Implementing Sustainable Business Models: The Role of Circular Economy in Commerce

Authors: Rakesh Kumar Rai

Country: India

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Abstract: In the face of escalating environmental challenges and resource limitations, traditional linear business models characterized by a "take-make-dispose" approach are increasingly proving unsustainable. The circular economy, by contrast, offers a transformative shift in how businesses manage resources and waste. This model emphasizes the continuous circulation of products, materials, and resources, aiming to minimize waste and maximize resource use. Key aspects of the circular economy include designing products for longevity and repairability, adopting product-as-a-service models, and enhancing resource efficiency through closed-loop systems. By transitioning to these sustainable practices, businesses can not only address pressing environmental concerns but also unlock significant economic benefits, such as cost savings and new revenue streams. However, the shift to a circular economy involves challenges, including substantial initial investments, the need for consumer education, and navigating diverse regulatory landscapes. This paper presented a review for Implementing Sustainable Business Models and role of circular economy.

Keywords: Circular Economy, Sustainable Business Models, Resource Efficiency

Paper Id: 230937

Published On: 2018-11-02

Published In: Volume 6, Issue 6, November-December 2018

Cite This: Implementing Sustainable Business Models: The Role of Circular Economy in Commerce - Rakesh Kumar Rai - IJIRMPS Volume 6, Issue 6, November-December 2018.

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