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A solution to The Woes of Luxury Brands Using Blockchain

A solution to The Woes of Luxury Brands Using Blockchain

Monday August 05, 2019,

3 min Read

A Solution to The Woes of Luxury Brands

Being fashionable has been a luxury, but not these days. All the premium brands are readily available to the masses through their counterparts at cheaper or nearly negligible prices. Why would people want to go for the exact identical products by real brands at higher prices in such a rundown? 

While we come across the frequency of counterfeit based out of this market, there are certain other factors that rule the market. In a report published earlier this year, we find the fashion business leveraging to another level through counterfeit labels, which end up creating leads for the luxury brands. The report discloses a considerable experience of a person actually turning up to luxury products from its exact replicas which lacked quality. Though these counterfeits may be market disruptors for luxury brands, yet there has been a constant concern to eliminate them from the market. This concern is to keep alive the brand trust that people end up associating with such luxury brands.

How do these luxury brands aim to cut through the misdeeds?

Gucci, LV and Prada are premium brands with a business model that has ever been a concern to the ‘Elite’ masses. But, these products have been striving to set their bars high in their intended market, and to never compromise on quality. To marginalise the cause, these brands have partnered with Curate, a decentralized fashion discovery platform that acts as a source of ideas and inspiration to your fashion sense. Being based on blockchain, the platform is free from threats of counterfeit that might cross off these luxury brands. Being a user, you will be able to access the history of the purchased garment and the fabric used through smart tags by scanning a code, based on RFID technology to give you a sense of assurance along with your favoured brand’s product. 

Put on your shoes and GO SHOP as you won’t be cheated anymore!

An Interesting Common Fact

There’s a common driving force that brings all of these luxury brands under a roof, the interesting fact is that 80% of the traffic on their sites is coming directly or through brand search while the rest are potential customers that comes from influencers and social networks. This implies that 80% of the elite traffic that these brands generate are a group of people who are known of the fact that they are going to shop through these luxury brands, while others are those who could afford these lavish products but are not under this periphery. While GUCCI, LV and Prada consistently aim to up their market game, they have partnered with Curate to acquire that niche market through an influencer oriented network at the platform.

These partnered brands plan on moving towards a more civil ecosystem with blockchain implementation and leveraging a technology that would appeal to a bigger market sphere in the near future. All this while, the team at Curate aims to deliver a delightful user experience where they can have access to unique masterpieces by big as well as small scale designers. Curate is certainly on a pace to give you an enthralling and earnest ride.