Report introduces new vision for connected and circular economy to solve for fashion industry challenges
Today, Eon™, the leading digital identity platform for fashion, apparel and retail, launches a new report The Connected Products Economy – Powering Fashion and Retail’s Circular Future in collaboration with Members of the CircularID™ Initiative – Closed Loop Partners, H&M Group, Target, PVH Corp., C&A Foundation, Accenture, Microsoft, GS1 US, Waste Management, The Renewal Workshop, ForDays, IDEO, I:CO and more. The report puts forward a vision for how connected products will unlock systems change essential for circular economy – powering new business models, global transparency, and unlocking incentives to change patterns in production and consumption.
“Today’s fashion industry has yet to tap into the transformative potential of billions of connected products to power circular economy. The Connected Products Economy report presents an ambitious plan for harnessing the power of the Internet of Things to catalyze systems change across industry – enabling brands and retailers to power new circular business models, service today’s customers and unlock end-to-end enterprise intelligence.”
– Natasha Franck, Founder and CEO of Eon Group.
The Connected Products Economy brings together perspectives from across the industry to share and begin to address the challenges related to operationalizing and scaling circular business models (i.e. resale, rental) and material regeneration processes (i.e. disassembly, recycling). These challenges point to the clear and pressing need for connected products – where a product’s digital profile is enriched with the data necessary to identify products and materials through circular economy (i.e brand name, original price, material content, etc ). Through extending digital identification (i.e. RFID, NFC, QR Code, etc.) of products beyond point-of-sale and adopting a shared protocol for product digitization, it’s possible to systematically enable the intelligent lifecycle management of products essential to achieving circular economy at scale.
“The Connected Products Economy report addresses some of the biggest business and environmental challenges facing the fashion industry today – and puts forward concrete, collaborative and systems-based approaches for solving them. It's an exciting step on the important path to maximize the unique business opportunities associated with real transparency.”
– Caroline Brown, Managing Director, Closed Loop Partners
The Connected Products Economy presents the potential of connected products to power new business models, product lifecycle transparency, and global systems for circular product lifecycle management— presenting a new depth of cross-value chain collaboration. The report also outlines clear solutions, already in development, to support this transition. Industry leaders including Ellen MacArthur Foundation, PVH Corp, H&M Group, Target, Accenture, and C&A Foundation as Philanthropic Funder, contribute to the vision of the report, to which many circular economy stakeholders, including, I:CO, Waste Management, ForDays, The Sustainability Consortium (Project WearEver), The Renewal Workshop, and standards and technology partners, Microsoft, GS1 US, have contributed. Now the CircularID™ Initiative is calling on the entire industry to rally behind this new vision and a transition to connected product system.
The report demonstrates the need for a shared industry-wide protocol for product digitization to ensure that essential product data can be exchanged between brands, retails and circular economy partners. To solve for this, Eon created the CircularID™ Initiative, to bring together fashion and retail industry leaders and partners from circular businesses, technology, policy, and academia to collaborate, inform and codify the CircularID™ Protocol. The CircularID™ Protocol is the open industry-wide standard protocol for digital identification of products for circular economy. The CircularID™ Protocol leverages existing standards, including GS1 Standards. After a rigorous and open industry-wide peer review process, the CircularID™ Protocol Pilot Version 1.0 will launch on January 31st, 2020.
Presenting the challenges and economic opportunities, as well as practical revenue drivers and benefits for business, the opportunities for innovation and policy, and concrete actionable solutions under-development, The Connected Products Economy report introduces the roadmap for end-to-end digital transformation to develop a global fashion, apparel and retail system for the 21st Century.
Eon powers Connected Products and Circular Commerce. The leading Internet of Things platform in fashion retail, Eon is bringing billions of items online — unlocking visibility and connectivity across enterprise, powering communication between brands and customers, and generating real-time data from items across their lifecycle.
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