Michael Shank, Ph.D.’s Post

Adopting Circular Economy practices is one of the CEO priorities for 2025. ➡️ Case Study: IKEA IKEA has made significant strides in integrating circular economy principles. By 2030, the company aims to become fully circular, using only renewable and recycled materials. IKEA’s “buy-back” program encourages customers to return used furniture, which is then refurbished and resold. This not only reduces waste but also strengthens customer loyalty. Actionable Insights: ✅ Invest in Circular Design: Redesign products to be more durable, repairable, and recyclable. This can reduce material costs and attract eco-conscious consumers. ✅ Leverage Partnerships: Collaborate with recycling firms and sustainability-focused startups to innovate new circular economy solutions. Access full report CEO Priorities for 2025 https://hubs.li/Q02_rQF90 #ceo #circulareconomy #ikea #casestudy

IKEA's CEO, Jesper Brodin, believes that sustainability is not only beneficial for the environment but also a savvy business strategy. One of the biggest challenges IKEA faces in its sustainable journey is changing consumer perception, as many see the company as a source of disposable goods. Nevertheless, IKEA is steadfast in its eco-friendly efforts. By 2030, it aims to be a circular business, using only recycled or renewable materials and eliminating plastic packaging by 2028. This strategy benefits the planet and attracts eco-conscious customers and suppliers. Here are three key elements of IKEA's sustainability strategy, offering valuable insights for other retailers: 1. Make it easy for consumers to buy sustainable products: IKEA’s sustainable living shop, its fastest-growing business, offers products like blackout curtains and glass to-go containers, helping consumers easily incorporate sustainability into their lives. 2. Tackle difficult recycling challenges: IKEA designs products for reuse, refurbishment, or recycling, like new tableware from ceramic waste and fiberboard from recycled wood. They're also revolutionizing mattress recycling, a notoriously difficult task, aiming for 20% recycled content in foam production by 2025. 3. Create and participate in second-hand markets: IKEA’s Buy Back & Resell program had 212,000 customers in fiscal 2023. They’re also testing IKEA Preowned, a peer-to-peer marketplace for used IKEA furniture in Madrid and Oslo for buying and selling used IKEA furniture directly. By adopting sustainable practices, retailers can contribute to a healthier planet and appeal to eco-conscious consumers. Learn more at https://lnkd.in/dZkqENpP. #ikeafurniture #sustainablebusiness #sustainablebusinesspractices #ecofriendlybusiness #ecofriendlyproducts #sustainableretail

How often do you replace your furniture? For most Americans, the practice of throwing out old furniture is common. This process can be time consuming and inconvenient on consumers part. It also creates large amounts of waste. Companies like IKEA are stepping up with a solution. In 2023, the company's sustainability effort led to a 12% decrease in its climate footprint. The company created this improvement by offering consumers ways to keep or return old merchandise. For example, IKEA buys back items for store credit and earns a 15% online bonus when buying a new item. In 2023, IKEA also shipped out 23 million spare parts, a less expensive alternative to replacing an item for consumers while reducing waste. Secondhand items are also resold to others, a practice that IKEA plans to expand by creating a verified reselling community, a market they already make up 10% of. All of these initiatives are sustainable and cost-effective for consumers and the business. #Ikea #SustainableBusiness #ReducingWaste #SecondhandFurniture

📣 Attention circular foam developers! IKEA and Impact Hub Network are calling all biobased foam producers and polyurethane recyclers out there, to collaborate and incorporate innovation and sustainability, for IKEA to move towards the use of only renewable or recycled materials by 2030. #acceleratechange #circularrubbereconomy #circulareconomy #rubber #ThePowerOfNetworks

Ingka Group, the largest global IKEA retailer, has announced a €1 billion ($1.03 billion) investment in recycling companies to enhance waste management for discarded IKEA products, including furniture, mattresses, and textiles. Read more: https://lnkd.in/gHDv-3Nz Lukas Visser Peter van der Poel #IKEARecycling #WasteManagement #CircularEconomy #Recycling #SustainableLiving 

IKEA Owner Commits €1 Billion to Revolutionize Recycling Ingka Group, the owner of IKEA, has announced a significant investment of €1 billion aimed at advancing recycling projects. This strategic move highlights the company's commitment to environmental sustainability and further strengthens its dedication to circular economy principles. By funneling substantial resources into innovative recycling initiatives, IKEA aims to reduce waste and promote more sustainable production models. This monumental investment is expected to spur advancements in recycling technologies and infrastructure, potentially setting a new standard for sustainability practices in the retail and manufacturing sectors. It demonstrates a forward-thinking approach to business, recognizing the necessity of integrating sustainable practices without compromising growth and development. How do you think this €1 billion investment will influence the future of sustainable practices in the retail industry? #CircularEconomy #Sustainability #RecyclingInnovation #IKEA #GreenInvestments #SustainableGrowth

