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MARKET CHALLENGES
Anti-Counterfeiting Products Solutions in Malaysia
In today’s market, consumers certainly have unlimited choices when making purchases, and it will likely put online sellers or business owners to work harder simply to meet customer demands and preferences. Hence, it presents a consequential market challenge for them. In addition, online shopping could also be challenging for online sellers, as they constantly experience a decline in sales.
To tackle such issues, businesses need to implement a robust anti-counterfeit solution. Anti-counterfeiting solutions are commonly used for quick and reliable identification of product genuineness to tackle counterfeits at various stages of the supply chain.
In addition to counterfeit products, online sellers also struggle with price dumping, supply chain issues, and most importantly, a lack of market research and customer insights. All of which could be solved through counterfeiting product solutions.
To tackle such issues, businesses need to implement a robust anti-counterfeit solution. Anti-counterfeiting solutions are commonly used for quick and reliable identification of product genuineness to tackle counterfeits at various stages of the supply chain.
In addition to counterfeit products, online sellers also struggle with price dumping, supply chain issues, and most importantly, a lack of market research and customer insights. All of which could be solved through counterfeiting product solutions.
Product counterfeiting
One of the major market challenges is counterfeit products on various e-commerce platforms where they often lure customers with cheaper prices but lack the quality and reliability of genuine products. This causes customer disappointment after unknowingly purchasing knockoff products, leading to negative reviews and damaging the reputation of legitimate brands, which is why implementing an anti-counterfeit solution is substantial. Additionally, counterfeit products can have a substantial negative impact on a business's revenue by causing a decline in sales of genuine products, leading to financial difficulties and instability. Hence, businesses opt for counterfeiting product solutions to ensure the authenticity of their offerings.
Price dumping rivalry
As the business grows, some companies may use various strategies to ward off competitors, known as price dumping rivalry, it is when customers get cheaper prices due to higher sales volumes that cause price variations in the market. Such variations make it difficult to distinguish between genuine products and counterfeits, which is why counterfeiting product solutions are essential. This will eventually result in a decline in industry profits as it causes economic and psychological harm to an individual, company, and industry profitability. However, there is a need for effective marketing, promotions, and rewards to attract more customers and boost business revenue, which is one of Packtica’s expertise areas that extends to providing comprehensive anti-counterfeiting solutions.
Consumer Loyalty for Sustainable Growth
Many business owners face challenges in retaining loyal customers and repeat orders, which may potentially harm their brand image. While offering discounts is one of the most common marketing strategies to attract more customers, however, business owners should consider investing in personalized marketing strategies that incorporate customer data collection systems, and advanced digital technology to deliver customized marketing content, promotions, or product offerings. At Packtica, our ‘Consumer Insights Cloud’ system acts as an advanced marketing solution that helps business owners foster long-term customer loyalty while offering brand security through innovative counterfeiting product solutions.
Traceability
It is the challenge faced by a business in tracking and tracing its product journey throughout the supply chain. It involves knowing product transformation from its raw material into finished products, and their distribution to consumers. Plus, the other challenge also lies in implementing the system for effective traceability, as it can be costly, especially for SMEs. However, without an effective traceability system, a business may find difficulties in ensuring product integrity and fulfilling regulatory requirements, which may potentially harm its business reputation and profitability. To address this, Packtica offers innovative anti-counterfeiting solutions for products with security measures that enhance traceability while maintaining integrity to meet regulatory standards.
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