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Luxury brands explore blockchain to increase efficiency, improve customer experience

 

Luxury brands explore blockchain to increase efficiency improve customer

The global luxury fashion market continues to struggle with three challenges: counterfeiting, environmentalism and labor abuse. As per Global Brand Counterfeiting Report, the industry loses $100 billion every year to counterfeiting. Consumers are increasing their investments in sustainable products to over $30 billion, reveals IBM’s US Retail Index for 2020. Over 70 per cent consumers now opt for sustainable and environmentally responsible products. Around 76 per cent support recycling while 72 per cent prefer using natural ingredients in their clothes.

Time and again, media channels have highlighted instances of human rights violations in apparel factories. Luxury brands are addressing these issues through blockchain technologies.

Digital twin helps trace apparel journey

As per an Everledger report, blockchain technologies are helping brands prove their substantial and ethical credentials by creating a unique digital identity for each product. Digital twin of products helps trace the journey of an apparel from raw material to design and sale, to resale and recycling. The technology also helps brands replace the fragmented supply chain data into a single unchallenged record that can be viewed by all concerned parties.

The technology enables retailers to build customer-centric supply chains. Consumers can learn about the origins of raw materials of garments, their design and manufacturing process and their previous owners. Further, Blockchain enables the Everledger Platform support apparel and luxury brands by securing their records and accessibility to end consumers.

Encouraging conscious consumerism

Fashion label MCQ uses the blockchain technology to demonstrate its sustainability commitments. The brand has designed MYMCQ, a blockchain powered technology platform where designers and consumers can securely register trade clothing items. Consumers can also secure a digital record of each of these items. They can purchase any garment item with confidence. Through this technology, MCQ aims to encourage a more mindful consumerism. An outstanding achievement by MCQ, the MYMCQ platform enables luxury and apparel brands to increase their efficiency and customer experiences. By offering a more unified and trustworthy information, the technology enables stakeholders to improve customers’ shopping experiences by offering more authentic products.

 
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