Navigating The Future: Five Predictions Shaping Brand Protection Strategies
The field of brand protection is undergoing rapid evolution due to technological advancements, changing consumer behaviours, and the globalisation of commerce. Several predictions can guide the navigation of this dynamic environment.
AI-Powered Counterfeit Detection: The integration of artificial intelligence (AI) into operations is widespread, with around 34% of global firms adopting it. AI and machine learning will be instrumental in brand protection, utilizing advanced algorithms to identify counterfeit products, monitor online marketplaces, and analyse consumer sentiment. However, caution is advised, and brands should avoid excessive reliance on these technologies without human oversight to mitigate the risk of false positives or oversight of subtle infringements.
Blockchain for Transparency: The adoption of blockchain technology for creating transparent and traceable supply chains is expected to rise. The global value of blockchain in the supply chain is projected to reach $3,272 million by 2026. Blockchain-enabled supply chain management helps authenticate products, verify raw materials, and enhance consumer trust, thereby reducing the risk of counterfeit products entering the market. Brands are encouraged to evaluate their supply chain vulnerabilities and make strategic investments.
Consumers in Brand Protection: Consumers will play a significant role in brand protection efforts. Initiatives such as crowdsourced monitoring, customer education campaigns, and reward systems for reporting counterfeit products will become prevalent. Involving consumers in these efforts not only safeguards brands but also fosters loyalty and trust. However, the challenge lies in ensuring accurate reporting and avoiding falsified reports.
Regulatory Changes: Governments and regulatory bodies are expected to tighten laws and regulations to intellectual property (IP) rights. Increased international cooperation between countries and organizations will be observed to combat cross-border counterfeiting. Brands must stay informed about evolving regulations and collaborate with authorities to enforce their IP rights effectively.
Augmented Reality (AR) Authentication: AR is set to be a powerful tool for brand protection. Brands can develop AR applications allowing consumers to scan and authenticate products. A study indicates that 51% of consumers are willing to use AR while shopping. However, widespread adoption may be hindered by the need for extensive awareness campaigns, promotional activities, and associated costs.
Brand protection is an ongoing effort requiring vigilance and adaptability. The success of brand protection strategies depends on the careful selection and implementation of these trends.
