Counterfeits in the cosmetics industry are rampant. Manufacturers that once focused on counterfeiting handbags have moved to cosmetics as these items have large markups and can be sold in bulk. The market for cosmetics is huge, with an estimated market size of $523 billion in 2017. The market is expected to grow at a rapid rate of 7% annually and exceed $800 billion by 2023.
As the market continues to grow, so will the number of counterfeits. In 2016 alone, US customs seized 2,000 shipments of counterfeit cosmetics. These products were not only fake, but dangerous as well. Items that were tested were found to have: lead, arsenic, E. Coli and more. Currently, companies spend millions annually to hire lawyers and specialized team to snuff out fakes. Yet, there is an easier way, decentralizing counterfeit detection with EndChain.
With EndChain, one does not need to be a specialist in order to determine if a cosmetic item is counterfeit. Simply by scanning the combination QR and barcode, a consumer will be able to see the history of the item, its location of origin, if it has ever been sold before and more. In order to combat people from copying these codes, AI will be introduced to mark any codes that are overtly scanned, scanned in different locations, etc.
EndChain will allow anybody with a smartphone to become a specialist in detecting counterfeits. By being able to work with legacy systems and a low cost per code, EndChain will be a fraction of the cost spent on specialized teams and lawyers. It is also beneficial to the government, which has to spend time sorting complaints of reactions to fake cosmetic products as well as the police man-hours of setting up stings.
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