Companies that purchase goods and services from women-owned businesses have a competitive edge when it comes to securing a female customer base, a new survey found.
Out of 1,200 women surveyed nationwide, 80 percent said they would be more likely to try a product if they knew its manufacturer used women-owned businesses as vendors, according to the Women's Business Enterprise National Council. Another 80 percent said knowing a company routinely sourced its materials from women-owned businesses was enough to secure their brand loyalty.
Women consumers were also more likely give products purchased from a women-owned business a second chance, even if it missed the mark the first time, the survey found.
"Buying from women-owned businesses is an instant competitive advantage for corporations that have invested in supply chain diversity," Linda Denny, interim president of the Women's Business Enterprise National Council, said in a statement.