In times of novelties in the way people consume, it is important that we understand the new formats for commercializing products.
In some cases the brand/store will only need to make small changes, and in other cases the manufacturer/ retailer will need to reinvent itself.
That’s why today we will learn a little more about Circular Economy…
Circular Economy in Fashion
Circular Economy is the business model that seeks to increase the life cycle of a piece of clothing, mitigating the waste culture and making the textile industry more sustainable and adequate to the new consumption reality.
The importance of thinking about a better planet a few years from now has awakened the brands/stores to the importance of doing something today that will reflect positively in the future.
Today we have approximately 2 billion people on the planet, and in 2050 we should reach 9 billion (according to UN data)… if with 2 billion we already have sanitary and environmental problems, everything tends to get worse if some actions are not taken today!!!!
I believe that creativity and technology will be very important items for the fashion market to be able to create quality pieces using more sustainable and innovative means of production.
The environmental awareness has more and more importance when buying a product, maybe you shopkeeper hasn’t felt it at your store’s counter yet, but you need to be aware of these rapidly changing behavior modifications.
All this modification process has already happened in the production of the pieces, and soon it will also start to be felt in the commercial part, the world has been going through several transformations and those who understand the consumption needs end up being ahead.
Now the challenge will be for you, the shopkeeper, to be able to adapt this new reality to your public, and unfortunately there is no rule for this, because we live in a continental country and what is valid as a rule for one state may not be valid for another.
The first step will be to get to know this whole process of sustainability, recycling, upcycling,… and here at f+p BIZ you will find explanatory material for you to understand a little more about these issues.
But let us leave you with some items that may inspire you and start using Circular Economy in your factory/store:
– Encourage the participation of the consumer in a system of collecting clothes for scale processing allowing their use in the making of new garments;
– Offer discounts to the customer who brings back last collection items in great condition;
– Have points of collection of used clothing of the brand itself and a loyalty program for the purchase of the new collection;
– You can leave a space in your store for Second Hand pieces, with pieces in good condition from past collections, something like a thrift store;
– Inform your customer about themes that involve the universe of sustainability;
– Share the sustainable actions of the brands you sell;
– Participate in campaigns to inform and enlighten the public about the advantages of circular fashion;
It is important to understand that “using” circular and collaborative fashion in your brand/store is a matter of strategy. As in any business, it takes planning, study, research, and training.
An important case that reinforces the importance of Circular Economy is the Enjoei website, which has a GlobalData research released by one of the largest online thrift stores in the United States, thredUp, reveals that the second-hand clothing market is already growing more than retail in general.
In 2019, sales by thredUp’s U.S. thrift shops were up 49% over the same period a year earlier, and those of general retail were up 2%.
The survey also found that four out of five consumers are willing to buy used clothing as budgets tighten.