simplyBrand is an advanced ecosystem that draws on artificial intelligence, blockchain technology, and crowdsourcing to eliminate counterfeit products in digital commerce. Their goal is to restore trust in e-commerce and online product sales. Offering results-driven and viable solutions to this global marketplace problem will lead to a safer and smarter industry for both online consumers and merchants. More information about the company can be found on the simplyBrand official website.
There's no denying the extent of damage caused by the illegal manufacture and sales of counterfeit goods in the market. With the rise in e-commerce platforms, the problem seems to worsen. Every year, entities ranging from original brands to the least consumers record losses that exceed $300 billion. Everyone is affected.
simplyBrand's solution to counterfeiting is not only revolutionary and innovative, but it is also less expensive, transparent, and comes with numerous benefits for every player in the digital market space. In this article, I shall delve into some of the issues on the prevalence of counterfeit products as it concerns each affected party and how they can benefit from simplyBrand.
For Brands and Producer-Companies
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Losses incurred by manufacturer brands and producer companies to the spread of counterfeits are very massive because they lose a meaningful share of the market to fakes. Even though such losses are often recorded in monetary terms, they often deal much more damages by defaming and reducing the reliability and trustworthiness of consumer markets on the products and services of such brands. People simply look for alternatives where they have a lower risk of purchasing a fake product.
Original brands have been fighting a war, and they have resolved to use expensive means of protecting their products and mitigating the damages counterfeiting does to their reputation. These solutions could range from tagging their products with digital chips and IDs, to constant ads campaigns and public awareness programs to aid consumers differentiate the originals from the fake. These are great ways to reduce the effect of the problem without solving the problem itself. Counterfeit producers are still thriving on the unsuspecting costumers and it would take even more money for the affected brands to reach such customers.
Should brands employ simplyBrand's AI and crowdsourcing services, they can attain a wider reach and help their costumers identify and avoid fake products without spending excessively on preventive technologies and campaigns. Also, using simplyBrand's crowdsourcing is a great way to advertise and get more eyes on your brand's goods and services as they are vetted by a decentralized community of participants.
For Governments and Anti-counterfeit Agencies
However, with the increasing proliferation of several social media communities and e-commerce platforms, regulating authorities have their hands full and a large amount of these counterfeit products manage to find their way to the public.
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Governments and anti-counterfeiting agencies have set up standards, laws and barriers to the manufacture and sale of fake products. However, due to the hefty sums it would attract to carry out investigations on every counterfeit case, Governments and agencies have had to prioritize on the bigger problems. As such, the terms guiding such laws in some countries are almost ineffective or flat out outrageous. In China, for example, counterfeit manufacturers/sellers flourish under the radar and only risk facing legal consequences when their generated income exceeds $7200. This encourages them to keep manufacturing such products on a small scale and this explains why 60% of e-commerce complaints on counterfeit purchases are below $100. There are also cases of bribery and corruption in such regions.
simplyBrand reduces the cost and takes on the responsibility of tackling counterfeiting and restoring brand protection from the grassroots. Constituted of a large community of incentivized users functioning as anti-counterfeit agents, even small goods can be scrutinized and flagged and the data made available to security agencies. Effectively reducing the cost of investigation for the government and agencies and making it easier for them to hunt down defaulters from the grassroots.
It is also noteworthy to add that simplyBrand's crowdsourcing method to curbing counterfeit problems is corruption-proof and free of bribery - one of the solid perks of using a decentralized public ledger being that it makes for transparency, immutability and accountability. Thus, agencies and governments fighting counterfeits on the markets can rely on the information on the ledger.
For e-commerce Platforms and Marketplaces
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E-commerce businesses are also affected by counterfeits, with struggles ranging from keeping fake goods off their platform to resolving countless reported cases of fraud. According to an article on Medium.com, more than 70% of counterfeit products are purchased online, making e-commerce platforms a preferred incubator for fraudsters. Their increasing level of ingenuity makes it even harder for unsuspecting consumers to spot.
Also, with the emergence of several competing e-commerce marketplaces, enacting stiffer rules could lead to lesser volumes because some people would rather do business in places with fewer hassles. Even e-markets with stiffer rules and paid memberships like Amazon Prime, still record cases of counterfeit goods on their shelves. In the end, some of these platforms fail to protect the users and get poor reviews and rating due to bad experiences from affected users.
With the results from simplyBrand's AI, e-commerce platforms can offer more protection to customers by blacklisting and ostracizing merchants who deal on counterfeits. They can also include an additional layer of scrutiny for product listing on their platform by verifying merchants or having items pass through simplyBrand's database before being listed.
For Consumers
Even with the numerous advantages of online stores in the e-commerce industry today, more people, especially in less-developed countries, are still adamant to embrace e-commerce. A greater part of internet users are consumers of various products and contents. And as we know it, consumers are at the receiving end of the illegal practice of counterfeiting.
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With little or no safety guarantees in place on some e-commerce stores, consumers face the dangers of losing their money to merchants of fake products, not to mention the fatal implications such products could have on health. Often times, after purchasing a counterfeit, consumers may have to spend days or weeks reporting, verifying and resolving the issue. This invariably leads to the loss of valuable time and adds to the weariness and reluctance to trust online merchants. Thus, hampering the industry's growth by the percentage.
With simplyBrand's solution, more buyers and consumers on the market can rely on the trustlessness of decentralized crowdsourcing. The platform allows for every normal internet user to function as an anti-counterfeiting agent and earn some money for their contributions. As a result of that, an extensive database for genuine and counterfeit products is developed and made available for individual consumers to instantly verify the authenticity of products before purchasing them.
The impact of this method will be significant because it allows them to protect themselves and ensure good value for money on purchases, Quality assurance, and safety of their lives and properties.
SBA Tokens Presale is Live!
simplyBrand is partnering with Cobinhood, a commission-free cryptocurrency exchange and ICO service firm to launch its first Private Token sales. Token presale started on the 10th of January 2019 and will be open for participation till 23rd March 2019. Private sale participation is open to every country except citizens of China and the US, due to the restrictions placed by the governments of these countries. More Presale details are as follows:
- The total number of tokens up for presale: 160,000,000 SBA tokens.
- Presale Duration: 10 January 2019, 9 AM --- 23rd March 2019, 4:59:59 PM
- Token Price: 1 SBA = 0.00025 ETH
- Presale Soft Cap: 4000 ETH
- Presale Hard Cap: 40,000 ETH.
It is important to note that there will be presale bonuses when cumulative ETH received reaches predetermined points as indicated on the simplyBrand presale page on Cobinhood. Also, there is an active affiliate program running for this presale as contained in the aforementioned link.
As regards project ratings, simplyBrand scored an average of 4.8/5 across a number of third-party ICO rating platforms. You're welcome to find more information on websites like ICO bench ICO top, and ICO creed.
For more information about simplyBrand and the ongoing presale, do not forget to check out the links to the official website and the Presales page on Cobinhood below:
simplyBrand -- Official Website
simplyBrand -- Official Presale page on Cobinhood
simplyBrand -- Official Twitter handle
Disclaimer: This article should not be taken as investment or financial advice. As always, readers are advised to conduct proper research before considering a financial opportunity.