Blockchain Solution for Luxury Goods & Supply Chain - Sofocle
Loading

Luxury Goods

Blockchain Technology Solutions to resolve the issue of Counterfeiting in the Luxury Industry

Request a Demo
Luxury Goods

The Luxury Goods Industry has only seen growth year by year, with demand and supply of cosmetics, fashion goods, drinks, jewelry, handbags and fragrances increasing continuously. The numbers speak volume, and the luxury market witnessed a global annual growth of 5%, raising €1.2 trillion in the year 2017. China led the race with maximum consumption of luxury goods, with a market size of €20 billionand remarkable exchange rate of 15%. Japan stood second with a market size of €22 billion and Europe third, with worth €87 billion of market size.

The answer to the track and trace inefficiency is to introduce Blockchain for luxury goods. Through this disruptive technology, the loopholes of the conventional supply chain can be addressed. Blockchain in Supply Chain can prevent counterfeit by eliminating the possibility of tampering with tracking and tracing of goods. sofoChain, is one of Sofocle’s leading offerings that address the same.

As per the expectations, the luxury goods industry will grow at a constant rate of 4-5% per annum for the next three years, with an expected reach of €295 – €305 billion by 2020 in the terms of market.

Track and trace is a feasible solution for preventing counterfeiting of products, but the conventional method is highly labor intensive and inefficient. Due to the weak links across the supply chain, counterfeit products replace the originals during the transit and hamper the business.

This industry requires a flawless logistics solution, owing to the brand value and repute linked with every single delivery. The conventional Luxury Goods Supply Chain serves the purpose till an extent, but still suffers from a number of challenges, counterfeiting of the products being on top of the list.

SofoChain connects all the supply chain participants, from manufacturers and importers to retailers and consumers, eliminating the possibility of tampering the goods at any given point. Every transaction gets stored onto the Blockchain basis community consensus and time stamp, creating a trustless and secure supply chain.

Luxury Goods are replaced with their counterfeit products during the transit and the end consumer receives forged goods. This not only sets back the customer, but at the same time, degrades repute of the brands.

Blog

© 2018 Sofocle Technologies (OPC) Pvt Ltd.

Secured By

This website uses Cookies to ensure the best experience for you. OK