Responsible consumption in the context of ESG transformation of the economy

ITMO University, Kronverksky prospect, 49A, 197101 St. Petersburg, Russia

^* Corresponding author: ve_korytova@itmo.ru

Abstract

The formation and development of responsible consumption arise in the context of digital transformation, generational change, international certification systems creation, and the growth of environmental consciousness. The term “responsible consumption” has no clear category boundaries in the scientific literature. However, most authors emphasise the number of additional requirements in the entire product value chain emergence such as production technologies; corporate social responsibility programs; business processes transparency as well as their ethics; packaging specifics; certification availability; raw materials; and product performance characteristics. Digitalisation and development of the responsible consumers segment have a great impact on the business environment changing, contributing to the emergence of new market niches and ecological products, as well as other opportunities and risks. Business leaders need recommendations for adapting existing marketing strategies in the direction of building marketing ecosystems and new formats of communicating with the consumer. The paper describes a full range of digital marketing communications tools for interacting with responsible consumption followers. The authors propose to use influence-marketing to broadcast corporate values and key ideas of sustainable brand as well as its ecological image to the target audience. Trustworthy interaction between the company and responsible consumption trendsetters is possible through co-creation marketing; as a result, the additional value joint creation and the common solution of environmental, social, and economic problems formation happen in the frames of this interaction.