Brands are expanding the anti-counterfeit packaging market to fight counterfeit goods and packaging that are flooding the market. Customers in India are besieged with the threat of counterfeiting, which has always been a problem for companies. The government of India is working to adopt strict regulations and policies and to encourage businesses to use anti-counterfeit packaging. Despite this, the market is flooded with fake goods that can’t be detected. According to the World Customs Organization, more than $650 billion is generated each year by counterfeit goods. So time to get serious on the issue.
The Escalation Of Online Market Culture
The ability and means to make better use of our time are two of the many advantages of technological advancement. Automating your purchases, such as having your cat food delivered to your door every two weeks, or selecting new makeup without leaving the house, can save you time and effort. Many items and services that would otherwise be unavailable or unknown to us are now readily available online. As a result of the COVID-19 pandemic, e-commerce and technology have become more critical. The threat of counterfeiting will inevitably grow as technology improves.
Even though counterfeiting has plagued businesses for years now, consumers are constantly reminded that they could be a victim, thanks to online sales taking over. Although the eCommerce giants like Amazon and eBay are taking adequate measures to assure the product quality yet nobody is spared from encountering duplicate goods.
Counterfeiters can inflict harm and put everyone’s safety in jeopardy. To stay one step ahead of the counterfeit sector, manufacturers are putting the following cutting-edge technology into packaging:
- Microchip-equipped radio frequency identification tags
- Seals and Barcodes for Security
- Supplies for Printing and Ink Security
- Utilizing Smart Labels and Holograms,
- Serialization and Digital Encryption in Large Scale
Anti-Counterfeiting Market- The Future
According to a report from Research and Markets, the anti-counterfeit packaging technologies market is expected to grow to $420.97 billion by 2028. Supply chain tracking, strong security against duplication, wireless identification, and distant tag reading are all features of RFID technology, which is expected to grow the fastest throughout the forecast period. Low cost, easy application, identification, and technological inclusion are all advantages of coding and printing. As a result, coding and printing are projected to dominate the industry.
Although new detection technology can be prohibitively expensive for small and medium-sized businesses, some alternatives can be implemented at a fraction of that cost. For example, use SnapDragon’s Swoop technology, which can detect counterfeit products and remove the links to them from the internet, as a way to protect your brand against fraud on the internet.
Thanks to the advancements of the digital world, brands now have the opportunity to go direct-to-consumer and combat counterfeiting. For example, labels for aftermarket parts packaging from Hitachi Construction Machinery Co., Ltd. use Toppan Printing ID-NEX, cloud-based service with smartphone verification that uses the S-White hologram. This makes authentication and tracking easier by scanning QR codes.
While customer interaction with packaging has the potential to communicate brand information and promotions, more firms must invest in secure packaging technology that safeguards consumers—and themselves—from counterfeiters.
Digital Packaging
Interactive client connection via cell phones enables businesses to conduct direct-to-consumer marketing and prevent counterfeiting. Consumer experiences will become more psychological, creative, and tangible in the future due to digital packaging solutions. Companies may use these technologies to link customers to their products and brands in more dynamic ways. Digital packaging boosts conversion rates by 10% while making the customer thrilled.
The increasing usage of “near field communication,” or NFC technology, is one of the most significant breakthroughs in digital packaging. Short-range magnetic induction enables instantaneous data transmission when two digital devices are held together or touched.
Conclusion
Although there are plenty of innovative ways to combat the expanding counterfeits, there are brands that are still lagging behind when applying these security channels in their business sales funnel. The time ahead can bring about a progressive change in the way consumers buy and test the products, and hence anti-counterfeiting packaging will become all the more necessary for big and small companies alike. To know more about it, one can contact LetsVerify and discuss their requirements.