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The cross-pollination between corporations and non-profit organizations has produced a family of businesses referred to as benefit corporations — defined as for-profit entities that make humanitarian and environmental concerns a core focus of their decision-making processes.
The enterprises that fall in this category have established committed relationships to charitable causes that go beyond donating to non-profit organizations (NPOs). TOMS, the footwear retailer, gained mainstream popularity and worldwide exposure for the “One for One” program, which is core to the entire TOMS business. With this initiative, TOMS matches every pair of shoes sold by donating another pair to a child in need.
Warby Parker, the multichannel prescription eyeglasses and sunglasses retailer, has a similar program called “Buy a Pair, Give a Pair.” For every pair of glasses sold, a matching pair is donated to a person who does not have access to affordable eye care.
However, a variety of new and emerging organizations also are focusing their businesses on social good. In this RTP feature, execs from Geek Supply, Love41 and Patagonia share how retailers can win customer trust and loyalty by embracing social causes and responsibility.
