In this episode, we explore Why Transparency in Business Matters to All of Us. We will be focusing on fashion industry and explore questions like:
- Why is transparency is the foundation of creating brand trust and customer loyalty?
- How can we give voice to brand and product stories, shining a light on the supply chain and making the invisible visible?
- How can we create greater transparency in fashion?
- How can we support transition from a linear business model to an infinite circular economy, incentivising transparency?
Transparency in business is crucial for several reasons, and it matters to all of us as consumers, employees, and members of society. Here are some key reasons why transparency is important:
- Trust and credibility: Transparency builds trust between businesses and their stakeholders, including customers, employees, investors, and the public. When companies are transparent about their operations, finances, and practices, it establishes credibility and fosters stronger relationships. Trust is essential for long-term success, customer loyalty, and attracting investors.
- Ethical practices and accountability: Transparency holds businesses accountable for their actions. When companies operate in an open and transparent manner, they are more likely to adhere to ethical practices, such as responsible sourcing, fair labor conditions, and environmental sustainability. Transparency helps identify any unethical behaviors or misconduct, allowing for timely corrective actions and preventing harm to consumers and society.
- Informed decision-making: Transparency empowers consumers to make informed choices. When businesses disclose relevant information about their products, services, pricing, and terms, consumers can make educated decisions based on their preferences and values. Transparent pricing, for example, enables consumers to compare options and choose the best value for their money.
- Quality and safety: Transparent businesses prioritize quality and safety. They provide accurate information about their products, including ingredients, manufacturing processes, and potential risks. This enables consumers to assess the safety and reliability of what they purchase, leading to better choices and reduced health and safety risks.
- Employee engage
Neliana Fuenmayor shares her journey from fashion designer to ‘phygital’ solution visionnaire to empower you with tools to demand traceability and transparency so you can make informed decisions. ‘
We vote with our wallets every time we choose to buy into a brand’ says Neliana.
Ask the brands for the information that you care about, so that they can become a transparent company. Neliana is an awarded designer, entrepreneur, and innovator with a deep care for transparency in fashion.
Her expertise in sustainable innovation and technologies is weaving solutions to accelerate positive impact in the fashion industry. Graduated from the University of the Arts London with a BA in Fashion Design and a Master’s in Entrepreneurship & Innovation, she has 15+ years of experience working for renowned brands, startups, and, NGOs whilst committed to her mission — Empowering the fashion community to step into as active citizens powered by digital tools to demand transparency and accelerate positive impact. Founder & CEO of ‘A Transparent Company.
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