2020 saw a massive increase in online retail. Due to temporary shutdowns of brick-and-mortar retailers due to COVID-19, consumers around the world turned to e-commerce to shop from the comfort of their homes. The increase in online shopping as provided both opportunities and challenges for companies looking to find an edge in the market.
To better understand the internet’s role in shaping consumer habits today and in the years to come, License Global recently spoke to Pete Reyes, vice president and managing director, JPatton. During the conversation, Reyes highlighted how digital data is helping company’s make informed decisions and shared how companies can better protect their IP from counterfeiting in the digital age.
He chats with us ahead of JPatton’s upcoming keynote at the Licensing Leadership Summit. The presentation will explore how utilizing scannable forensic security technology can solve counterfeiting issues.
License Global: What has been the biggest change you’ve seen in the licensing and retail business over the last five years?
Reyes: The growing consumer use of the internet for retail or retail research – and the increase in the use of consolidated retail portals and social media for retail – has changed the way brands market products, as well as how companies must protect their brands. Additionally, new brands are popping up every day as a result of brand collaborations or as a result of content generation across various media platforms.
What is the biggest trend or industry disruption that you see on the horizon that not enough people are taking about?
The convergence of the all things internet, data analytics, and artificial intelligence is creating new opportunities for embedded intelligence, making products and business applications smarter than ever before. Also, the rise of digital currency and peer-to-peer payment platforms is dramatically increasing the use of digital commerce between individuals and across businesses. These “disruptors” will create new opportunities but can also pose big threats for anyone with a business-as-usual approach.
How has new technology impacted the challenges of counterfeiting?
Technology has made it easier for counterfeiters to make and sell product in ways that appear remarkably legitimate, cheaper, and faster, increasing the need for better, faster enforcement tools. The increased ability to process images through phones has given enforcement personnel and consumers the ability to authenticate products in the marketplace in an instant. The introduction of new, lower cost, anti-counterfeiting technologies like JP Forensics is making it nearly impossible to counterfeit while giving consumers and enforcement teams instantaneous authentication of products and allowing those products to be removed from the marketplace.
What are you hoping people get out of your talk at the Licensing Leadership Summit?
We want to reinforce the importance of innovation in the anti-counterfeiting space. Counterfeiters are making advances in their technology, and it’s important for brand owners to stay ahead of the game. For example, we have a new authentication technology called JP Forensics that can be added directly to your logo, packaging, or products without disruption of your manufacturing process and removing the need for an additional label.
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