In the Age of Counterfeiting, Track and Trace is the Answer
In today’s interconnected world, counterfeiting and fraud are rampant across industries, causing billions in economic losses and compromising consumer trust. Brands must protect themselves from counterfeit goods, not only to save profits but also to build customer loyalty. Fortunately, track-and-trace technology offers a powerful solution to this problem. By adopting this technology, businesses can fight counterfeiters, safeguard their customers, and build a strong, trustworthy brand.
How Track and Trace Solve Supply Chain Issues.
Track-and-trace technology enables complete visibility into a product’s journey from the manufacturer to the end consumer. Using unique identifiers like QR Codes or NFC tags, businesses can track the movement of products through every stage of the supply chain. This transparency ensures that products haven’t been tampered with or substituted along the way, protecting both businesses and customers.
According to the Organization for Economic Co-operation and Development (OECD), counterfeit goods account for approximately 3.3% of global trade. By using track and trace, companies can identify and eliminate counterfeit products, preserving their brand integrity and protecting consumers from potential harm.
Blockchain in Track and Trace
One of the key technologies that complements track and trace is blockchain. Blockchain creates an immutable, decentralized ledger of product movement, ensuring every step of the supply chain is securely recorded. This adds an extra layer of security, enabling real-time visibility and verification of product authenticity.
By integrating blockchain with track and trace, businesses can ensure tamper-proof auditing, boosting accountability and improving compliance with regulations.
Acviss’s Origin, for example, employs blockchain technology to provide transparency and traceability in the supply chain, helping brands track products across their lifecycle.
Read more about Acviss Origin and its capabilities.
Why your Brand should use track and trace systems.
1. Protecting Consumer Safety
Counterfeit goods pose serious risks to consumer safety, especially in industries like pharmaceuticals and automotive parts. The World Health Organization (WHO) estimates that counterfeit pharmaceuticals contribute to over 250,000 deaths annually.
With track and trace, companies can ensure the authenticity of their products, preventing counterfeit goods from entering the market. This not only protects consumers but also reduces the risk of harm, ensuring that products are genuine and safe.
2. Gaining a Competitive Edge
Brands that adopt anti-counterfeiting solutions like track and trace gain a competitive advantage. Consumers prefer brands that take measures to ensure product authenticity, and they are often willing to pay a premium for the assurance that they are buying legitimate products.
By protecting your brand and consumers, track-and-trace technology can help build customer loyalty and long-term success.
Read more about how brands are protecting themselves with anti-counterfeiting solutions.
3. Mitigating Financial Losses
Counterfeiting doesn’t just harm consumers—it costs businesses billions in lost revenue. According to the International Chamber of Commerce (ICC), global losses due to counterfeiting and piracy have reached $3 trillion by 2022.
By preventing the circulation of counterfeit goods, track and trace can help businesses avoid these staggering financial losses. It enables quick identification of fake products and allows companies to take legal action against counterfeiters, protecting their revenue streams.
4. Building Consumer Trust
In an era where counterfeit products flood the market, consumer trust is invaluable. A study found that 83% of consumers believe companies must take steps to authenticate their products. By implementing track-and-trace technology, brands can demonstrate their commitment to authenticity and safety, fostering deeper trust with their customers.
Learn how brands build consumer trust through product authenticity
5. Strengthening Regulatory Compliance
Many industries, especially pharmaceuticals, are subject to stringent regulations requiring product serialization and authentication. Governments around the world are enforcing track-and-trace regulations to ensure compliance and consumer safety.
For instance, the Central Drugs Standard Control Organization (CDSCO), the US Drug Supply Chain Security Act (DSCSA), and the European Union’s Falsified Medicines Directive (FMD) mandate the use of track-and-trace systems in the pharmaceutical industry. Adopting this technology not only ensures compliance but also strengthens brand reputation by aligning with global standards.
Learn how traceability solutions are reshaping industries
Acviss Origin: Leading the Way in Track and Trace
Origin combines blockchain and patented technology to provide brands with transparency and traceability throughout the supply chain. Origin enables businesses to track their products from raw materials to distribution, helping them identify the exact point where tampering or counterfeiting occurs.
With Origin’s custom-branded app, both customers and brands can verify product authenticity in real time, ensuring transparency and trust at every stage of the product’s lifecycle.
Explore more about Acviss’s solutions for enhancing supply chain efficiency
A Long Way to Go
Track-and-trace technology has become an essential tool in the fight against counterfeiting. By increasing supply chain transparency, protecting consumer safety, mitigating financial losses, and ensuring regulatory compliance, brands can maintain their reputation and gain a competitive edge in the market.
As technology evolves, more businesses across industries need to adopt track-and-trace solutions to protect their customers, bottom line, and brand integrity.
