Innovation That Matters

Flecto is facilitating the transition to a circular economy | Photo source Matt Seymour on Unsplash

A platform facilitating the transition to a circular economy in retail

Retail

A company is making it possible for retailers to manage all rental operations in one platform

Spotted: Today’s consumers are increasingly concerned about the environmental impact of their purchases and are looking for brands that share their values. In response, traditional retail companies are exploring new sustainable business models based on renting instead of buying. Flecto, a Lisbon-based platform, is acting as a facilitator in this transition.

Flecto simplifies the rental process by digitising complex operations, enabling retailers to manage all their rental operations in one platform – from administering insurance, inventories, and customers, to creating online stores. The goal is to empower any brand to offer its customers an alternative to buying.

As the demand for circular business models increases, Flecto is positioned to become a key player in the European retail market. The platform makes it easy to identify documents and collect payments, while also providing a professional insurance policy for the protection of all rented products. Flecto’s biggest selling point however is simplicity, making it easy and efficient to manage multiple rental items in one place.

The company recently raised €1.2 million in funding, which it will use to support its expansion plans, implementing subscription and rental models across the UK, Italy, and France. This will allow a greater number of traditional retail companies to benefit from the flexibility, sustainability, and cost-efficiency of a subscription model.

Springwise has recently spotted other innovations aimed at promoting circular business models. These include a free banking app that allows users to trade their things for instant cash, a platform that lets neighbours share household items, and a B2B platform for upcycling unused fabric.

Written By: Katrina Lane

Website: flecto.io

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