The Circular Economy is for Everyone
Here we highlight circularity at its grass roots and how it offers options to get ahead. Whether you are at home, at work, travelling or enjoying leisure time there is something for everyone.
If you are looking for holistic guidance how to approach net zero in in your lifestyle bookmark this page, it is going to be very busy helping to highlight the four R’s: Reduce, Reuse, Recycle, and Renew.
The Circular Revolution Debate is LIVE!
Our generations, from Baby Boomers to GenZ are responsible for creating global pollution on catastrophic scales, but the paradox is our generations have learned at breakneck speed just how much damage we are doing to our planet. Will our descendants term our age the Circular Revolution, it seems perfectly reasonable that it may be.
This page debates how each of us can do something to speed up the Circular Revolution. We are a phenomenon of our age, no matter where we live, the weight of public opinion is changing things, what we need to work on how we can help, diversity is part of the answer.
In the very near future BSI will offer free guidelines to help businesses learn more of how they might achieve the four R's of reduce, reuse, recycle and renew. Find out how here.
Consumers will expect, in fact demand, that products on supermarkets to local stores shelves will have a sustainable source, a history, proof of legitimacy, transparency. We are all consumers - we have a right to sustainability.
Has the Circular Economy gone Mainstream?
At the World Economic Forum in January 2023, it was announced that the global economy is only 7.2% circular, but growing quickly.
Marketing Week in its March 2023 quarterly digest of retail trends reported that a massive 25% of British consumers cut their spend with greenwashing brands in 2022. More than a third of consumer feedback had observed brands are claiming to be sustainable without providing evidence. In contrast, Neilsen IQ report that more than 30% of consumers are buying sustainably sourced products, even if they do cost more.
The Global Circular Economy Market is valued at around USD 553 billion in 2023 and is estimated to grow at a CAGR of about 13.19% during the forecast period 2024-30. source: MarkNtel Advisors
Key Findings
Key Findings #1
The Popularity of Sustainability using E-Commerce as the Measure
Statista has published its statistics for 2023, which they describe as factual. The United Kingdom (UK) has the most advanced e-commerce market in Europe. In 2023, the country is expected to have nearly 60 million e-commerce users — leaving only a minority of the population as non-digital buyers.
E-commerce has undeniably become the norm for shoppers everywhere in the UK; with the extensive online shopping industry influencing UK consumers daily, there is an ample amount of data available to support such a claim.
The circular economy, sustainable products and processes are prominent in multiples of expressions. If you buy online look for proven sustainability.
Key Findings #2
Businesses slow to react will experience potential trading difficulties.
Primary drivers of demand will be FMCG including food, beverages, health and wellness products, household, and personal care. Consumers will opt for a variety of packaged solution either by choice or mandated by legislation including reusable packaging, recyclable, or compostable packaging. Scope 3 Supply Chain Analysis is critical going forward.
Laggard retailers and producers, those who do not have an online presence or fail to recognise the accelerating rate of circularity among consumers are forecast to lose significant market share. If the same organisations have been seen to be greenwashing, the next few years may show yet more companies disappearing.
Key Findings #3
Cutting back on marketing costs
2023 has been a tough year for retailers and producers with inflation driving down demand in fashion, sportswear, and electronic goods. Home and garden, and health and beauty have also experienced cutbacks in spending. Even so, consumers are spending less on greenwashing brands and more on brands that can prove sustainable policies and strategy. The observations point to sustainably savvy consumers voting through their wallets.
How do businesses work out the right strategy in a volatile market. One low cost way to stay out in front is the make sure your page ranking is optimised by focusing on Search Engine Optimisation. (SEO).
Companies want to rank at the top of their target keywords. Statistics from an average First Page indicate ranking on top of search engine results page (SERP) in any niche generates 39.8% Click Through Rate (CTR) rates in 2023.
Now that's a massive traffic share considering that second and third-ranking results get 18.7% and 10.2% respectively. Source: Google Analytics
We can see even household names are not making it to the Search Engine Results Page (SERP).
Aggregated Estimates of the rate of adoption of Circularity
Time scales for businesses to adopt circularity into the their business strategies are illustrated in the chart below. The best advice is do not delay in bringing together scope 3 targets and the necessary innovations that will bring about circularity.
Conclusions
Perhaps not too surprising, a YOUGOV survey in 2022 on behalf of Young Planet reported that 9 out of 10 adults have never heard or knew anything about the Circular Economy. The facts however are clear. Businesses could be part of a market worth in excess of $130 billion by 2030. Forbes describe sustainability consumerism as a Perfect Storm but this time with good outcome for everyone involved. The time to act is now.
Key Takeaways
- Takeaway 1
Women are much more aware than men of the rate of acceleration in sustainably sourced products. The evidence is on every high street and online.
- Takeaway 2
The Ellen MacArthur Foundation, founded in 2010 has become a prime leader in the Circular Economy. Prime companies, organisations and cities the world over have partnered.
- Takeaway 3
Businesses should undertake a certification with a mainstream provider e.g., B Corp or if the product has or could have organic origins the Soil Association – they provide organic certification in food, farming, forestry, beauty and wellbeing, fashion, textiles and catering.
A you ready to go circular We’re here to help!
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Progress to a Sustainable Future
