(Issues : Waste, Energy)
Sustainability Problem : Waste is an impending threat to the sustainability of the planet and economically hampers resource efficiency and increases cost. A circular economy eliminates or at least controls waste by promoting resource efficiency and symbiosis within or across sectors. Business models such as fast fashion, pose a drastic threat to the emergence and viability of a circular economy.
- Ecosystem players embed physical triggers (QR, NFC chips of RFID tags) into textiles to provide unique identification of the product like composition.
- This allows traceability and trackability allowing the textiles to cascade through the circular economy with how to instructions on end-of-life recycling, disassembling, remanufacturing or modifications.
- In addition, digitally enabled clothing can be programmed to provide information throughout the use phase, giving information about the user’s health, stress levels etc. with the ability to replace wearable technology.
- The technology can also be deployed to provide users or wearers with digital experiences, applications and analytics.
Sample ecosystem players : Etology, Content Thread, Rebecca Minkoff, Born Digital Movement
- NGO’s (proxy for environmental and social concerns)
- Businesses must develop technical capabilities to understand the benefits of the technology and the circular economy by defining flexible business models and management strategies.
- Market technology by demonstrating the sustainability management and marketing aspects used to better product lifecycle management.
- Develop collaboration platforms for value creation and data optimization to gain and maintain competitive advantage.