Strategic Sustainability Terms to Know
In the early 2000s, retail companies appointed eBusiness managers to handle all things Internetrelated. It was perceived that this new digital channel was a niche opportunity. Before long, not only did web related commerce gain equal strength to traditional channels, for many retailers, it eclipsed it.
Sustainability and recommerce is experiencing a similar movement today. Once relegated to the fringe of corporate concerns, sustainability and recommerce are mainstream considerations.
Let’s define these terms that are now frequently found in headlines…
· Retail Sustainability: efforts to operate aretail business in a financially and environmentally positive manner
· Recommerce: the opportunity to give an item that has already been used a second life by selling it again
· Repurposing: the act of taking an item that was used for one purpose, and either disassembling it to use the component parts in a new way, or using the entire item in a way for which it was not originally made. An example of this is turning old t-shirts into new bedding
· Refurbishing: the act of repairing / restoring an item to a usable condition.
· Personalization: Communicating with the customer as an individual with unique experiences, desires, and expectations. A form letter with a personalized address on it is not a personalized communication. A message that varies with each person based on what is known about that person is.