king waves in the tech industry, it’s setting a precedent for what the future of sustainable technology consumption could look like.  In an exclusive interview, Nick Ramsay, CEO and co-founder of Circular, shared a glimpse into the company’s rapid growth, its upcoming initiatives, and its vision to reshape consumer tech habits for the better. The story so far “Early testing in various APAC markets has shown a strong demand for tech subscriptions. It is clear that we are right at the start of a new consumption paradigm driven by subscriptions and the circular economy,” he told Inside Retail. He went on to say that in light of macroeconomic trends such as inflation and cost-of-living concerns, the APAC market needs a home-grown solution that can penetrate the market quickly.  Circular has tripled in size over the past year, and the retail environment in Singapore is very conducive to its continued growth. According to Ramsay, inflation and cost-of-living concerns are heavily influencing consumer decisions, and this is not changing anytime soon. “Increasingly, we find budget-conscious consumers tapping into Circular to access tech products, and we’ve recently seen strong demand for older models, such as iPhone X and iPhone 11 – but at a much lower price point,” he noted. Newer generation products, naturally, cost more when they are first released, and prices drop steadily over time. An iPhone 15 Pro Max might be priced at SG$89 per month today, but will likely drop as low as SG$19 per month in five years.  “With Circular’s low-cost monthly subscriptions, cost-conscious customers no longer need to take on short-term credit card debt, use BNPL schemes, or agree to long-term lock-ins with telcos. Instead, they can subscribe and experience the benefits of the latest technology at a fraction of the cost,” he explained. That said, Ramsay also noted that there are customers who are more concerned with sustainability and flexibility rather than budget. They understand the benefits of subscriptions and how accessing devices is better than buying, both from a sustainability standpoint as well as a financial one. The pre-owned marketplace According to Ramsay, in the broader market, second-hand device sales are growing faster than sales of new devices. Every month he sees more demand for refurbished and previous-generation devices than the company has available from its own supply of end-of-cycle devices.  To that end, he works constantly with partners to source older models in great condition to add to its pool of devices. “Asia is a complex consumer ecosystem, and there is a stronger preference for ownership of physical goods, including high-end consumer electronics, as it carries a sense of status and accomplishment,” he said. Having said that, disrupting the traditional behaviour of device ownership with a subscription is a big step for a culture that tends to be risk-averse and wary of change.  “The good news is that many governments across the region have made it a priority to work with the tech industry as well as with citizens to tackle the issue of e-waste. While societal attitudes have yet to fully shift, government efforts will play a massive and critical role in accelerating adoption of the circular economy,” he elaborated. Overcoming behavioural inertia Aside from mythbusting, Ramsay said that the biggest consumer behaviour hurdle to overcome is behavioural inertia. “This is why we are putting a lot of effort into communicating the importance of access over ownership and reducing our collective burden on the environment by ensuring tech products are used for the duration of their useful lives by offering refurbished devices,” he noted. A big part of what the team is doing at Circular is making sure past-generation devices are in the most optimum working condition possible.  “We work alongside refurbishment specialists to ensure that the phones are at a ‘Like New’ or at most ‘Lightly Used’ condition, and we provide free damage cover so that customers have peace of mind when using all our devices, not just those that are refurbished,” he explained. To do this, Circular partners with industry-leading specialists that adhere to strict standards to carefully refurbish all of its devices and radically extend their useful lives.  After a sophisticated and comprehensive data-wipe, Circular’s devices undergo rigorous testing for software and hardware functionality, comprehensive inspections for signs of damage, replacement for wear and tear, and a thorough cleaning and sanitation process.  “Once they experience the high quality of our refurbished devices and understand the environmental benefits of subscribing, we see them returning for multiple refurbished devices. Refurbished iPads for children as well as refurbished gaming devices are hot ticket items,” he revealed. Gaming and SMEs According to Ramsay, APAC is the world’s largest gaming market, with a significant portion of Gen Alpha and Gen Z users; and unsurprisingly, he has observed a demand for gaming gadgets and they have introduced them into the brand’s catalogue.  “We currently have Meta Quest 2, both digital and disc editions of the PlayStation 5 console, the Series X Microsoft Xbox, and two options for the Nintendo Switch – the neon console as well as the OLED model,” he added. Circular also has business offerings for SMEs and startups that are underserved by traditional financing and leasing options. “Circular for Business is currently used by a variety of Singapore-based businesses, including Unravel Carbon, an AI decarbonisation startup, paytech company CardUp, and digital media group, GRVTY Media. Circular for Business is currently the fastest growing part of our business,” he stressed. With its latest round of funding, Ramsay is focused on scaling Circular’s B2B offering to serve SMEs and startups in Singapore and Australia. Future plans “We have big plans for growth in Australia, and we are looking to launch in New Zealand as well. Our early testing there has shown an incredible amount of demand for subscription-based tech,” he added. In terms of new products, he is looking to introduce personal and home audio categories in the near future.  “Whilst we’ve started as a direct-to-consumer and direct-to-business platform, our vision is to build an ecosystem of services that will enable telco, marketplace and retailer partners to make the transition to the circular economy. We’re in active discussion with a number of partners now and hope to have exciting news to share in the new year,” he concluded.