"Many businesses cite the costs associated with operational sustainability as a barrier to decreasing their carbon footprint. But Ingka Group, the largest IKEA franchisee, is showing that increased revenue and decreased emissions can go hand-in-hand. " Great article from earlier this year covering Ikea's success prioritizing sustainability. I especially love the call out on how passionate the Ikea teams are about repairing/repackaging goods for their buyback programs. Other industries, like apparel, have had a lot of success with similar programs, but the furniture industry (except for Ikea) is still well behind the curve. Extending the life of big and bulky home goods is our primary focus at LoopDeco. Excited to see the furniture industry continue to improve on sustainability, especially around the circular economy. #LoopDeco #CircularEconomy #Circular #Ikea

One of the most important parts of Ikea's circular approach is supporting the consumer They start by asking: "Do you feel bad about throwing things away? Maybe you want to repair, reuse or recycle, but lack the time, knowledge or energy to do so. We can help." This is an important perspective shift. Recycling takes more skills, time, and effort than many purchasing decisions. Although, I'll admit getting out of the Ikea showroom can be challenging. Many recycling or energy saving activities that consumers need to adopt happen outside of a retail environment, without the branding infrastructure. They happen in our homes and communities, where point of choice infrastructure can help us. The default cold wash setting on the washing machine. The bottle refill station on the water fountain. Recognizing that consumers are not just consumers of resources but want to be changemakers, requires a different mindset from marketing departments and new tools to support changemakers in their choices. Ikea is providing the support that changemakers need, such as furniture leasing, take-back and buy-back schemes, and skills workshops to repair, reuse and recycle old furniture, or second life reselling options. In public health, we have learned that to have large scale, lasting and impactful change, we have to stop blaming and brainwashing people and instead start empowering them with skills, confidence, and social support. We help people to make difficult decisions, we support communities to build capacity, and we advocate for systems change. There is a long history and a hard science behind these approaches that we can apply to today's sustainability challenges. It starts with developing leaders who have compassion for the barriers to change and who collaborate to co-create reciprocal resources so that circularity works. What tools can you provide to support sustainable habits and build changemaker communities? #humanresources, #change, #culture, #leadership #behavioralscience #employeeengagement #organizationaldevelopment #inclusion #future #innovation #management #sustainability #socialimpact

🌍 IKEA’s Circular Future: Giving Furniture a Second Life IKEA is breaking new ground with IKEA Preowned, a peer-to-peer platform for buying and selling secondhand furniture, now being tested in Madrid and Oslo. This initiative is a powerful step toward circularity and reducing waste: 📉 22% reduction in emissions since 2016 – aiming for net-zero by 2050. ♻️ Commitment to renewable & recycled materials in all products. 🔄 Circular services like spare parts & buy-back programs extend product life. 📖 Read the full article here: https://lnkd.in/gwUq8hT7 At Planet Cents, we celebrate impactful initiatives like this. Businesses like IKEA prove innovation and sustainability go hand in hand. 🌐 Learn more about how we’re driving sustainability at www.planetcents.us. 💬 What are your thoughts on circularity and secondhand marketplaces? Share below! #planetcents #planetcentsmovement #underconsumptioncore #overconsumption #Sustainability #CircularEconomy #Innovation #ClimateAction #EcoFriendly #GreenLiving #ClimateSolutions #SustainableBusiness #SecondhandEconomy #NetZero #CircularDesign

One of the most inspiring examples of circularity in action comes from IKEA. Through their Buy-Back Program, customers can return gently used furniture in exchange for store credit. Instead of discarding these items, IKEA refurbishes and resells them, giving the products a second life while significantly reducing waste. Why This Matters: 1. Reducing Environmental Impact: By prioritizing reuse and refurbishment, IKEA minimizes the need for new raw materials, lowering its carbon footprint and conserving valuable resources. 2. Consumer Engagement: Offering store credit incentivizes customers to participate, building loyalty while reinforcing IKEA’s commitment to sustainability. 3. Leading by Example: As a global brand, IKEA’s initiative demonstrates how large-scale businesses can integrate circular economy principles into their operations, inspiring others to follow suit. What Can We Learn? The circular economy isn’t just a trend; it’s a business imperative. By designing products for longevity, encouraging repair and reuse, and minimizing waste, companies can create value while aligning with consumer demand for sustainable practices. Key Takeaways for Businesses: 1. Embrace Circular Design: Start with products that are durable, repairable, and recyclable. 2. Engage Customers: Build programs that reward sustainable behaviours, like trade-ins or recycling incentives. 3. Think Beyond Compliance: Circularity goes beyond meeting regulations—it’s about staying competitive in a rapidly evolving market. IKEA’s buy-back program is a glimpse into the future of sustainable business models. It’s proof that circularity, in addition to its benefits to the planet, also drives innovation and customer loyalty. What’s your take on circularity? Are you seeing similar initiatives in your industry? Let’s hear your ideas in the comments below! #CircularEconomy #SustainableBusiness #GreenInnovation #Reuse #WasteReduction