How Blockchain and IoT Can Defeat Counterfeiting in the Fashion Industry
Imitation is the sincerest form of flattery. But brands that lose billions to counterfeit products don’t feel it that way.
Cambridge dictionary defines counterfeiting as “something that is made to look like the original of something else, usually for dishonest or illegal purposes”.
Basically, it is the practice of creating fake versions of products at a low cost and selling them at a high value. It is a nuisance for the fashion industry as both the brand’s reputation and revenue streams suffer as a result.
According to the Global Brand Counterfeiting Report 2018, the losses suffered due to online counterfeiting amounted to $323 billion in 2017. Luxury brands such as Gucci and Louis Vuitton incurred $30.3 billion in the same period.
Why Counterfeiting Is Massive in the Fashion Industry
Counterfeiting is higher in the fashion industry. Since the attraction of most items is the brand and not the quality, dubious retailers simply slap logos of globally popular brands on their items without thinking twice.
Meanwhile, customers while buying new clothes don’t mind getting their hands on knock-off brands as they cost considerably less than the authentic items. This creates an environment where the market is flooded with shirts from ‘Praduh’ and hoodies from ‘Adidos’.
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Cambridge dictionary defines counterfeiting as “something that is made to look like the original of something else, usually for dishonest or illegal purposes”.
Basically, it is the practice of creating fake versions of products at a low cost and selling them at a high value. It is a nuisance for the fashion industry as both the brand’s reputation and revenue streams suffer as a result.
According to the Global Brand Counterfeiting Report 2018, the losses suffered due to online counterfeiting amounted to $323 billion in 2017. Luxury brands such as Gucci and Louis Vuitton incurred $30.3 billion in the same period.
Why Counterfeiting Is Massive in the Fashion Industry
Counterfeiting is higher in the fashion industry. Since the attraction of most items is the brand and not the quality, dubious retailers simply slap logos of globally popular brands on their items without thinking twice.
Meanwhile, customers while buying new clothes don’t mind getting their hands on knock-off brands as they cost considerably less than the authentic items. This creates an environment where the market is flooded with shirts from ‘Praduh’ and hoodies from ‘Adidos’.
Add eCommerce websites ...
Read More on Datafloq
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