Q: What is the most proactive approach to Brand Protection? How we can develop an Organizational Risk Assessment for Product Counterfeiting?
A: The holistic approach to brand protection should consist of product authentication, track, and trace, detection of illicit activities, etc. Besides channel partners and customs agencies, Consumers can also become important partners for brand protection. Empowered by easy and accessible tools and know-hows, consumers’ confidence with the brand can be strengthened, and distribution of counterfeits thus deterred. This is a much more proactive approach than simply trying to encourage your customers to shop from limited, authorized channels.
Brand owners can assess the following for possibility of risk:
1) Does your product’s packaging consist of any effective copy-poof features?
2) Can consumers/ supply chain partners check the product authenticity at ease, anytime, anywhere?
3) Is your geographical pricing strategy a major incentive for parallel imports?
4) Do you have a traceability system that can enable you to identify and quickly recall all defective products in the market so as to contain the damage?
5) Can your existing anti-counterfeiting measures provide you with instant market feedback?
6) Can your product identity platform provide you with good insights for business planning? If the answers are no, the company may have to re-examine its current practice to protect its brand better, especially in the era of Omni-channel retailing.
Q: What is the common risk for Brand Protection? And how to face them?
A: Internal and external stakeholders of an organization play an important role in the success of brand protection. The two common challenges faced in implementing measures for brand protection are the fear from internal departments towards adopting brand new solutions and technologies, and supply chain partners’ distributors’ reluctance to support the deployment of a traceability system. To facilitate a smooth implementation, a brand needs to consider selecting a solution that will not disrupt the existing practice of the organization to minimize resistance informing the internal stakeholders on the value and benefit to them for implementing it providing an easily available tool for consumers’/ supply chain stakeholders to authenticate the product educating and incentivize consumers/ supply chain stakeholders for their effort to check product authenticity and do feedback
Q: What are the future goals for your organization in relation to brand protection awareness?
A: i-Sprint Innovations is the leader in securing digital identities and transactions in the cyber world. i-Sprint is in tune with the markets’ needs and building our product with foresight in mind. We aim to power brand owner with a 360° solution that not only fence off counterfeit, but it will also provide better big data analytics option, product management, and consumer engagement features on one platform. We are constantly engaging with major authorities and major industry players in different sectors to introduce our latest solutions, hoping to help set higher bars for brand and customer protections.
Q: How we can outsmart the counterfeiters? What can brands do to protect their investment, their market shares, and reputation?
A: Counterfeiters are after economic benefits, and they can be many and everywhere. Global trades and e-commerce are multiplying their gains and providing them with tools to distribute their goods easier and faster. By empowering consumers to check products’ authenticity, their source, and logistics channels, we can make our customers our eyes and ears to more efficiently detect any illicit products in the market.
Q: In the context of the promotion of a market for recycled and reused products, how to avoid brand names from being misused or damaged?
A: Being environmentally friendly is also part of a brand protection strategy. It is recommended for brand owners to educate their consumers on where the collection or disposal points for old and dysfunctional products are. For reusable products, brand owners can work with some charity organizations that accept used items for consumers to donate. With this mechanism in place, it will reduce the chances of items being handled in a non-environmental manner. For pre-loved items with good resell values, a flexible product identity solution can keep track of its whole life cycle. Therefore, even second-hand buyers can be protected from fake merchandise. By eliminating the dilution effect caused by counterfeits, the brand’s products can have higher resold values and would thus affect their first-hand values positively. At i-Sprint Innovations, we have incorporated the above-mentioned schemes and technologies in our product identity solution, and brand owners will have a direct engagement and trusted relationship with their customers.