Businesses play a vital role in promoting global economic empowerment of women.To step up its efforts to highlight and promote women-owned businesses, Wal-Mart has become the first retailer to enter into a partnership with the Women’s Business Enterprise National Council (WBENC). The company has committed to sell merchandise featuring a new logo that will identify goods as produced by women-owned businesses.
Wal-Mart believes that supporting women entrepreneurs not only helps push sustainable and equitable development, but it also makes good business sense because customers want to commit to the idea. The company recently conducted a survey that revealed nine out of 10 women customers in the United States would go out of their way to buy products from women, believing theseitems would offer better quality as well as support women empowerment.
Wal-Mart’s label partnership with WBENC and WEConnect International is a part of the company’s Global Women’s Economic Environment initiative that was launched in September 2011. The company had committed to source $20 billion worth of goods from women for its U.S. business and to double sourcing from women globally by the end of 2016.
Through this label collaboration, Wal-Mart hopes to increase awareness among consumers worldwide about excellent products from women-owned businesses, and support sustainable growth of these businesses. According to WBENC, women-owned businesses contribute over $1.3 trillion to the U.S. economy. It also says that women are responsible for more than 80 percent of the consumer buying decisions worldwide.
An increased awareness of the products from women-owned businesses can help grow the sales for a company as well asimprove consumer knowledge and loyalty. Both WBENC and WEConnect International have a focus to improve the growth of women’s businesses. Wal-Mart’s new logo will support this goal through the increased visibility and promotion that it will generate for these businesses.
Source: The City Wire
Image Credit: Flickr via JodiWomack
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