The global premium gadgets and electronics industry is booming due to rising customer demand and competition. Studies show that revenue in the global electronics industry is expected to show an annual growth rate (CAGR 2021-2025) of 4.03%, resulting in a projected market volume of US$487,191m by 2025.
Premium gadget brands worldwide are facing demand for increased visibility in their supply chain management systems; it has become imperative for brands to boost business transparency to last in the competitive market. The following are the major reasons why supply chain transparency is essential for premium gadget brands:
- To effectively curb premium gadget counterfeiting:
The downside to the high growth rate is that the number of counterfeit gadgets hitting the market is on the rise as well. Premium gadget customers are unknowingly purchasing partially and entirely counterfeit gadgets every day around the world. As per statistics, nearly one in five mobile phones and one in four video game consoles shipped internationally is fake.
As such a situation persists, it is important for premium gadgets to protect themselves and their customers from getting scammed by counterfeiters. One of the best ways to do so is increase the brand’s supply chain transparency. This can be done by creating trackable and verifiable digital identities for gadgets that immutably record each relevant transaction. This helps in figuring out counterfeiting risks throughout the supply chain, and promptly dealing with them. By doing so, gadget brands can protect their brand reputation and increase customer loyalty.
- To highlight business ethics and sustainability:
The rapid expansion of technology has become a cause of concern for consumers worldwide, with worries over the environmental, humanitarian and ethical implications of gadget manufacturing taking precedence. For instance, more customers are now choosing to purchase gadgets that have positive ratings for using less chemicals during production. Consumers are also careful to check for supply chain ratings of premium gadget brands to discourage labor exploitation and promote sustainability. It is therefore a smart idea for premium gadget brands to reveal their ethical and sustainable business practices clearly to their customers. By increasing supply chain transparency, premium gadget brands can therefore meet customer demand for such essential information.
- To cope with premium gadget supply chain complexities:
The average premium gadget supply chain is quite complex, with raw material extraction,
component manufacture and assembly being the most critical components. Rise in gadget sales will eventually lead to an increase in business complexity for brands, and it is therefore important to set up a highly efficient supply chain system. Supply chain complexities will naturally reduce as transparency increases. Rather than wasting time and resources on manually tracking products along the supply chain, it is recommended to set up a digital supply chain system that promotes higher visibility. By increasing supply chain transparency, premium gadget brands can easily deal with business complexities and focus better on driving up customer engagement.
How Authlink helps premium gadget brands improve their supply chain transparency:
Authlink provides a secure platform for premium gadget brands to create distinct and interactive identities for their products. The brands can keep track of their gadgets as they move along the supply chain, and ensure seamless operation at all times. Authlink’s digital dashboard also generates real time supply chain insights and analytics that further boost product visibility, and contributes towards brand growth in the long run. By making use of Auhtlink’s services, premium gadget brands can therefore protect themselves from counterfeiters, manage supply chain complexities, highlight their ethical motives, and promote overall business efficiency.