Authenticity of the product being sold is topmost priority for sellers and ecommerce platform providers, both will lose their reputation and revenue for fake goods being sold. Offering products authenticity in traditional approach is no more authentic and vulnerable, this was proven in many occasions and locations. Whenever there is a peak sale or demand scenario, something goes through the cracks.
Enforcing and making sellers or supplier liable also failed many times and causes disturbance in business ecosystem and ends up with the compromises because no party effort to lose other party in platform model businesses.
In survey by INC 42, 69% consumers said that they did not know how to identify a fake products, now brands and product owners can relax with Ciphercode advanced authentication technology, which uses custom blockchain technology and empowers consumer to authenticate their purchases directly by brand through smart mobile app. Open SDK can be integrated with brands platforms to empower their own customers to authenticate legitimate products.
Overall,about 30% of all fashion products ordered online are returned for variousreasons, translating to related logistics costs of about Rs 870 crore ayear according to the economictimes report, portion of that, 10% goes to unauthentic products.
One side authenticity is a priority for brands to combat counterfeit products and unknown revenue leaks, other side a bigger opportunity to induct a trusted to build loyalty relation with end consumer by empowering them with right platform and tools, which offers the authenticity, service, convenience and value for their time and trust which increases the retention and repeat purchase rate.
What Brands should be required – Migrate to latest cryptography technologies which offer high-security, Authenticity and great ROI. Spending portion of their losses in-product authentication technologies brings back everlasting value and path-forward for new strategies.