The world's largest retailer is planning to create a new way to inform consumers of the sustainability of products sold in WalMart stores. WalMart will evaluate the environmental impact of all manufacturers to support the eco-conscious community.
WalMart President and CEO, Mike Duke, expressed "Customers want products that are more efficient, last longer and perform better and increasingly, they want information about the entire lifecycle of a product so they can feel good about buying it. They want to know that the materials in the product are safe, that it was made well and produced in a responsible way. We do not see this as a trend that will fade."
It may take up to five years to complete the index. First, WalMart will assess over 60,000 suppliers through a 15-question survey evaluating four categories: energy and climate, material efficiency, natural resources, and people and community. Next, WalMart will analyze the product lifecycle from raw materials before production to disposal situations at the product life end. Finally, WalMart will convert this data into a simple device for consumers.
With this evolving project, WalMart hopes to influence suppliers to redesign products to be more eco-friendly, as well as lead other retailers like Best Buy and Target to join the initiative.
At a meeting held Thursday, Duke appeared extremely confident for the future saying "The index will bring about a more transparent supply chain, drive product innovation and ultimately, provide consumers the information they need to assess the sustainability of products. If we work together, we can create a new retail standard for the 21st century."
