We are moving towards a circular economy.
The ways in which companies have so far ensured profit are no longer enough to guarantee future success.
However, change always creates new opportunities.
All we need to do is use circular economy business models.
Luckily, we don’t have to reinvent the wheel.
Trading used products, for example, is a form of circular economy,
as by doing so, we extend the life of the product.
One man’s trash is another man’s treasure.
Sometimes old products need to be repaired before they can be resold.
Indeed, the circular economy benefits companies that provide repair, upgrade and maintenance services.
New products should also be made durable, serviceable and upgradeable.
After purchasing or renting an item, customers can enjoy the repair and upgrade services provided by the seller.
In this way, customer relationships become more durable
and customers are not immediately distracted by competitors' products.
At the end of the rental period, the returned products may be resold or rented.
Sharing is one aspect of the circular economy.
It increases the number of times a single item can be used.
Repairable and upgradeable products last longer
and allow businesses to rent the same item for longer than normal.
A business idea for a company can therefore be renting products instead of selling them.
We all own items that we seldom use ourselves.
Such items or even premises may be rented to others through digital services.
The service provider can then collect a service charge from its users.
That is how sharing creates business.
A circular economy is only possible when products are durable, repairable and upgradeable.
Such products can be used for a longer time for their originally intended purposes
and also as many times as possible.
 
