Terms to Know: Strategic Sustainability

February 21, 2019

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either disassembling it to use the component parts in a new way, or using the entire item in a way for which it was not originally made.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.  

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Every time you let a customer resell, repurpose, or recycle on their own you miss out on an opportunity to engage. Be a part of the circular economy.
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