Sustainability and responsible business activities have become increasingly popular in the last decade. Businesses are being urged to lead an environment-friendly business strategy and reduce their negative impact on our planet. And, if you haven't been living under a rock, you know that the fashion industry has an immensely negative effect on the environment. Fast fashion is responsible for 8-10% of global carbon emissions.
But, with the rise of the circular economy, the fashion industry finally has a chance to change its bad reputation. More and more fashion brands are boarding the 'recommerce’ train. Below, we’ll discuss the changing face of the fashion industry and how brands can support this newly established trend.
Image taken from Pexels
What is a Circular Economy?
Let's begin by explaining the concept of the circular economy on a global level, to understand how it can be applied to fashion.
A circular economy aims to spend fewer new resources and reuse more old ones instead. It focuses on:
- recycling waste
- reusing old products and resource
- reducing mass consumption
The goal of such actions is to minimize the carbon footprint, reduce pollution, and create a sustainable business model for good.
With the fashion industry being such a huge polluter, it's no wonder they're being emphasized as the ones to embrace this strategy ASAP.
Recommerce: How Does it Work?
The concept of recommerce is the fashion industry’s response to the circular economy movement. Within the fashion industry, recommerce is taking over both newly established brands and existing ones looking for a way to change for the better. So, how does recommerce work?
Simply, fashion brands are now focusing on making their products reusable, having them circle from person to person, and making used things cool and fashionable again. They’re selling used clothes both in stores and online, making recommerce a globally recognized trend that is bound to stick around.
Brands are also facilitating peer-to-peer sales, by which their customers sell their products to one another. This way, if one person no longer uses an item of clothes or an accessory, another person can.
Benefits of Recommerce for Fashion Brands
The recommerce trend isn’t only good for the environment. On the contrary, it’s highly beneficial for everyone involved.
As for the consumers, they get to enjoy their favorite fashion brands or discover new ones, for much less money than before. They can also get rid of the clothes they're bored of or that don't fit anymore, and earn some money.
But, what's in it for the fashion brands? Here are just some of the many benefits of their business:
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Strengthening brand credibility
Younger generations, especially Millennials and Gen Z, respect and value sustainability in all shapes and forms. They’re more willing to buy from sustainable brands than those not acting planet friendly. And, by embracing this trend and supporting it through recommerce, brands are winning points with this huge group of consumers.
Improving brand image and credibility is a huge step forward for any fashion brand trying to take their piece of the market.
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Reaching new consumers
There are more and more consumers who are looking for recommerce brands only. And since there are not that many such brands just now, you can be the early bird catching the worm.
New consumers will decide to check out your offer after they hear about your recommerce policy.
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Building consumer loyalty
Another important reason why recommerce will benefit your business is that it'll help you keep your customers close for the long run. By advocating important environmental ideas, and always offering interesting, reused, and fashionable clothes, you'll win them over for good.
Loyal customers mean a constant income flow which will help you keep your business up and running.
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Saving money
Recommerce fashion brands spend less money on new resources, new designs, storage, and advertising. They get to reuse everything they've previously invested in and earn more.
Final Thoughts
Are circular economy and recommerce taking over the fashion industry? Yes. Are people loving this new trend and expecting their favorite brands to switch to this model? Absolutely!
The recommerce trend is only getting bigger and the sooner you decide to hop on board, the better. You'll be able to move your business forward while helping preserve the planet.