Entrepreneur takes financial hit to protect customers from rising cost of living
In 2022, mobile phone accessories manufacturer juice donated £70k worth of desperately needed chargers to the Ukraine.
What the company did next is an example of selfless business practice and the ultimate act of customer care.
Founder and CEO of juice, Jolyon Bennett, made the decision NOT to put up the prices on any juice products, despite a rise in inflation in the UK and the economic impact of foreign issues such as the COVID-19 pandemic, the Russian invasion of Ukraine and post-Brexit trade.
As a result, the ownership of juice took a financial hit and the company’s profitability is the worst it has been for 10 years. Even with the cost of goods increasing 15% due to the exchange rate, the team stood by not moving on its prices to save customers a few pounds to spend on necessities.
The decision to keep prices the same was driven by a genuine motivation by the juice team to give their loyal customers a bit of a break during such hard times. They also felt that their retailers shouldn’t have to increase their prices in an attempt to protect consumers further.
Bennett, commented: “We at juice are very grateful to our retailers and ultimately our customers for their support over the years. 3.2 million customers bought at least one juice product this year, and we felt that the last thing they needed was to see their shopping bill go up any further. By way of support to our customers, we decided NOT to increase our prices in 2022, but instead take a hit on the fallout from this and just suck it up.”
Last spring, the brand launched its ‘juice Made Mindfully’ campaign as an extension of its ongoing sustainability initiative. The campaign was designed to help reduce the amount of virgin plastic in the world and to utilise recycled post-consumer waste collected from oceans, beaches and landfill sites instead.
Juice succeeded and became the first mobile phone accessories manufacturer in the UK to remove all single-use plastic from its products and has just been named a finalist in the Sustainable business category of the Business Champion Awards.
Jolyon has ensured absolutely no compromise on cost or quality in doing so – in fact, the entire range looks and feels exactly the same!
Read more:
Entrepreneur takes financial hit to protect customers from rising cost of living
