“To maximise the positive outcomes of circular business models and realise their full potential for better economic growth and environmental impacts, the foundation recommends four key actions:-
-Rethink performance indicators, customer incentives, and customer experiences. Shifting to a business model based on increasing the use of products, rather than producing and selling more products, requires the business 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.
-Design products that can be used more and for longer: To maximise the economic and environmental potential of circular business models, products need to be designed and made to be physically durable and able to be remade and recycled at the end of their use.
-Co-create supply networks able to circulate products locally as well as globally. To successfully keep products in circulation, fashion supply chains – currently designed for a predictable one-way flow of products – need to be transformed into supply networks capable of circulating products locally and globally, through collaboration and the use of digital technologies.
-Scale a wider range of circular business models. Scaling a variety of circular business models that generate revenue without producing new products can increase the overall economic and environmental opportunity long term.”