Mar 15, 2023
We don’t need official numbers to know that the cosmetics industry is growing at a steep incline every year. New product lines are launched that aim to be sustainable and better than the next product. There is intense competition between brands and consumers have become increasingly guarded about what they use as a part of their daily routine. Beauty gurus and influencers online guide their followers on what to buy and what products could potentially help them with their skin concerns.
All of this requires a lot of transparency from the brands and their products because people are actually taking the time to notice the ingredient lists. They want to know if the product is cruelty free, vegan and/ or chemically tested. They want to know if the raw materials are ethically sourced and assembled. Consumer awareness is at an all time high and businesses need to keep up with that. For that, transparency and sustainability are very important attributes to be included in to the entire process of making a cosmetic product from the start to finish.
One of the ways to implement that is make the supply chain more advanced and efficient with blockchain. Blockchain is distributed, decrypted ledger that’s shared in a particular network where all the participants are present. The data entered by the participants are immutable and can be seen by everyone. Applying blockchain to supply chain functions will enhance the process to become more efficient and reduce a lot of manual process and manual errors.
1. Transparency: Since real time data entered in the ledger is immutable and can be seen by everyone involved, it enables transparency and accuracy of data. It allows the participants of the supply chain know exactly where the product is in its stage of manufacturing and assembling, predict if there are any problems it might encounter and prepare accordingly.
2. Sustainability and economic feasibility: In the long term being able to manage the supply – demand ups and down will benefit businesses immensely. Blockchain based supply chain allows you to look far ahead and minimizes the overhead cost by eliminating third party interference.
3. Customer satisfaction: Businesses can keep a loyal customer base only if the customer is satisfied with the product and service every time it engaged with it. Giving customers complete information right from the make of the product to the time it is delivered enables the brand to engage on almost a personal level. Clean beauty is a trend that has been running for a while now. People are also environmentally conscious. And while companies have to cater to all these demands, it needs to do so in a way that is cost efficient and also enhances brand name.
Businesses are trying to figure out plans that can tick all the boxes in their list and carry on with innovation. With MSRVantage, we help customize your supply chain needs to give you optimized results that enable you to build a brand name that is synonymous with integrity and transparency.
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