Oct 28, 2022
Beauty and wellness industry have gained a lot of ground with inclusive and diverse products that match every skin tone, not to mention celebrities introducing their own line of makeup and skincare. The global beauty and personal healthcare industry are worth USD$534 billion and is expected to grow at a tremendous rate of 5.86% CAGR.
However just as expected in a big and growing market, there are lot of problems that rob companies of major revenue. The most pressing issue for cosmetic companies is that of counterfeit products circulating around the market. Fake cosmetic products can be as harmful as fake pharma products and can contain a lot of toxic substances like lead, arsenic and cyanide that will have adverse effects on body. Because of low prices and the fake identical label of trustworthy brands on them, customers buy these cosmetics without thinking twice and get duped. Apart from this product tampering and poor customer management are also some issues that companies deal with. These issues can be resolved using crypto and blockchain solutions.
1. Tracking and tracing features:
Tracking and tracing of cosmetic products from the very beginning of the formation right to the delivery gives a stamp of authenticity and also gives information about the entire journey of the product as it reaches the customer, so we that we can pinpoint where most likely fake products can enter the supply chain. For damaged or tampered products recall can be a faster and easier process thereby making sure it doesn’t reach the customers.
2. Anti-counterfeiting solutions:
Crypto tags on products mark authenticity and originality of the brand and product. Customers can scan the tags using their phones and check information with certainty. Crypto tags have two parts to them, open and protected. While the open part is available to the all public the protected tag is hidden by a scratch able layer that can only be referred to after buying the product. These layers of protection make sure that customers are buying the original product.
3. Supply Chain efficiency:
The syncing of raw materials, manufacturing, transportation and delivery makes supply chain quite complex and making sure that all the phases of supply chain work together is a herculean task. Having third party involved in the day to day of a supply chain attracts overhead charges, opacity and slows down the process. Introducing Blockchain eliminates the need for an intermediary and reduces cost thereby making the process transparent, efficient and economical.
4. Rewards and loyalty:
Making customer support easy and accessible and introducing rewards and loyalty programs attracts loyal customer. Blockchain supported rewards and loyalty solutions can be implemented in transactions which will help ramp up brand revenue and keep your client base.
Beauty and wellness has become a staple in our lives. Businesses in this industry need a transparent supply chain process to make sure their brand name stays trustworthy and the products they distribute.
are original. It is important that they are able to track down counterfeit and fake products easily and build a chain that is tight knit, efficient and has end to end visibility to both the business and customers. MSRVantage’s anti counterfeit solutions will provide your business with a secure, smart and transparent supply chain that is efficient and can tackle the epidemic of fake products to make sure your business is robust with a strong brand name synonymous with trust and originality.
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