Sustainability in business in India: Who benefits and how.

Sustainability has evolved from being a mere compliance measure to becoming a strategic imperative for businesses worldwide. In India, where rapid industrialisation meets environmental challenges, adopting sustainable practices is no longer optional but essential. The question remains: who stands to benefit from sustainability in business, and how?

This edition of our sustainability newsletter explores these questions, delving into the advantages across industries such as retail, healthcare, hospitality, mobility, manufacturing, BFSI, real estate, energy and utilities, and more. We will also examine the transformative role of AI and IoT solutions in personalising and contextualising these benefits.

Retail: Enhanced consumer trust and operational efficiency

Retailers adopting sustainable practices can expect enhanced customer loyalty and improved brand equity. According to a report by Capgemini, 79% of consumers in India prefer to buy from companies that align with sustainable values. For instance, major retail players are integrating eco-friendly packaging and adopting circular economy principles.

AI and IoT solutions enable real-time inventory management, reducing waste and optimising supply chains. Personalised insights allow retailers to tailor promotions based on consumer behavior, promoting sustainable products effectively.

Key benefits for the retail sector:

• Reduced operational costs through energy-efficient store management.
• Increased customer retention due to alignment with eco-conscious values.
• Optimised supply chain logistics, minimising carbon footprints.

Healthcare: Greener operations for a healthier tomorrow

The healthcare sector, a significant contributor to environmental waste, has much to gain from sustainability. Hospitals and clinics are implementing waste segregation practices, energy-efficient systems, and water-saving technologies.

IoT devices monitor equipment usage, ensuring minimal energy consumption and reducing operational costs. AI-powered systems analyse patient data to personalise care, resulting in better health outcomes while minimising resource use.

Key benefits for the healthcare sector:

• Lower energy and utility costs with smart building solutions.
• Improved patient outcomes through AI-driven personalisation.
• Compliance with stringent environmental regulations.

Hospitality: Sustainability as a competitive advantage

Sustainable practices in the hospitality industry go beyond reusable towels and energy-saving lights. Eco-friendly resorts and hotels are now using IoT devices to monitor and control energy and water usage. According to a report by Deloitte, sustainable tourism is projected to grow by 10% annually in India, driven by increasing consumer awareness.

Personalisation powered by AI enables hotels to offer customised guest experiences, such as recommending local eco-tourism activities or providing room settings tailored to individual preferences.

Key benefits for the hospitality sector:

• Enhanced guest satisfaction through tailored, sustainable experiences.
• Reduced operational costs with smart energy and water management.
• Competitive differentiation in the growing eco-tourism market.

Mobility: Accelerating the shift to green transportation

The mobility sector is undergoing a green revolution, with electric vehicles (EVs) and shared mobility platforms leading the way. India’s EV market is expected to grow at a CAGR of 49% between 2021 and 2030, according to the India Energy Storage Alliance (IESA).

IoT-enabled sensors in vehicles can monitor battery health and optimise performance, while AI-powered navigation systems reduce fuel consumption. Personalised travel recommendations further enhance user experiences.

Key benefits for the mobility sector:

• Reduced greenhouse gas emissions with EV adoption.
• Cost savings through efficient fleet management using IoT.
• Enhanced user engagement with AI-driven personalisation.

Manufacturing: Driving efficiency and innovation

Manufacturing accounts for a significant portion of energy consumption and waste production in India. By adopting sustainable practices, manufacturers can achieve cost savings while reducing their environmental impact. Technologies such as IoT enable predictive maintenance, minimising downtime and energy wastage. AI helps optimise production processes, reducing material waste.

According to a report by the Confederation of Indian Industry (CII), 75% of Indian manufacturers see sustainability as a key driver of innovation.

Key benefits for the manufacturing sector:

• Improved efficiency and reduced energy consumption.
• Enhanced product quality through data-driven insights.
• Compliance with global sustainability standards, enabling market expansion.

BFSI: Driving green finance and digital transformation

The Banking, Financial Services, and Insurance (BFSI) sector has a pivotal role in financing sustainable projects. Green bonds, sustainable investment funds, and digital banking solutions are reshaping the industry. AI-driven analytics help banks assess environmental, social, and governance (ESG) risks, enabling better decision-making.

IoT-powered solutions in insurance, such as connected devices for risk monitoring, enhance policy personalisation while promoting sustainability.

Key benefits for the BFSI sector:

• Increased investments in sustainable initiatives.
• Improved customer trust through ESG compliance.
• Enhanced efficiency with digital and IoT-enabled solutions.

Real Estate: Building a sustainable future

In real estate, green building practices are transforming urban landscapes. Energy-efficient designs, renewable energy installations, and smart home technologies reduce the carbon footprint of properties. According to JLL India, green-certified buildings can reduce energy consumption by up to 50%.

AI and IoT technologies enable real-time monitoring of energy usage in smart buildings, optimising resource management. Personalised features, such as adaptive lighting and climate control, enhance tenant satisfaction.

Key benefits for the real estate sector:

• Higher property value due to sustainability certifications.
• Lower operational costs for property owners and tenants.
• Enhanced living experiences with smart, eco-friendly solutions.

Energy and Utilities: Leading the renewable revolution

India’s energy and utilities sector is at the forefront of the transition to renewable energy. The government’s target of achieving 500 GW of renewable energy capacity by 2030 highlights the scale of this transformation. AI-driven grid management systems and IoT-enabled smart meters enhance energy efficiency and reduce waste.

Key benefits for the energy and utilities sector:

• Reduced dependency on fossil fuels.
• Increased efficiency through smart grid technologies.
• Enhanced customer engagement with real-time energy usage insights.

Cross-Industry Applications: Personalisation and contextual benefits

The integration of AI and IoT offers immense potential for businesses across all industries. These technologies provide:

1. Real-time monitoring: IoT devices enable continuous tracking of energy usage, equipment performance, and environmental conditions.
2. Data-driven decisions: AI analyses large datasets to identify inefficiencies and recommend sustainable solutions.
3. Personalisation: Businesses can tailor offerings to individual needs, enhancing customer satisfaction and loyalty.
4. Contextual benefits: By analysing contextual data, businesses can adapt strategies dynamically. For instance, AI can optimise energy usage based on weather conditions or predict demand spikes.

The economic impact of sustainability in India

According to a study by Ernst & Young, businesses in India that adopt sustainable practices can increase profitability by up to 60% over a decade. The Indian government’s initiatives, such as the National Electric Mobility Mission Plan and Green Manufacturing initiatives, further incentivise businesses to go green.

Conclusion: A win-win proposition

Sustainability in business is no longer just about saving the planet; it’s about creating a competitive edge, improving efficiency, and enhancing customer experiences. From retail and healthcare to BFSI, real estate, energy and utilities, and manufacturing, every industry stands to benefit from adopting sustainable practices, powered by AI and IoT solutions.

As India navigates the path to a greener future, the wave of sustainability presents an opportunity for businesses to thrive while contributing to the greater good. The time to act is now. Embrace sustainability—because the benefits are universal, and the rewards are endless.

At JioThings, we proudly empower businesses across industries with cutting-edge IoT solutions that drive efficiency, reduce environmental impact, and create lasting value. Together, we can build a smarter, greener, and more sustainable tomorrow.

Thank you for being part of this journey. Let’s continue to innovate, adapt, and lead the way towards a brighter, more sustainable future. For any more information, contact us at [email protected]. Stay tuned for more insights in our next edition!