The fashion industry is cyclical, operating on seasonal schedules that turn unsold inventory into waste within six months. At least until recently. In our article on circularity, we took a look at a new trend in the fashion industry—one that imagines how unsold inventory can be given new life and saved from being an addition to the fashion industry’s massive waste problem.
Companies are embracing more sustainable business practices for numerous reasons. Some of the most convincing are:
It’s the right thing to do
It’s a great marketing tactic
According to Businesswire, “77% of Americans are concerned about the environmental impact of products they buy.” If you’re able to show consumers how your products will result in a smaller environmental footprint, you’ll have access to the majority of the population—some 64%—who are willing to pay more for an environmentally-friendly product.
Companies are not only shifting to more sustainable sources for their materials and improving supply chain transparency across the board, but are also seeing a huge opportunity for more sustainable practices when it comes to reimagining the life cycle of their products. Through practices like Upcycling, or using the materials from old inventory or used inventory to craft wholly new products, brands are finding new ways to take the final stage of their product’s old life and turn it into stage one of a new life cycle. Popular brands like Patagonia (through their ReCrafted line) and Eileen Fisher (with Eileen Fisher Resewn) have already jumped on the trend.
But in order to grasp the full range of benefits from taking on an endeavor like incorporating more circular business practices into your brand, you’ll want to be sure to share your progress and commitment metrics with your consumers. And the only way you can do this is with reliable data.
Let’s say you have 500 sweaters in different colors that are going to be repurposed into patchwork dresses. You’ll want to know not only what the input is from this particular shipment, but also the output from this specific segment of your brand’s materials, so that you can share statistics like what percentage of your output is made from recycled materials.
Global brands are already utilizing Vi3’s technology to do exactly this, so that they can 1) hold themselves accountable to their sustainability initiatives, 2) share that information with consumers, and 3) reach new segments of the population who are invested in supporting sustainable brands. If you’re interested in capitalizing on new opportunities for sustainable growth in your business, reach out today. Our expert advisors are here to talk.