A CONCEPTUAL ECOTHRIFT SECONDHAND BUSINESS MODEL: PROMOTES CIRCULAR ECONOMY AND WEALTH CREATION, AND NURTURING B40 THRIFT-PRENEURS

Abstract

In this paper, a conceptual thrift haven named EcoThrift is introduced, which is a secondhand business model designed to promote a circular economy and nurturing the B40 Thrift-preneurs. A centralized digital platform, as part of the conceptual business model is introduced where individuals and organizations can list, donate and sell items virtually. The platform will contain a wide variety of products such as kitchenware, electronics, clothing, etc. On top of that, with large donations, EcoThrift also aims to open pop up non-profit storefronts and employ B40 students as employees. This paper will adapt a Design Thinking (DT) approach, including a rigorous literature review (LR) and a survey to gain a profound understanding of the secondhand market's intricacies. This business model includes the creation of an initial business model (BM) employing business modelling tools i.e. the Business Model Canvas (BMC), and Value Proposition Canvas (VPC), which is then rigorously validated through further interviews and surveys. It also aims to follow the principles of the SDG 12 (Responsible consumption and production) as well as SDG 13 (Climate Control). This innovative approach seeks to tackle crucial challenges, mitigate pains, deliver essential gains, and fulfill the unique jobs-to-be-done of various customer segments. The paper's notable contribution lies in its potential to not only promote thrift and sustainability but also offer up- and re-skilling and income opportunities for the B40 Thrift-preneurs, ultimately fostering a more inclusive and circular economy. Its practical applicability and capacity to meet the evolving needs of the secondhand market and marginalised populations make it a valuable resource for researchers and practitioners alike.