New innovations empower consumers to ensure they receive quality products
Implications - Busineses are creating tools that protect small brands and individuals against counterfeit production and purchasing. These tools work to protect artists and creators from the theft of their designs, while empowering consumers and providing them with some autonomy throughout the purchase journey.
Workshop Question - How could your brand better empower it consumers throughout the purchase journey?
Trend Themes
1. Anti-counterfeiting Technology - Businesses are developing new technologies to identify counterfeit products, including fake product investigation platforms, counterfeit bag-detecting devices, and anti-counterfeit beauty labels.
2. Blockchain-based Verification - Apps like Peeke are utilizing blockchain technology to verify the authenticity of luxury products, creating opportunities for innovative blockchain-based verification systems in various industries.
3. Elevated Consumer Autonomy - With the rise of anti-counterfeiting technologies, consumers are empowered to validate the authenticity of products, creating opportunities for businesses to leverage consumer autonomy to build trust and confidence in their products.
Industry Implications
1. Luxury Goods - Luxury goods industries can leverage anti-counterfeiting technologies and blockchain-based verification systems to protect their brands and products while increasing consumer trust in their authenticity.
2. Fashion - Anti-counterfeiting technologies and blockchain-based verification systems provide fashion brands with tools to monitor supply chains and prevent loss of sales from counterfeit products.
3. Beauty - Beauty industries can utilize anti-counterfeit beauty labels to prevent low stock visibility, counterfeiting, and out-of-stock SKUs, thereby improving inventory management and enhancing consumer confidence in product authenticity.
