What are the steps we can take towards a more circular economy?
Businesses can move away from transactional relationships - based on selling a product to consumers who own it - in favour of ongoing relationships where consumers pay for a service to get the benefit. Zipcar is a great example of an alternative to car rental and car ownership.
Extension of product lifecycle
By developing products with a longer life expectancy or looking for ways in which an existing product can be reused, rebranded or re-marketed, companies can keep waste out of the landfill and find new sources of income. Reverse logistics and the recapturing of a product’s value offers a viable solution to after-market supply chain issues.
Cross-sector collaboration
Cross-company collaboration can have a significant impact on sustainability with real cost savings and greater profits for companies. Sharing resources and expertise to provide support and opportunities for each other is one of the most effective ways in transitioning towards a circular business model.
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