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Summary:
The purpose of this thesis is to evaluate the benefits and challenges of smart packaging in three key areas: the people (consumers and brands), profits, and the planet. This thesis makes reference to the triple bottom line, which is used as a method of evaluating smart packaging. Results of the research and surveys conducted in this thesis conclude that smart packaging does not yet meet the triple bottom line, but it is well on its way to getting there. This is concluded based on the fact that only half of the consumers surveyed are willing to purchase smart packaging and see the benefits to paying more money for the technology. Others state that it is not worth the extra money. Smart packaging has the ability to provide brands with many benefits such as net revenue, brand loyalty, and brand awareness. However, the triple bottom line is not being met yet because there are challenges to implementing smart packaging such as high costs, and the fact that consumers must be willing to purchase smart packaging in order for brands to profit from it. Finally, smart packaging poses some challenges to the end-of-life phase such as the issue of recyclability. Smart packaging is a complex type of package, that results in higher recycling costs. If researched in-depth and appropriate materials are used, then smart packaging will pose less of an impact on recycling and sustainability.