Sustainable values and willingness to pay: an analysis of an analytical technique Online publication date: Mon, 21-Jun-2021
by Sri Beldona; Jeffrey P. Radighieri; Herbert Remidez
J. for Global Business Advancement (JGBA), Vol. 14, No. 2, 2021
Abstract: The concept of sustainability has become popular in today's business environment as consumers' environmental concerns remain a top priority for consumers. With the US consumer market projected to spend over USD 150 billion by 2021 in the sustainability segment, the importance of offering sustainable products has taken a renewed interest. Today, the agenda for sustainability has gained more traction among small and medium-sized businesses. However, such resource constrained companies do not typically have access to sophisticated tools to discern the drivers of consumer's willingness to pay (WTP) for sustainable products. In this paper we study the factors that influence consumer's WTP for sustainable products in the grocery industry. We show how traditional techniques of analysis such as regression analysis failed to bring out deeper insights that can be gained by using no-code machine learning. Implications of these findings and directions for future research are discussed in detail.
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