Optimizing sustainability with circular retail
Michelle Blichfledt, Global Director, Retail Marketing | February 27, 2023
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Paul Woodward, Sr. Director, Sustainability, and Sergio Ferreira, Customer Value Director, collaborated in a webinar session on facilitating an efficient process for buying back items, collecting items for recycling, and exposing information to increase supply chain transparency with a circular cloud extension.
Circular retail is an innovative way of doing business that puts sustainability at the heart of all operations. With a focus on reducing waste and prolonging the life of an item, circular retail involves rethinking the traditional consumption model and designing solutions to recycle or reuse products and materials.
In addition to improved environmental and ethical impacts, effective and operationalized sustainability practices will generate significant business benefits including:
- Reduced cost
- Reduced risk
- Productivity
- Transformation
- Top line growth
Our global consumer research finds that 57% of consumers agree it’s important that retailers’ brand values, such as sustainability and ethically sourced materials, align with their own. To support these findings, Sergio shared insights of our extensions, including:
- Rentals Extension: suitable for businesses such as DIY shops that rent power tools or clothing stores that offer tuxedo rentals
- Second Hand Extension: manages the process for retailers to enable customers to bring an item into the store for buy back or surrender the item for recycling
- Zero Waste Extension: specific for grocery retailers looking to monitor product freshness
Reduce, Recycle, Reuse
The second-hand clothing industry has exploded globally in the last few years and it has become an important part of many people's wardrobes. Second-hand clothing is a sustainable alternative to fast fashion and can help reduce our environmental footprint.
"At Oracle, sustainability is everyone's business." Oracle enables retailers to simplify and deliver on their sustainability goals. Want to learn more about rental, secondhand, and zero-waste extensions?