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In light of the U.S. government’s recent acknowledgment of the climate crisis, many businesses are acknowledging their impact on the environment. At the same time, consumers are becoming increasingly aware of ways to protect and preserve our planet.
For companies large and small, take back programs and recycling services have economic benefits as well as environmental ones. As materials become increasingly expensive and consumers begin to demand more eco-conscious options, many businesses are looking to make changes.
A closed loop economy is the ultimate goal—the first step is implementing your own take back programs. These are some major benefits of doing so:
Purchasing materials for your business’s products can be expensive, as can buying recycled raw materials. With a take back program, the exact materials needed are given to you after they have been used. Sure, you may need to replace a broken part or two, but overall you will have much less need for new materials.
Patagonia is a great example of this — they take back slightly worn products and resell them. The company gets additional profits from the same item without having to purchase anything new to make it.
When items circle back to their manufacturer, they stay out of landfills. Clothes and textiles, for example, are the second largest cause of pollution in the world. Oil is the only pollutant that beats textiles.
For many clothing companies, taking back pre-worn clothes can create a significant impact on the environment. Madewell provides a fabulous model of this with their “Do Well” campaign, where consumers receive a discounted rate on jeans when they bring in used denim. This type of campaign also leads to…
Consumers are historically wasteful. However, studies show that a significant amount of consumers are now looking for eco-friendly options when they shop. Offering take back programs and recycling services for your products is likely to bring in a significant amount of attention and business.
According to the International Labor Organization, green economies can generate 24 million new jobs by 2030. Your company will have the opportunity to hire new employees to oversee recycling services and take-back programs.
Added business and lower material costs also add padding to your budget, allowing for more changes to be made within the company.
Creating and implementing changes toward a closed loop economy can be difficult. At Close The Loop, we provide environmental consulting to help your business get on track. We can offer company-specific advice to get your new eco-friendly business practices off the ground.
For more tips or to find out what we do, contact us today.