Retail’s golden ticket event, the Retail Technology Show, announced circular retail platform, CircularX, which powers second-hand and pre-loved commerce capabilities as the winner of its 2023 Innovation Awards.
Crowned as the 2023 Innovation Award winner at the Retail Technology Show BIG Retail Party, CircularX is a SaaS platform that empowers both retailers and brands to design and launch omnichannel second-hand and pre-loved retail offers, helping brands reach new shoppers whilst also building sustainability into their business. Offering a white label solution that allows retailers to stay in full control of the brand experience across their touchpoints, it also enables buyback, refurbishment and re-sale options.
CircularX was chosen from a shortlist of ten best-in-class solutions, picked as shining examples of trailblazing tech and innovation that can help retailers drive their businesses forwards and generate competitive advantage. The solution impressed the judges with its ability to allow retailers and brands to expand the circular services on offer at a time when demand for green retailing from shoppers is rising. Original research of 1,000 UK shoppers by Retail Technology Show revealed that 71% believe offering repair services would help retailers be greener, while over a third (35%) are now buying pre-loved or reconditioned items and a further 30% are opting to buy second-hand to minimise the environmental impact of their consumption.
Innovation Award Judge and former CEO of Lands’ End Europe, Constanze Freienstein, commented: “This is a highly relevant solution for retailers, including fashion, hardgoods and electronics, to offer a 360-degree sustainability offer and addresses an often asked but rarely answered conundrum for many retailers.”
For former CEO of Funky Pigeon and Innovation Award Judge, Olga Nazarkova, the solution stood out not only for its ability to answer circular retail demands, but for its speed of deployment and scalability, driving the potential to democratise sustainability for both retailers and consumers. “This could allow the whole retail industry to enable circular economy and contribute to a more sustainable business model and help save the planet. It’s good for customers, good for retailers, and good for the planet,” she commented.
Commenting on being announced as the winner of the Retail Technology Show 2023 Innovation Awards, Léa Guyon, Business Development & Partnerships Manager at CircularX, said:
“We are thrilled to have been chosen as the winners for our second-hand SaaS platform, which promotes trade-in and resale models in retail. This is a huge launchpad for us as we aim to expand CircularX in the UK and worldwide, and support retailers in achieving their sustainability objectives while also proving that second-hand can be an economically profitable business model.”
Matt Bradley, Event Director for the Retail Technology Show, commented: “The Innovation Awards champion and celebrate innovative and disruptive tech, and are a central pillar of our flagship event for retail. Every year, the stakes get higher and higher, as technology providers push the envelope on innovation further, making CircularX very worthy winners, having united the judges on the benefits of their circular retail solution.”