A lot has changed in recent years amid growing consciousness among consumers and understanding among businesses that profit maximisation can't be the only objective of any business.

Business is also about making positive impact in life, serving the society and playing responsible role towards nature and the planet. It is all about sustainability.

"There is no benefit if we can't help people positively. And every product has to have a role," said Zaved Akhtar, chief executive officer and managing director of Unilever Bangladesh Ltd, in an interview with The Daily Star recently.

Akhtar is the second Bangladeshi to take the helm of the multinational company after Kamran Bakr. He took over in July after serving the company in various capacities in Asia, particularly in South Asia and Asia Pacific regions, since he joined in 2000.

He leads a team of 1,500. "Besides, more than 20,000 people are indirectly impacted because they depend on us," he said.

Many people say the role of a business is to maximise profits. For him, it is an outcome.

"The role of business today is to have an impact on society, the people and the community. What is the benefit of selling a product if we can't make deeper impact?" 

The top executive says the first statement or intent of the World Business Council was to maximise shareholder value when it began its journey in 1995.

Today, it is named World Business Council for Sustainable Development (WBCSD), a body of chief executives of more than 200 international companies.

The Council aims to make a world where 9 billion plus people live well within the means of the planet. Unilever is also a member of the WBCSD, and sustainability is at the centre of its strategy.

"And that's the realisation. Today, I say this because my children ask me about the result of the things I do. Their questions should be answered. And that is the right thing. Because as a business, our role is to solve the problem of the society."

"We must have a sustainable model for everything," said Akhtar, a graduate from the Institute of Business Administration at the University of Dhaka.

Unilever also tries to ensure sustainability and develop markets by offering solutions to the problems people face. In fact, it went from door to door to raise awareness about moisturiser.

Hair tangling was a big problem stemming from the use of soap even in the late 1990s. "We could make a difference after introducing shampoo," said Akhtar.

"We have helped 3.5 crore school children about the necessity of handwashing. We are still doing this."

In Bangladesh, the British multinational company has a rich history.

It began its journey in Bangladesh in 1964 and the first factory was set up at Kalurghat of the port city of Chattogram a year later.

The company started with wheel soap. At that time, Unilever's annual production capacity was 15,000 tonnes.

It introduced Lux soap a couple of years later and expanded its basket of products gradually as Bangladesh's economy and the purchasing power of people rose.

In 1980, it set up its personal care plant.

Unilever was predominantly a soap company until 1999: soap represented 85 per cent of the business.  It launched wheel detergent powder in 1997.

Since 2000, the company has been witnessing growth in the segments of shampoo, moisturiser, cream, lotion, toothpaste, and tooth powder.

Today, Unilever Bangladesh produces three lakh tonnes of products annually. Personal care business accounts for nearly 60 per cent of the business.

"What is surprising is that nearly 16 per cent people would use any dental product. Over the years, we have developed this category and the market," said Akhtar, who played key roles in branding and marketing.

Just several years after its foray into Bangladesh, Unilever invested to expand manufacturing capacity.

The multinational company makes 95 per cent of its products locally through eight manufacturing plants, while the rest 5 per cent comes from imports.

"We only import raw materials. But we are working to source raw materials locally," said Akhtar, adding that the company plans to collect 70-80 per cent of the raw materials from the domestic source.

The biggest benefit for the company, which is present in more than 190 countries, will be the reduction in lead-time in collecting raw materials.

Akhtar also talked about the prospects of fast-moving consumer goods market in Bangladesh.

The company describes the external environment for growth as favourable, thanks to overall urbanisation and its growth, young demographic, digitalisation, and changing lifestyle.

Per capita FMCG consumption is $23 in Bangladesh. It is double in India compared to Bangladesh, five times in the Philippines, and fourfold in Indonesia.

"So, the headroom to grow is significantly high. I think, the FMCG market has got fantastic space to grow."

A number of FMCG companies have made their foray into Bangladesh in recent decades thanks to business potential.

"There will be a lot more people coming in as the market opportunity is there. So, our opportunity is significantly high," said Akhtar.

The size of the FMCG market in Bangladesh is around 3.7 billion euro, or more than Tk 35,700 crore, and it is growing at 7-8 per cent annually.

"It is directly connected with the overall GDP growth," he said. Unilever Bangladesh's annual turnover is around Tk 6,000 crore.

Bangladesh has been among the fastest-growing economies over the past decade, backed by a demographic dividend, strong garment exports, and stable macroeconomic conditions.

"I personally believe this [the FMCG market] can even accelerate when there will be more competition for market development," he said, adding that the market grows when the literacy rate and the disposable income rise.

Unilever Bangladesh has invested heavily in modernising factories. It has pumped into Tk 600 crore in the last three years.

"Our Kalurghat factory is the second-largest in South Asia," Akhtar said.

The company is also aware about the demands among wealthy consumers and has introduced premium portfolio.

In keeping with changing consumer behaviour and purchase decisions in the era of digitalisation, the company has already launched its online platform Ushop to cater the customers who buy online.

"My perspective is that digitalisation will be the biggest disruptor for FMCG."

According to him, the linear value-chain of FMCG will not stay and the future value-chain will be all about platform and ecosystem.

So, the whole FMCG value chain will now be divided into three ecosystems: consumer ecosystem, customer ecosystem, and operations ecosystem.

In the consumer ecosystem, three steps have to be taken: know more, buy more, and try more.

"I am creating capability to the point where I will be able to follow the map of consumer journey," said Akhtar, who spearheaded the end-to-end digital transformation of business for Unilever in South Asia.

The consumer goods company, which markets more than 28 brands in Bangladesh out of over 400 household brands globally, has taken a number of technology-driven initiatives to optimise delivery time and sourcing and use data for improved decision-making.

"The FMCG will be very different from what we did in the past and the young leaders will do in future. Language and communication will be different. There will be a lot more data and lot more ecosystem and the decision-making will be at different levels."

For him, businesses have a role and should look for making positive impacts in everything they do.

"We have a role towards customers, to our society and to our environment and all the elements. We must make sure we create a waste-free world."

"We must create a socially inclusive world. We must make sure we are able to really have a positive impact on environment. For me, that is success. Success is not in sales growth."

"If I am unable to create any of those, there is no meaning of such success. There would be no meaning if my business grows by creating more pollution and negative impacts."

Akhtar feels very encouraged to see the amount of green factories coming in and describes it as a fantastic start.

Unilever Bangladesh is enhancing the use of recyclable plastics.

It has the capability to package 80 per cent of its products in recyclable plastics. Half of its products are already using recyclable plastics.

"By next year, we will have 100 per cent capability, and we will increase the amount of recyclable plastics to 60 per cent."

"We are also trying to create an ecosystem of collecting plastics. At Unilever, we will collect 100 per cent of plastics that we produce and take care of that sustainably. We have already started piloting."