How can your Order Management System help your business adapt to the Circular Economy?
This article is provided by BRC Associate Member OneStock.
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The Circular Economy, also known as second-hand, rentals, recycling, the used goods market, are all concepts and ideas that define the new major trend in retail. Retailers and brands across the globe are looking to use their future strategies to be more sustainable, environmentally-friendly and socially responsible.
From a personal point of view, I’m delighted to see the emergence of more and more new initiatives which encourage circularity sustainability. Brands are challenging business models that have been in place for years and it is great to see so many retailers already committed to meaningful change.
Every industry is affected by the phenomenon, and the meteoric growth of second-hand platforms and the sale of items between individuals is proof of this - furniture and homeware on Gumtree, fashion and accessories on Vinted, everything and anything on Facebook Marketplace!
The Circular Economy has created a kind of parallel retail market. By adapting their strategies, retailers can show that they’re genuinely concerned about sustainability and take their corporate social responsibilities seriously.
For everyone involved the retail industry – including brands and vendors, it's time to act…for the planet, for your customers and for your brand!
As the used goods market is estimated to grow to £73billion by 2030, how can retailers use their existing systems to adapt to this growing trend?
Download our latest whitepaper on the Circular Economy to find out how!