Consumers are becoming more aware of what they are buying and how it is affecting the planet. And brands are responding. They’re adapting to concerns about the environmental impact of their products by taking a closer look at upcycling, recycling, and building reverse logistics supply chain. Through these new initiatives, organizations are able to be both more environmentally conscious and economically viable by creating new revenue streams.
Resale Retail: The Fastest Growing Sector of the COVID Retail Economy
While working remotely during the COVID-19 pandemic, many individuals have become conscious of how much they own and what they no longer need. Carolyn Thompson, the CEO of Resale Global, discussed the pandemic’s effect on small retailers and resale companies. In addition to consignment shops, more people are empowered to post and resell their own items online. Thompson predicts that the resale market will be around a $64 billion industry by 2025.
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Mattel Gives Barbie and Other Toys a Green Makeover With New Recycling Program
In response to growing concerns from customers, Mattel, Hasbro, and Lego have made commitments to sustainability. In December 2019, Mattel set a goal to reach 100% recycled, recyclable, or bio-based plastics by 2030. Pamela Gill-Alabaster, Head of Global Sustainability at Mattel, said that “the Mattel PlayBack program helps parents and caregivers ensure that valuable materials stay in play, and out of landfills. It is one important step we’re taking to address the growing global waste challenge.”
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Remanufacturing & Reverse Logistics Mitigate Waste, Create New Revenue Streams
With clean-energy mandates and consumer pressures, an increasing number of organizations are concerned with reducing their carbon footprint. According to the EPA, more than half of the 7.4 million tons of small and major appliances made in the United States in 2018 ended up in landfills. In hopes of mitigating waste, organizations are creating remanufacturing and reverse logistics programs to help. Additionally, these programs create a supply chain for aging parts and a potential revenue stream from reselling returned items.
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