What does every E-Commerce Platform need? A "B" Tag.

According to sources like eMarketer, e-commerce is the only trillion-dollar industry growing at a double-digit percentage each year. Every product oriented company needs an online presence and a full-fledged e-commerce platform today. With possibly millions of same-style platforms out there, who will take the cake?

The answer lies in one word... "B".

A “B Corporation” is certified by B Labs (a nonprofit organization) as a company which creates value for environment, and employees. These companies not only strive to gain market share and financial supremacy but do so keeping in mind the well being of the society, and stakeholders. Though the certification is not legally recognized, it is a good stamp of sustainability for a company and a proof that company follows good practices.

A company has to undergo performance assessments and meet legal requirements to get a “B Corporation” status. They undergo various assessments according to metrics that are designed for the particular company keeping in mind its size, industry, location etc. 

It is important for any company especially E-Commerce companies have B corporation status as it is a sure shot way of telling it’s stakeholders and shareholders that they care about them. They can use this status to establish a clear value proposition to their customers which will help them gain a good image amongst customers, shareholders, and media.

Especially for platforms that tend to support and sell local produce, art, products or hand-made items, this status can help them prove their credibility. A big example of such a platform using this tag is Etsy.

Also, it would affect customer loyalty. In today’s world, it is important for a company to be involved in societal and environmental causes to gain trust and good public relations. It also helps small or upcoming businesses to set themselves apart as responsible units of society. They can market themselves on this basis as they may not have resources for corporate social responsibility projects which the big companies possess.

Coming to big companies, they do can benefit from the "B" tag immensely as sometimes they may be perceived as “hostile” by the community around them, these type of assessments could help turn that image around. This status helps in recognition of their efforts elevating their public image and making them a trusted, and “good”. This caring persona directly translates into customer loyalty which again contributes towards high profits.

Many corporations claim that having a B status has given them competitive and practical advantages that have contributed towards their overall growth. 

The best part about getting this tag is the fact that the evaluation criteria would be tailor-made for a company whether it is a start-up or a multinational. Plus every "B Corporation" undergoes regular assessments to ensure that high standards are maintained.

(More information: https://www.bcorporation.net)

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