Circular economy examples: Brands changing the game
Circular economy examples: Learn the brands that are leading the way to a more sustainable future, and how they're doing it.
A circular economy is all about keeping products in use for as long as possible, minimizing waste and resource use, and maximizing value creation. But achieving this goal can be challenging.
Companies need to manage their product information along the entire product journey – from design and production to usage and end-of-life – in a way that enables collaboration, transparency, and traceability. This is where the benefits of PIM play a key role.
Product information management (PIM) is essential for circular economy practices, as it provides a central hub for storing, managing, and sharing product-related data, such as specifications, attributes, certification, maintenance, and recycling information.
Let’s explore circular economy challenges, and how a PIM helps enterprises tackle them while providing stellar CX.
PIM benefits: Transparency for better CX
One of the main challenges of a circular economy is designing and producing products that are recyclable, repairable, and reusable, while still meeting customer needs and expectations. To achieve this, companies need to have a deep understanding of the materials and processes used in their products, as well as their environmental and social impact.
PIM helps companies store, manage, and share this information with their customers, suppliers, and partners, in a way that’s easy to access and understand. By providing transparent and reliable information about the materials and processes used to make their products, companies can engage their customers in an honest dialogue about sustainability.
They can build trust and loyalty not only during the purchasing cycle, but throughout the entire ownership cycle, which ultimately formulates the entire customer experience.
What is PIM: Product information management definition, types, benefits
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Reduce waste with product end-of-life info
Another challenge of the circular economy is ensuring that products are recycled, repaired, or repurposed when they reach the end of their life, rather than being discarded as waste.
To facilitate this, companies need to provide clear and accurate information about how their products can be disposed of or reused, as well as any certifications or standards that apply. The benefits of PIM enable companies to create and manage this information, and to communicate it to their customers through various channels, such as labels, packaging, websites, or mobile apps.
By providing useful and practical information about the end-of-life options for their products, companies can empower their customers to make sustainable choices and reduce their environmental footprint.
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Benefits of PIM: Demonstrate commitment
In a circular economy, sustainability and ethics are key drivers of value creation and differentiation. Companies must demonstrate their commitment to these principles by providing evidence and certification of their sustainability and social responsibility practices.
Regulatory requirements like the Digital Product Passport in Europe and California Proposition 65 are already well under way. PIM benefits companies by collecting, storing, and sharing this information with their customers, auditors, or regulators, as well as to update it regularly and accurately.
Having reliable and transparent information about their sustainable and ethical practices helps companies build their reputation and attract customers who value social and environmental responsibility.
Sustainability + personalization
As customers become more environmentally and socially aware, they’re also looking for customized products and services that fit their unique preferences and requirements. However, mass customization can create additional complexity and cost for companies, as they need to manage multiple variations and options of their products.
PIM can help companies to streamline the customization process by storing and managing the data related to each product variation, such as colors, sizes, features, or accessories. Providing easy and flexible customization options benefits the customer experience for increased satisfaction and loyalty.
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Communicating value through PIM
A circular economy requires a new way of thinking about value creation and consumption, which takes into account not only the economic, but also the social and environmental impact of products and services.
To communicate this value proposition effectively, companies need to measure and report their sustainability and social impact, as well as the financial benefits for their customers and society.
PIM helps companies collect and analyze this data, and create and distribute reports and dashboards that highlight the value proposition of their products. This can give them competitive advantage and contribute to a sustainable future.
By providing comprehensive and reliable information about their products along the entire product journey, companies can build trust, and loyalty, while also contributing to a more sustainable and equitable world. Let’s embrace the circular economy with PIM as our guide.
