Millennials are up to no good; they are indecisive and want to be that “hip kid” from the block. Half of this demographic uses various e-commerce websites to buy all the luxury items they want.
With the globalization of various luxury item brands, these companies face a sheer amount of problems which usually revolves around counterfeit goods. Counterfeit of such luxury items are quite popular in the market, and
as per a recent report, INR 6000 crores worth of counterfeit products were sold in 2017 till date.
These items can range from bags to shoes and even shades. With the increase of such activities, brands like Louis Vuitton or Ray-Ban have taken up the initiative to open their e-commerce website to contain the proliferation of counterfeit products everywhere.
How to get rid of Counterfeiting?
The implementation of blockchain can somewhat be useful. It tags a product with Radio-frequency identification (RFID) which acts as a unique identity card for the product since it gets registered in the ledger where it can track throughout its supply chain, assuring the consumers that they can buy it without any hindrances. With this protocol, product authenticity and anti-diversion are kept at bay.
The dynamic of the supply chain has changed drastically over the years. The process is somewhat more polished and compressed for the convenience of the brands and the respective tracking of the product. With the blockchain method, the sanctity of the complex supply chain is maintained where complimentary information that can provide additional visibility to its value-added services offers further authenticity.
With the presence of blockchain technology, it also shows the acceptance of technology in luxury item sector. With the core ideology to stop counterfeiting interloped with technology, the brands will seemingly be able to combat such a threat like counterfeiting with enhanced competency.