What is a Green Product? – Benefits, Challenges & Examples
My business partner, Enrique Arias, and I had the chance to talk to Mr. Rodrigo Molina while on our recent visit to one of our clients in Cuenca. He explained to us in detail, all the benefits and environmental potential that Cuenca has.
Through our talk, we had a great analysis of what a green product means, how eco-friendly and beneficial that might be, and how the local market could benefit from such an activity.
But, first things first: let’s explain, What is a Green product? Let´s see some examples and benefits.
Every 9 out of 10 people inhale poor quality air globally.
So, why is there a need for green products to begin with?
- Every year, up to one trillion plastic bags wind up in the ocean and landfills.
- The average plastic shopping bag is only used for 12 minutes before being discarded, which means it takes 100 years to decompose.
- Every year, 4.2 million people die due to exposure to air pollution.
Increased usage of plastic bags has contributed to polluting the environment due to their resistant nature to biodegradation.
That’s why manufacturing industries are increasingly investing in research and development and now opt for ways to produce lightweight, cost-effective, and environmentally friendly products.
Additionally, according to a research report, around 73% of people are ready to pay extra for green and biodegradable products.
As the next generation, people from the green generation will always be inclined toward products that are environmentally friendly because of how it reduces pollutants in nature and reduces air pollution.
As a business owner or entrepreneur, it is essential to be aware of the benefits of green products. This blog post has all the details you need to know about how to get started.
What Is a Green Product?
A product that possesses any of the following qualities will be termed a green product:
- Protects the environment.
- Maximizes resource efficiency.
- Energy and water-efficient.
Solar panels and electric cars are great examples of this – designed to be used indefinitely without affecting the environment negatively.
They are created with harmless components and eco-friendly techniques, and sustainable products are accredited by reputable organizations, such as the Forest Stewardship Council, Energy Star, etc.
Characteristics of Green Products
Wondering what it takes to make green products? This post will break down the different qualities that green products should have.
- Recyclable and biodegradable.
- Manufactured under hygienic conditions and without the use of toxic chemicals.
- Also, it uses the minimum amount of resources.
- It has minimum carbon and plastic footprint.
Sometimes companies will use green marketing to differentiate themselves, by promoting their product values to the consumer.
Benefits of Green Products
Green products have a lot of perks and benefits that make them out to be a good investment. When you invest in green products, it helps alleviate the burden on the environment.:
- An environmentally-friendly building also utilizes large windows to let in natural sunlight which reduces the need for artificial lighting and overall energy consumption.
- That’s because an environmentally friendly building makes use of large windows to increase natural lighting. This, in turn, reduces the usage of artificial lighting as well as energy consumption.
- Save Energy & Bills. Perhaps the biggest plus, eco-friendly products last longer than conventional products. Also, green products are meant to use the least amount of resources and consume less energy.
- For example, solar panels generate power from the sun. They can be used for power generation instead of fossil fuels. Solar panels are also non-renewable, meaning they do not use fossil fuels such as gas, oil, or coal.
- Eco-friendly products are good for your health and provide a healthy alternative to the environment. Large windows in eco-friendly buildings, for example, make it easy to maintain a fresh indoor climate without the need for artificial heating or cooling.
- Positive Public Image: When businesses do something good for society or nature/environment, their brand value boosts instantly. That’s because people acknowledge good practices.
- Easy Access to Eco-Friendly Markets. The eco-friendly market is a huge industry and the companies that take part in it are seeing huge financial benefits. By creating sustainable products, brands offer green customers an easy & convenient place to shop. This gives them a competitive advantage over brands that don’t make sustainable products.
- Eco-friendly products lower the usage of resources, which means that fossil fuels aren’t consumed in excess. They also promote renewable energy and consume less energy to produce.
Challenges of Green Products
Going green comes with challenges, and by no means are we saying it is easy; it’s a long road and surely pays off in the end.
Take environment investments as investments for the future; businesses need to persevere through difficult times in order to see long-term results. Investing in clean energy, waste management, and countless other initiatives will pay off at a later date.
The new trend of creating green, sustainable products can be a challenge for businesses – they often need to reinvest in research and development, the production process takes longer, and the quality control increases risk exposure:
- Green Myopia. Did you know that almost 75% to 95% of businesses fail because of marketing myopia? That’s because they focus on short-term selling factors rather than seeing the bigger picture. Let me ask you one thing, why do you buy products? Perhaps, it benefits you, right? I mean, obviously, if you are going to buy green products, you need to be sure whether the products are environmentally friendly or otherwise. So, even if the product possesses some of the characteristics of green products and isn’t environment friendly, the consumer will not be satisfied, and the business will probably lose its credibility. This, in turn, leads to what you call green myopia.
- Need Standardization. According to some studies, only 5% of the marketing campaigns that claim to be all green are telling the truth; there are simply not enough standards to verify the claims. Also, there is no way to establish that the product is actually organic/green since there is no standard quality control organization or board. However, there are certain policies that are helping us get closer to green standardization.
- Investment. Albeit it seems easy to manufacture eco-friendly products, doing so requires technological innovation. This will necessitate a significant amount of expenditure on R&D (research and development). Not every startup business/company can sustain such a massive expenditure.
Examples of Green Products
Green fever has swept through the general consumer market, thanks to its ability to enhance the efficiency of the product while reducing the carbon footprint.
Every month, stores are filled with environmentally-friendly products as businesses focus on driving their brand towards a more sustainable environment.
Here’s a list of a few green products:
Even in today’s era, the automotive industry has been unable to lower its carbon footprint. Nonetheless, Tesla has emerged as one of the top leading examples of the electric car revolution. Yes, these electric cars tend to come with electric motors that aren’t just efficient but operate on clean energy.
Tesla has a devoted customer base and holds a market share of almost 2% in the automotive industry in the US. Although Tesla’s electric car is a sustainable product, demand greatly outnumbers supply.
Solar panels not only power electronic devices but also help the technology to become self-sufficient. For instance, Eton Rukus wireless speakers demonstrate this innovation, a compact, contemporary sound system with premium quality audio power that is usually fuelled by the sun.
Also, the solar panels are seamlessly placed on the top of the device for optimum absorption of light.