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4 good reasons to get into the circular economy
29 March 2021
The opportunities in the circular economy are numerous, we will focus in this article on a very specific segment: rental platforms. E-retailers, this article is for you.
The rise of ecological awareness is nothing new. The will to consume more intelligently pushes to reuse, recycle, share and transform products that would have probably ended up in the trash 20 years earlier. Public policies are also taking an interest, enacting laws to preserve renewable resources waste management and limit environmental impact.
And with this will, new business opportunities are born. Instead of thinking of the sale of a product as the last step in our business process, it is time to go further, and create value after the sale is made. No more waste of resources, no more production of waste, but responsible consumption and sustainable development.
The coronavirus has presented itself as a trend catalyst, the ecological consideration has increased.
What is the solution to combine economic development and ecological consideration?
Creating a marketplace specific to your industry connecting owners of your products with people who want to rent them.
4 reasons to get involved in the circular economy
A free acquisition leverage
For a product, it’s hard to offer a free 15-day trial. Reverse the trend! On your future marketplace, the potential customer could rent a piece of equipment that interests him, on which, you get a fee.
If he is convinced by the product, he can order your product, and that, new. By giving your customers a chance to test the products they want to buy, you ensure a higher satisfaction rate and create a stronger relationship with them.
Quality equipment can be difficult to finance, by allowing future buyers to rent their equipment to make it profitable, you will convince the most reluctant!
Tip: Offer a discount on the purchase of new products for users of this marketplace.
A loyalty leverage
By offering a complete experience throughout the life of a product, you create an unparalleled link between your brand and your customers and you will have an unparalleled competitive advantage: having a turnkey possibility to rent his equipment, the customer will feel like a winner.
Tip: The opportunities in the aftermarket are important; to keep your customers loyal you can create a marketplace for service and maintenance.
A leverage for customer understanding, improve your marketing
This platform would be a mine of precious information. By being in contact with your customers during all stages of the product life cycle, you will have precise information to improve your marketing strategy such as
Which products are the most rented?
Which products bring the most satisfaction to the customer?
The psychological price that customers are willing to pay for the product (e.g. based on rental demand VS new purchase demand).
Give an ecological dimension and federate around your brand
Whether you are convinced or you conceive the business importance that this breath for the ecology represents, the implementation of an equipment rental marketplace allows you to federate around your brand and create strong corporate values to which your community will adhere even more. According to an Accenture study conducted in 2019, 56% of respondents want companies to take a stand on issues that are important to them.
Conclusion: The circular economy aims to be a new market share for all industries. Implementing a strategy in the aftermarket for an e-commerce company allows for a higher retention rate: the customer is accompanied throughout the life of his product by the company; but it is also a powerful acquisition lever while promoting smart resource consumption.
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