Many companies could be missing out on major commercial opportunities by failing to adopt circular business models, according to a new report from environmental NGO WRAP and OC&C Strategy Consultants.
The report Are Businesses Leaving Money on the Table? – Creating Value through Circularity – draws on a study of 200 businesses and 1,500 consumers.
It highlights how companies that adopt circular strategies—such as designing products for durability, offering repairs or renting services—are growing faster, cutting costs and strengthening customer loyalty.
WRAP CEO Catherine David said: “Circular Living strategies are now firmly established in many businesses – large and small – but many more are missing out on the benefits they offer.
“Our report highlights the key strategies and rewards they’re delivering and is essential reading for any business wishing to future-proof itself.”
The report found 60% of businesses now design for durability or repairability, while investment in circular economy ventures increased 42% in 2023.
Circular-native businesses are growing up to twice as fast as traditional competitors.
Real-life examples include Currys, which carried out 1.4 million repairs last year, making up 15% of its revenue and Philips, which now earns 24% of revenue through circular models like equipment-as-a-service.
The report also found high consumer engagement: 78% of people took part in at least one circular activity last year.
However, affordability and convenience remain key to scaling participation.
Businesses could unlock profits with circular living strategies appeared first on Energy Live News.