Not Search or AI But an Example of Trend Spin
December 3, 2021
Consumers are becoming more environmentally conscious and it is slowly working its way into the world of fast fashion. Technology companies already realize, “Circular Business Models Offer A 700 Billion US Dollar Opportunity” says Fashion United. The Ellen MacArthur Foundation shares that circular business models will grow from 3.5% to 23% by 2030 with a $700 billion opportunity.
The rental, resale, repair, and remaking industries are already worth $73 billion and they are projected to grow more. Currently the fashion industry does not practice the circular models. Some brands offer “add-ons” such as discounts for recycled clothes or free items. This increases production rather than decreasing it. Rental companies do not always offer clothes designed to withstand multiple uses.
The fashion industry must adopt the circular model as part of its system rather than treating it as a limited extension:
“To rethink performance indicators, customer incentives, and customer experiences by shifting to a business model based on increasing the use of products, rather than producing and selling more products. This it adds requires businesses to rethink how it measures success, and to encourage its customers to opt for its circular offering through carefully designed incentives and enhanced customer experiences. The second action point is for all brands and retailers to design products that can be used more and for longer. As to maximize the economic and environmental potential of circular business models, products need to be designed and made to be physically durable, emotionally durable, and able to be remade and recycled at the end of their use.”
The current production models work one way: create new products with none of the resources returning for recycling.
Fashion is one of the world’s biggest polluters and its demands on resources such as water and fuel grow as fast fashion rules developed countries. If the fashion industry adopts more environmentally concerned practices, it could become as en vogue as past trends that should never have been popular: parachute pants, bicycle shorts, and powdered wigs.
Whitney Grace, December 3, 2021
Comments
-
- Subscribe to Beyond Search
Feature archive
News archive
-
