WRAP chief executive Liz Goodwin has said some major national and international companies such are on course to develop the ‘next big innovation in developing a closed loop business model.
Speaking at a conference on sustainability in Birmingham, Goodwin (above) said WRAP had completed or was carrying out work with retailers such as B&Q, Panasonic, Argos and Samsung and with “smaller, innovative businesses that could provide the next big disruptive innovation to the market”.
“I will soon be able to share more details of this work and more about these innovative companies that are prepared to take the first step towards the circular economy,” she said.
She cited iPower, a UK developer of low carbon projects, as an example of market innovation.
She said WRAP can help companies willing to test circular business models, such as product trade-in. The organisation could support businesses to identify “credible” options, show the financial risks and benefits, commercial propositions and operational factors.
“We have strong evidence on consumer market interest for these models. This gives businesses the confidence to try something out on a small scale and understand the model before implementing a big change,” said Goodwin.
Liz Goodwin’s tips to test circular business models:
“If you are a large retailer wanting to adopt product trade in as a business model, start small. Introduce it for a couple of product lines in one or two stores or on a web platform that you can manage easily.
“After the trial period, assess the data to see if it worked.
“If it did, there is an opportunity to roll it out wider, and if it didn’t, then it’s relatively easy to rethink the approach.
“It’s about being smart in the implementation process to reduce risks.”