Businesses Are Catching On To The Advantages Of Circular Economic and Sustainability Practices

It has taken more than a week to get to a point where I can resume adding to my 21st Century Tech blog. This time I am taking advantage of a submission from Katie Brenneman to get back in the saddle again.

The apartment that we have moved to in Oakville is still largely open and unopened boxes and paintings leaning against walls. There are TVs yet to be installed and more. But before the move, I managed to put together a badly-documented Danish-designed desk kit. It was a struggle. Then I had to get a new modem, transport my nine-year-old warhorse desktop computer, screens, backup drives, printer and scanner and integrate all of them to get up and running. 

The move happened a week ago today and now we live 58 kilometres (approximately 36 miles) from our midtown Toronto apartment. The move was a necessity and I will address that in a future posting. But for now, I offer you Katie’s 13th posting to 21st Century Tech Blog where she talks about the importance of implementing circular economic and sustainability principles and letting both suppliers and customers know about it. I hope you find it a compelling read and as always welcome your comments.

Integrating circular economic principles into operations and branding strategies allows businesses to minimize waste, maximize resource reuse, and reduce environmental impacts. Businesses that showcase these principles demonstrate social responsibility, forge eco-friendly partnerships, enhance their reputations, attract environmentally conscious consumers, and. believe it or not, improve profitability. This approach is not only good for the planet but also good for business giving them a competitive edge in a growing environmentally-conscious global marketplace.

So how do businesses not just implement circular economic and sustainable practices but showcase their commitment at a time when more consumers are looking at a company’s environmental impact when making buying decisions?

Let’s take a closer look at how businesses can deploy sustainability and make it a part of branding strategy.

Recognizing The Power Of The Circle

Circular or closed-loop economic systems eliminate waste by stopping its production. Strategies include refurbishing, recycling, and elimination at the point of manufacture, point of sale, and with the consumer. Examples of companies incorporating sustainable, circular approaches in their processes include:

• The Levi Jeans Second-Hand program, where consumers can return used items in exchange for a gift card. 
• Battery recycling startups that repurpose precious metals to be reused for electric vehicle (EV) manufacturing. 
• Patagonia’s dedication to using recycled materials in its products as well as lifetime guarantees that allow for the repair of all items as long as they are salvageable. 
• IKEA’s commitment to a fully circular approach in all aspects of its operations by 2030. 

Businesses benefit by adopting data-driven inventory management software tools and practices to create efficiencies; by implementing cost-effective automated procedures that manage inventories, adapt to change, and mitigate potential wastage. And getting the word out to investors about the circular approach doesn’t hurt.

Embracing Eco-friendly Partnerships

Collaborating with sustainable suppliers, vendors, and environmental organizations aligns the business universe putting companies together with common values. It also communicates to consumers a holistic commitment to sustainability.

How does a business get there? By taking the time for discussions about current supply partner practices. Are they similarly recycling inventory and resources? What plans are they making for the future? If they’re not committed to eco-friendly practices, it’s important to research partners more aligned with your sustainability goals. Remember that the ethics and actions of companies you partner with tend to reflect on you.

In addition to suppliers and vendors, businesses can forge partnerships with environmental organizations and initiatives. This can take the form of engaging in community conservation initiatives and climate action. Take the initiative to recycle inventory by providing excess items to charities and local organizations. The partnerships made will help to demonstrate a genuine commitment to environmental causes.

Utilizing Diverse Platforms

The rise of the digital landscape has brought a range of online channels to reach an ever-evolving marketplace of consumers. Ensure the business can use sustainability to bolster its brand-building by embracing these diverse channels and platforms. Each social media site provides unique value and users. Tailoring sustainability messages for each is essential for engagement.

For example:

• Instagram and Pinterest as visual platforms are ideal for showcasing images of sustainable products, behind-the-scenes footage of environmentally friendly practices, or before-and-after transformations highlighting the positive impact of sustainability efforts.
• Twitter is useful for sharing quick updates and industry news or for participating in sustainability-related conversations.
• LinkedIn provides opportunities to showcase sustainable business practices, share thought leadership content, and connect with professionals who are passionate about sustainability.

The business should also be mindful of how emerging platforms could affect the branding approach. The near future is likely to see a greater emphasis on virtual reality (VR), augmented reality (AR), and the metaverse. A business needs to understand how to emphasize sustainability on these channels through:

• relevant content creation,
• adaptation of logos,
• audio stings (short pieces of memorable music),
• and banners.

By staying on top of changes now, you can ensure your approach remains impactful in the future.

Never forget that the branding exercise is a statement about the hard work the business has done to achieve circularity and sustainability in a world increasingly facing challenges of supply and environmental degradation. If the business is out to win in the 21st century, these are actions and commitments that cannot be ignored.