Brands are vital integrations of our life. Brands made us believe that the essentials we use define who we are. The clothes we wear, the phone we use, and the car we drive all represent a statement. Brands also make us buy things we don’t need and desire objects we don’t want. In today’s world, they are what makes us different.
Presently, brand culture across the globe is quite multi-dimensional. Hundreds of brands produce exquisite products every year to be people’s favourites. Since companies try to brand their products or themselves in extravagant ways, they have always been front-page material for centuries. Companies selling brand values while being shady behind the curtains is a century-old tale.
However, by the turn of the 21st century, people started being aware. Consumers have started realizing companies being ethical in their core beliefs is equally important as the quality of their brands. It’s no longer a surprise that the brands they use can potentially not reflect the core values they believe in. For example, Amazon. They are the pioneers of e-commerce business transactions. But, because of their tax avoidance and poor worker treatment, people have been avoiding and boycotting Amazon for some time now. With such prevalent cases around the world, everyone keeps wondering who to trust. This is where brand ethics come into play.
Brand ethics is the ethics a company should follow when marketing its brand products. In layman’s terms, it means that the brands should not harm individuals or the environment and promote good causes. Consumers worldwide consider how ethical a brand is since they understand that companies have a role in society. Observing consumer behaviour and being pressured, brands, too, have started being more honest. They began using buzzwords in their products like “sustainable,” “bio-friendly,” etc., and actually followed the guidelines to implement a green lifestyle. They started changing factory policies and became more transparent with their company structure. Brands have integrated special events to raise awareness for social and climate causes. One excellent case in point is Adidas’s collaboration with Parley for the ocean. Parley for the ocean is an NGO that focuses on eradicating ocean pollution. They came together in an attempt to turn marine pollution into footwear. This partnership helped people notice the critical situation of what plastic is doing to the oceans. Apprehending the impact of Adidas’s decision, other powerhouses also made big collaborations that reflected ethical beliefs. When big corporations take steps in being ethical, it creates a domino effect in the ecosystem, which makes other companies follow suit. The reform in company policies helped people slowly learn more about brands. They became conscious of their actions and everything they did.
A similar example of a company that follows modern brand ethics by the textbook is a Bangladeshi brand, Garbageman. They work for creating a sustainable environment by collecting and recycling waste products around the country. Because of what they do, they soon gained the attention of the government and other big domestic corporations. They have powerful collaborations with companies around the country and are heavily focused on a cleaner Bangladesh.
However, there is a big elephant in the room. How do we know that the brands are actually promoting ethical practices and not doing questionable actions behind fancy PRs and deals? It’s hard, but there are ways. With recent movements that challenge the hierarchy of society, brands are often requested and asked to show workflow with proper documentation and history. As a result, we can now learn everything about them through social media pages and websites. The youtube review culture through internet influencers is also a proficient practice to crosscheck brand ethics. Garbageman is an excellent example of good brand ethics.
With proper awareness, we can know which brands to trust. To start with, one key factor is price. A meagre price may suggest that a company has poor working conditions and underpaying its workers. A high price doesn’t necessarily ensure good things either. Neither the high price nor the meagre price should derive us to a conclusion. Rather, comparing prices between physical outlets and websites can help determine the correct number.
Furthermore, regarding brand ethnicity, the location of the manufacturing plants is a vital aspect to consider. You can also find labels that might falsely state that a specific product was made in Europe or developed countries. Since labels can be easily tampered with, you can never know for sure whether what the label is stating is true or not.
Other key factors include the source of materials and fashion cultures. Knowing what the brand uses in production can help us understand how much they care. Materials should at least be recyclable and organic. Brands that follow toxic fashion cultures like fast fashion should also be ignored. Fast fashion forces brands and consumers to pursue a lifestyle that promotes overspending and overconsumption. This usually causes detrimental effects on the environment and society. Brands that promote ethical branding should also have strong core values. Their image, statements, and everything they emphasize must be respectful and honest.
People care about the things they buy, but more importantly, they care about the value the companies sell. Unfortunately, no brands follow a strict 100% ethical work policy. But due to the development of mass media, we now know more than ever. It’s easy to find the brands we feel attracted to and understand their policies. Thus, we can always choose our own alternatives and brands that reflect the choices we want to make. We have to remember that change starts with us. And when we change for the better, the brands change with us.
through banking channels are falling. Despite numerous efforts to discourage international travel, there is a severe scarcity of cash dollars on the market. In the financial year 2021-22, expatriates sent money equivalent to two thousand 103 million dollars through banking channels. Compared to the previous fiscal year, this is a decrease of 3.75 billion dollars or 15.12 percent. However, according to the Ministry of Labor and Employment, 630,000 workers left last year. The first six months of this year saw the departure of an additional 650,000 workers. Even yet, the fall in remittances is concerning.
Despite the fact that the dollar’s price is determined by the market, the dollar’s strength in the market has increased. While I am writing this article, banks sell dollars to their customers at a price of more than 107 BDT per USD. In addition, the dollar’s price on the open market has soared to 110-115 BDT.
Interestingly, rates for the same currency vary from location to location today. When remittances sent by expatriates arrive, the dollar price is 108 BDT. If the same dollar comes through export, its price is 99-102 BDT. The price quoted for import is 104.50 BDT. However, freelancers and other dollar-earning sector employees receive a 2.5 percent government incentive on their salary. In addition, 115 BDT is withheld from a person seeking to purchase dollars for overseas medical care (in the open market).
The implication of the Russia-Ukraine War and the high demand for Hundi
After the beginning of the Russia-Ukraine war, the demand for dollars on the market surged due to the rise in the cost of imported products, such as energy. In comparison, neither export nor expatriate income increased. As a result, the country is experiencing a dollar problem. The dollar’s worth has climbed while the BDT’s value has declined. In less than seven months, the country’s currency has depreciated by more than 25 percent. Before this war began, the exchange rate was between 84 and 85 BDT.
The foreign exchange reserves have lately surpassed 36.97 billion dollars. According to the Bangladesh Bank’s data, the reserves decreased to 37.13 billion dues to the payment of 1.74 billion by Asian Clearing Union (ACU) countries for the period of July to August. It is anticipated to decline further due to various expenditures and other factors.
Author- Malik Araf
