Cosmetics
Market value
Implementing SecureTap technology in the cosmetics industry can offer considerable advantages, such as:
Enhanced Trust Among Cosmetics Buyers: SecureTap's NFC chips enable instant product authentication through blockchain, allowing consumers to effortlessly confirm the authenticity of their cosmetics. This technology significantly diminishes the chances of acquiring counterfeit beauty products, bolstering consumer confidence and trust in their purchases.
Transparent History for Cosmetics Products: Blockchain technology's role in immutable record-keeping means every detail from manufacturing to sale of cosmetics is securely logged. This transparency allows customers to track the origin and journey of their beauty products, enhancing trust and loyalty towards ethical brands.
Diminished Market for Counterfeit Cosmetics: The introduction of SecureTap technology complicates the replication of authentic cosmetics by counterfeiters. As a result, the demand for counterfeit beauty products decreases, encouraging consumers to invest in genuine, high-quality cosmetics, thereby protecting their investments and skin.
The counterfeit cosmetics market is vast and wide
Widespread Prevalence: The counterfeit cosmetics market is a significant part of the global trade in fake goods, with the Organization for Economic Co-operation and Development (OECD) estimating that the global trade in counterfeit and pirated goods amounts to as much as $461 billion annually. The industry loses around $5.4 billion in sales every year due to counterfeits.
Consumer Risks: Studies indicate that counterfeit cosmetics often contain hazardous substances, including lead, arsenic, and mercury, posing serious health risks to consumers. The lack of regulation and quality control in the counterfeit market exacerbates these dangers, leading to skin irritations, allergic reactions, and long-term health issues.
Digital Marketplaces Amplification: The rise of online shopping has significantly amplified the spread of counterfeit cosmetics, with many consumers unknowingly purchasing fake products on popular e-commerce platforms. The anonymity and wide reach of the internet facilitate the distribution of these counterfeit goods, making it challenging for brands and authorities to track and combat.