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The Social Impact Achieved Through Nurturing The Circular Economy

December 9, 2022

5 Min read
The Social Impact Achieved Through Nurturing The Circular Economy

The circular economy is, finally, booming. Over the past two decades, the detrimental buy-use-discard process has hit our planet – and our economy – hard. Yet, with huge campaigns to raise awareness of the perils of this process everywhere we look, it’s quite reassuring to see the positive effects this is having on our buying habits, all in an effort to create both a more sustainable economy and world.

What Is The Circular Economy?

The circular economy was created as a sustainable economic model that deals with creating less waste by helping people understand the value of what they have and are able to pass onto others. This means that by purchasing things second-hand and at auction, you are doing your bit to create a more sustainable world.

The Circular Economy Model

There are so many services, websites and apps around nowadays that encourage the purchase of second-hand items, and choosing to buy at auction is a pivotal method in which collectors can help eliminate the buy-use-discard process that so many retailers have stuck by for so long – a process that produces a shocking amount of global waste. Buying at auction means you are able to buy vintage, second-hand and one-of-a-kind products that mean so much more, knowing you are contributing to the circular economy, where together, we are able to extend the life cycle of a product through reuse, rather than throwing it onto a garbage heap that will damage our planet.

How Auction Businesses are Fostering The Circular Economy

The auction industry is making every effort to foster the circular economy by reselling items instead of letting them be sent for landfill. Essentially, they act as the main link between buyers and sellers.

Auction businesses cater to a wide range of industries, who sell liquidated, returned and excess inventory second, third and – at times – even fourth-hand to other companies. That’s not the only way the auction industry helps boost the circular economy; they also assist businesses and retailers sustainably and effectively clear a backlog of excess inventory items and by doing so, protect brand equity, all while minimizing any financial loss.

By adopting these processes, not only are they giving their customers what they want to buy, but they are also doing their part in making our economy more sustainable, with far fewer products once sold at auction ending up on landfill sites across the world.

Artisio’s Role In The Circular Economy

Auction management software solution pioneers, Artisio, have paved the way for processes that contribute to the circular economy, with an impressive list of clients that go that little bit further in order to ensure their processes are sustainable. BPI Auctions, Diger and BPA Pharma are perfect examples of companies from the industrial sector who sell liquidated, returned and excess inventory items on the B2B (business to business) secondary market.

Artisio also acts as the main powerhouse for auction businesses. The fact that it is auction management software means it can assist auction companies in accelerating auction business and creating automated processes to allow for quicker and more efficient auction sales. This, in turn, helps auction companies to add more frequent contributions to the circular economy, helping to stop waste production by reusing things like plants, machinery, industrial equipment and more. By helping auction companies sell their produce more quickly and also assisting them with their business processes, Artisio manages to directly contribute to the circular economy & Environmental Sustainability.

You may be wondering how Artisio accelerates the auction process. This is cleverly done by auction houses being able to store a comprehensive list of inventory items on their database for any future sales. Furthermore, both sellers and dealers have the option to submit their second-hand items for auction houses to sell. In cases such as these, Artisio acts as a platform where all of this data is collected. Automated processes means less paperwork – paperwork which would have otherwise taken up valuable time.

Lastly, Artisio is an active member of the Ellen MacArthur Foundation, a charity whose sole aim is to create a better, more thriving, circular economy for our world by eliminating waste and pollution, circulate products and materials and regenerate nature.

Circular Economy

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