Your Business Needs to Embrace Repair and Resale: Customers are Leaping into Circular Economy! Dorea Team, February 21, 2024March 14, 2024 These days, people are caring more about the environment. No, listen, it’s not symbolic; people actually care and try harder to reduce damage to the environment. Shopper’s commitment has increased to the point where more than three-in-four (77 percent) want brands to provide more information about their sustainability efforts, a survey by Human8 found. What has been a big advancement, however, is that 67 percent of Australians are now demanding that brands go beyond being sustainable and take responsibility for reversing the damage to the environment. In practical terms, this translates into the three R’s: Repair, Reuse, and Repurpose – strategies that innovative fashion retailers have already adopted. Consumers have leaped into the circular economy, with three-quarters having bought second-hand clothes in the last year, and wardrobes now estimated to consist of pre-owned fashion items, Reluv said. High-profile brands like Patagonia, R.M.Williams, Kathmandu, and Balenciaga have already embraced resale and repair services, and others are finding their own ways to participate in the circular economy. What is a Circular Economy? The circular economy is a model of production and consumption that involves sharing, leasing, reusing, repairing, refurbishing, and recycling existing materials and products as long as possible. For example, the Inside Retail list of the 20 coolest retailers in 2023 included Frank Green, which has developed a cult following behind its reusable products, and Goodbyes, which is disrupting the resale market by making it desirable to shop second-hand. Scoop Wholefoods has long been a key player in minimizing food waste and is now entering the beauty category. Forward-looking retailers and brands will recognize that while the circular economy is now focused on the fashion sector, it is only a matter of time before consumers make similar decisions in all their purchasing. Just like AI, the circular economy should be on the agenda for every retailer. So, there you have it, The year 2023 has been one of excitement and evolution. And while you may feel that the word that best describes it is ‘exhausted’, in 2024 we think it will be ‘energized’. [Inside Retail] What can we do besides following trends? In the next steps, you should follow the best loyalty strategies to retain your customers in any way you can. Cashback is one of them, with which you can reward your most loyal customers and encourage them to shop again. On the Crypto Dorea platform, we provide everything you need to set up an easy crypto cashback program for your most loyal customers. You can customize it in any way you want for each product or service category. Visit Crypto Dorea and get the latest updates on the product. Articles