How the Power of Blockchain Can Fix Counterfeiting & Address Reverse Logistics challenges
The boom and expansion of e-commerce come with its own set of challenges and one of the biggest issues is RETURNS. Offering consumers a no-question-asked and easy return policy is the gold standard for attracting and retaining customers in a cut-throat market landscape, but it can pose also huge challenges, in terms of Reverse Logistics and the associated costs. While deeper customer engagement, personalization, and better visual representation can lower dissatisfied clients to an extent, the real Reverse Logistics challenge stems from the dark world of counterfeiting. Counterfeiting (in retail and B2B sectors) hurts profitability and damages the reputation of organizations. According to a report released by the OECD and the EU’s Intellectual Property Office, counterfeit goods represent 3.3% of world trade, and much of this occurs somewhere in the supply chain. Blockchain technology has emerged as a useful tool to counter the various Reverse Logistics Challenges . With its distr...