By : In 2008, at least after ingesting formula that had been contaminated. Demand for safe products has grown year over year, every year, since then. Companies like -centric Techrock have capitalized on this market by finding unique solutions to the authenticity problem. uses the to track every step of a product’s lifecycle and rewards consumers for verifying it through their mobile phones.
Chinese Consumers Increasingly Willing to Pay a Premium for Authentic Imported Food
In , it is reportedly difficult to get authentic products. Some researchers that more than 90% of the sold in is faked in one way or another.
For non- products, this isn’t such a big deal; but there are some markets where it’s life and death – such as baby formula and other products, which can have deadly side effects. According to Techrock, which spoke to CCN about their recent partnership with Rakuten, the situation has created a market for authentic goods as large as $60 billion per year.
Techrock uses technology in two aspects of its business. On the one hand, it for who use the service to purchase authentic products. On the other, it creates a permanent record of a product’s authenticity.
From Supply Chain to Reward Points, Blockchain’s Role
Every product in Techrock’s has a digital representation on the . The company has developed a reputation for delivering high-quality, authentic goods, and it’s applying
Their target market is less about authentic shoes or electronics and more about health and other things which people prefer not to risk. The loyalty program helps them retain , and using the for it, the points have no expiration date. A side effect of Techrock’s Tael loyalty program is that it introduces many people to for the first time.
Techrock recently entered a partnership with Japanese retail giant Rakuten to get authentic Japanese goods to . Rakuten has long had an interest, but it only touches the technology in a tertiary way here.
Rakuten is looking to expand its reach in , where it is far from the leading retailer. By contrast, Alibaba is the boss in – but -style product suffers a lot of knock-off problems that the rest of the Chinese market does.
Growing Year-Over-Year
Built on , Techrock’s labeling technology ensures that products are real. The customer can verify this with an app on their phone, and once they do so, they earn their reward points at the same time. The rewards can be used to purchase more goods in the , which encourages to keep using Techrock.
Techrock’s partnership with Rakuten means that Chinese don’t have to worry about fakes, and they have streamlined access to authentic, safe products. Techrock Co-Founder Alexander Busarov told CCN:
“We already sell in over 220 or 230 cities where our consumers are located. It’s all sent by the local dealer companies. We think our business will grow as the demand grows.”
is reportedly the largest market for both and firms that verify the safety of . Consumers have been driven online as they continually lose trust in local vendors. Regulations and other issues make it such that local companies, like Techrock, will ultimately supply the demand.
Techrock’s partnership with Rakuten is notable because they’re the third to secure such a partnership – JD.com being one of the first – and they are built entirely on .
Published at Mon, 29 Apr 2019 20:28:02 +0000
