Recommerce

It’s time to rethink and rebalance

Action needs to be taken to inspire individuals to rethink the way they shop and consume, because, as the world’s climate changes and the cost-of-living increases, the way we shop has never mattered more. Given the fundamental role of payments in modern global economies and its history in enabling large-scale socio-economic progress through the digital payments revolution, we believe that the payments industry has the power to enable a positive shift towards more sustainable behaviours.

We’ve created this digital Recommerce space to help individuals and businesses to explore and learn more about circular commerce – Recommerce – activities which can then enable more sustainable choices. The aim is to make Recommerce simple, desirable, rewarding and habitual through education, insights and partnerships. Through an industry-first open source behavioural experimentation lab, we’ll be working with our global network of partners to create resources, innovations and interventions which we hope they will use to accelerate the transition to a more sustainable future.

More about what Visa is doing

Circular business models in the area of recommerce — such as rental, resale, and repair — are increasingly gaining attention in Europe and around the world to help build long-term growth and tackle global challenges such as climate change and pollution.

Andrew Morlet, CEO, Ellen MacArthur Foundation

What is Recommerce?

As the world is consuming more than it can replenish, a significant shift is needed in the way we use natural resources if we are to meet global net zero goals by 2050. Our current economy is only 8.6% circular, leaving a massive Circularity Gap. We need to close the Gap by a further 8.4% to close the Emissions Gap by 2032¹.

To accelerate the transition from a “take-make-waste” model to a circular economy, we need to rethink the way we shop and support small businesses to grow in new sustainable ways. We want to enable businesses and individuals to more easily consider the small changes they can make towards Recommerce activities like Resell, Repair, Rental, Refill, Return and Redistribute. More of us are already making choices that can add up to a big impact on people and our planet, like selling items when we no longer need them, repairing devices, or renting appliances for a short time.

According to research produced in cooperation with GlobeScan, consumers are already making progress – with half of those interviewed engaging in at least one Recommerce activity twice a year – some activities are more popular than others, and only one in five people are familiar with all aspects of Recommerce.²

Why Recommerce matters

Regenerative business models including Resale, Repair and Rental, are estimated to be a €900bn economic opportunity by 2030³, with potential to attract new customers, increase sales and lead to mass job creation. As individuals look to make more sustainable choices, businesses can offer them options that inspire changes to the way they shop and support reduction of their carbon footprint.

More about why Recommerce matters

€900bn economic opportunity³

700,000 new jobs created⁴

Increase EU's GDP by an 0.5%⁴

16x faster Recommerce growth vs traditional retail²

Empowering change

We are on a mission to help businesses and consumers take the small actions that create big leaps towards a regenerative future. In collaboration with our partners, our ambition is to uncover actionable behavioural insights that support the wider economy to rethink actions, implement real world solutions and empower individuals to adopt more sustainable habits in their everyday lives. Through open learning and experimentation, we aim to help build an equitable regenerative economy that uplifts everyone, everywhere.