to strengthen this is by consistently making timely payments, which becomes easier with Maya’s wide range of business solutions, one of which is Maya Business Deposit. Widely used by businesses in the Philippines as a settlement account, Maya Business Deposit features a reliable disbursement tool that serves as an effective payroll management system and enables secure, efficient payments to suppliers and vendors. By using a vendor payout and payroll system Philippine-based retailers trust, you can ensure both your employees and vendors are paid promptly, reinforcing your reliability as a business partner and your reputation as an employer that always pays on time.
2. Strengthens Brand Image
Partnering with eco-conscious and reputable suppliers boosts your brand’s appeal to modern consumers, who often associate ethical practices with quality and integrity. It positions your business as one that goes beyond profit and cares about its impact on people and the planet. When customers see that your sourcing choices reflect these values, they’re more likely to view your brand positively and recommend it to others.
A strong brand image is built over time through consistent actions, and sourcing from the right suppliers plays a key role in this. By making responsible partnerships part of your operations, you show that your values aren’t just a marketing message but a genuine commitment. This consistency makes it easier to attract and retain customers who share those values.
3. Reduces Risk of Negative Publicity
A single scandal involving unethical practices in your supply chain, such as labor violations or environmental damage, can undo years of work in building your reputation. Even if your business isn’t directly at fault, association with such practices can lead to boycotts, negative press, and a loss of customer trust.
When you choose suppliers who are transparent and responsible, you lower the risk of being linked to these issues. Being proactive about supplier ethics also helps ensure long-term stability in your operations, since compliant suppliers are less likely to face disruptions or legal challenges that could affect your business.
4. Appeals to a Growing Market Segment
Consumers who care about sustainability and ethical sourcing make up a growing segment of the market, and they often show strong loyalty to brands that share their values. By meeting this demand, your business can tap into a valuable audience that is both influential and profitable. It also positions your brand as forward-thinking and aligned with modern consumer priorities. This reputation can give you a competitive edge and help you stand out among businesses that have yet to fully embrace ethical sourcing.
5. Encourages Positive Media and Community Attention
Ethical sourcing often attracts favorable attention from the media, industry groups, and community organizations, especially when you work with reputable suppliers who share your values. This recognition helps amplify your brand message and reach new audiences without the high cost of traditional advertising. It can also open doors to partnerships, awards, and collaborations with like-minded organizations, creating a network of support that strengthens your reputation and contributes to your business’s long-term growth and resilience.
Make Working with Suppliers Easier With Maya Business Deposit
By focusing on sustainability and ethical sourcing, you can strengthen your brand’s reputation while catering to the demands of your eco-conscious consumer base. Part of this is making sure you partner with the right suppliers and maintain strong relationships with them. Sign up for Maya Business to access convenient tools such as Maya Business Deposit’s disbursement feature, which helps you keep strong ties with suppliers through prompt payments.
Setting up a Maya Business account lets you open a Maya Business Deposit account, which you can use as your settlement account. With an industry-leading 2.5% per annum interest rate, you can earn PHP 25,000 in interest per year on a PHP 1 million deposit. You can also send money to your partners and suppliers for free via InstaPay and PESONet, further boosting your savings.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, which you can use to pay suppliers or source new ones. Simply use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better your loan offer will be.
Sign up for Maya Business today to enjoy the benefits of Maya Business solutions and strengthen your relationships with suppliers.
