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Circular value creation: business models and supply chain strategies
Md Sahabuddin1, Md Shariful Alam2, Maryam Khokhar3
1College of Economics and Management, Nanjing University of Aeronautics & Astronautics, Nanjing, 210016, China.
Environmental Science and Pollution Research International
|September 11, 2023
Summary
This study explores circular business models (CBM) and circular supply chain management (CSCM) for sustainable innovation. It finds CBM and CSCM can achieve ecological goals, but consumer perception of recycled materials poses a challenge.
Area of Science:
- Environmental Science
- Business Management
Background:
- The circular economy offers a path to ecological growth by minimizing resource use and waste.
- Sustainable innovation is crucial for achieving environmental and economic benefits.
Approach:
- Literature review and four case analyses to investigate circular business models (CBM) and circular supply chain management (CSCM).
- Identification of five distinct CBMs and their associated supply chain strategies and loops.
Key Points:
- Circular business models and CSCM can help organizations achieve ecological objectives.
- A significant challenge is consumer perception of recycled materials as inferior, impacting adoption.
- The study proposes normative requirements for CBMs to support sustainable innovation.
Conclusions:
- Circular economy principles, through CBM and CSCM, are vital for sustainable innovation and ecological growth.
- Overcoming consumer skepticism towards recycled products is key to widespread CBM adoption.
- Further research is needed to define and implement effective circular business models for supply chains.