Marketplace Literacy and Sustainable Consumption at the Base of the Pyramid (BoP)

In this chapter, we explore the transformative role of marketplace literacy programs in fostering sustainable consumption and empowering consumers at the Base of the Pyramid (BoP). BoP communities face distinct socio-economic and cognitive challenges, including limited literacy, income constraints, and social pressures, which often lead to suboptimal consumption patterns, such as conspicuous consumption. By equipping consumers with essential knowledge, practical skills, and digital literacy, we argue that marketplace literacy programs can address these challenges and enable BoP consumers to make informed, value-oriented choices. We integrate theoretical and empirical insights to highlight how marketplace literacy aligns with Sustainable Development Goals (SDGs), particularly SDG 1 (No Poverty), SDG 4 (Quality Education), and SDG 12 (Responsible Consumption and Production). Our discussion focuses on cognitive and social inhibitions at the BoP, such as difficulties with abstract thinking and susceptibility to persuasive marketing. We examine how marketplace literacy fosters resilience by building metacognitive and social intelligence skills. Additionally, we address the role of ICT-enabled interventions in bridging information asymmetries, empowering women entrepreneurs, and promoting sustainable digital consumption. In the practical applications, we emphasize the importance of community-centric marketing strategies, financial inclusion initiatives, and collaborative partnerships to support sustainable consumption. We also discuss barriers to ICT adoption, including affordability and infrastructure gaps, and propose actionable solutions to overcome these limitations. Through this chapter, we underscore the potential of marketplace literacy programs to create an inclusive, sustainable marketplace that uplifts BoP consumers and contributes to global sustainability goals.