Chances are, you’ve never even heard of the term so, let’s dive in.
First off, a circular economy is the cycle of use, reuse, recycle, repeat. A circular economy aims at minimizing waste and reducing the consumption of resources by reusing and recycling already used materials and resources. This helps create a sustainable system that can benefit the Earth by eliminating waste, reducing carbon emissions, and pollution.
So where does the digital aspect come in?
While recycling and reusing help eliminate many problems, it doesn’t change the fact that there will be a shortage of resources in the future if societal behavior doesn’t change.
We eliminate the need for paper by using digital platforms, we eliminate the need to travel across long distances in planes or cars for business meetings with virtual meetings, and going digital creates a whole new platform for businesses to gain exposure.
At this point, avoiding the migration to a digital circular economy is a bit out of the question.
Not to mention being more sustainable adds an appealing factor to customers who appreciate sustainability.
Businesses are tapping into the potential of a digital circular economy every day.
Mercari, a buying and selling app, reached an estimate of $14 million in 2014 alone. Uber, a taxiing service app achieved an astounding $4.1 billion in 2019 with an increase of 37% year-over-year. Airbnb has a net worth of $4 billion as of April of 2021.
These numbers aren’t the average for a company but they represent the potential of what a company could be.
It all starts with a shift towards a digital market.
Appealing to a digital format appeals to the youth in a market and anyone looking for the simplicity of buying or utilizing online services.
According to Rubicon, the benefits of a circular economy are an estimated $4.5 trillion until 2030.
Using design thinking and our signature approach, our agency can assist your organization make a smooth transition to a digital circular economy, enhance your online digital presence, and assist in attracting your ideal client.
Especially during a global pandemic, we help fill in the blanks and assist your organization in transition to online platforms.