By Vikas Jain
The landscape of brand protection is evolving at an unprecedented pace. The reason? Technological advancements, shifting consumer behaviours and the globalisation of commerce. Here are five predictions that will help you to navigate this changing environment.
Blockchain for transparency: Blockchain technology adoption rate to create transparent and traceable supply chains will rise. The global value of blockchain in the supply chain will reach $3,272 million by 2026. Blockchain-induced SCM helps to authenticate products, verify raw materials and enhance consumer trust, reducing the risk of counterfeits entering the market and enhancing operational efficiency.
Brands must assess their supply chain vulnerabilities and prioritise suitable investments.
Consumers in brand protection: Consumers will play a huge part in brand protection efforts. Crowdsourced monitoring, customer education campaigns and reward systems for reporting counterfeit products.
Engaging consumers as allies in the process will not only protect brands but also develop loyalty and trust. But unlike other solutions, encouraging consumers to take initiation will be a far-fetched method. The chances of getting falsified reports are also higher.
Regulatory changes: Governments and regulatory bodies will tighten laws and regulations related to IP rights.International cooperation between countries and organisations will intensify to combat cross-border counterfeiting. Brands will need to stay updated on evolving regulations and collaborate with authorities to enforce their IP rights.
Augmented reality authentication: AR will emerge as a powerful tool for brand protection. Brands can develop AR apps that allow consumers to scan and authenticate products. A study suggests that 51% of consumers are willing to use AR while shopping. However, the need for extensive awareness campaigns and promotional activities can hinder the practice. Plus, the cost associated may also discourage a lot of brands.
One thing to remember is brand protection is not a one-time effort; it requires ongoing vigilance and adaptation. It all depends on what strategy the brand chooses to adopt.
The author is founder, Acviss Technologies
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