Industries That Will Benefit From Track and Trace Solutions
Within a year’s time the world’s counterfeit market is expected reach a value of USD1.82 trillion. That’s triple the annual value of the global drug trade and more than ten times the annual profits reaped from human trafficking. What’s more, the production of fake goods has virtually penetrated nearly every industry from fashion and electronics to food.
As counterfeiting methods get more sophisticated, we’ve identified several industries that will greatly benefit from track and trace solutions to tackle what is perhaps the world’s most profitable crime:
The fashion industry is the hardest hit by the counterfeit market. Worth USD450 billion—more than a third of the counterfeit market’s current value—brands such as Gucci and Nike are among those that are the most copied. Each year, Europe’s fashion houses alone have lost USD28.7 billion in sales from counterfeiting.
Integrating track and trace solutions could significantly lower the penetration of fake luxury products into supply chains like Europe’s and lower unemployment figures across continents.
While counterfeit drugs constitute one of the smallest industries, the market has claimed the greatest number of lives. With 1 in 10 drugs on pharmacy shelves marked as falsified, fake drugs—with ingredients like rat poison and floor wax—kill approximately 1 million people a year. Children constitute one fourth of those victims.
By assigning drugs with unique individual serial codes and streamlining serialization standards through common international laws, both companies and world governments can help prevent unwanted medication ending up in the hands of patients.
According to a report by business solutions provider CSC Global, the consumer electronics industry is projected to reach a net value of USD3 trillion by 2020, inching behind global fashion and apparel. With such high traction amongst consumers, the industry is highly coveted by counterfeiters.
10% of electronic products on retail shelves are fake, from tablets to DVD players. But the danger is that counterfeiters are not only stopping at mobile phones and computers: micro chips are becoming more prevalent, the kind that goes into military missile systems. In 2017 the American military estimated that 15% of all spare and replacement parts for its vehicles, weapons and equipment are counterfeit—and they’re certainly not the only military force facing this situation.
With such serious implications for both national and global security, track and trace solutions would go a long way to countering the potential disasters and threats that arise from subpar defence systems that could malfunction without warning.
Identem’s serialization capabilities are diverse: we offer various option from 2D and QR barcodes to the latest RFID technology. Paired with Identem’s fully customisable and highly secure cloud-based platform, businesses and organisations across the above industries—and beyond—will be able to use built-in analytics and reports to maximise supply chain transparency and integration, in order to prevent the penetration of counterfeit goods.