Capstone
Final Written Project Proposal
The New Luxury Landscape
Project Definition
This project is focused on coming up with an application that consumers can use to identify counterfeit luxury brands from genuine products. The application through the use of machine learning and artificial intelligence will be equipped with algorithms that are able to identify minute variances in a brand’s features that may be an indicator that the product is an imitation. Big data analytics will enable the application to store details in the application’s database that will be used as references for the samples that will be presented for analysis to determine authenticity.
Value Proposition
The issue of counterfeit brands being smuggled into the consumer market is one that has been on the rise in the past decade. Counterfeiters have perfected their skill so much that it may prove difficult for a professional with years of experience in the field of fashion to identify an imitation from a genuine product. This has created the need for a program that can be able to do this task with high efficiency to be developed. It will provide both luxury brands and consumers of the said luxury brands with the ability to identify skillfully crafted counterfeit products and, in turn, reduce the losses that amount due to these products. Consumers will be able to regain the power that they had lost to fraudsters who preyed on their vulnerability and inexperience when it came to identifying imitations. Luxury brands, on the other hand, will be able to regain the thousands of dollars lost in profits to the fraudsters. They will also be able to regain lost customer loyalty from consumers who had once been victims of counterfeit products of a particular brand and sworn off the brand completely. This ability to identify counterfeit products will help in driving counterfeiters out of business, thus eliminating the unhealthy competition that they pose.
Target Market
The target market for the application is consumers of luxury brands on both the primary and secondary markets. Even though most luxury brands have equipment for identifying fake products before putting them on store shelves, some items may be illegally sneaked into the store by people with malicious intent. If the consumers of the store are equipped with the application for identifying imitations, then they will be able to avoid wasting their money on these fake products and inform the brand of the same. The brand will then be able to track down the supplier and terminate any contract they have and hand them over to law enforcement so as to avoid a repeat of such an incident. As for secondary markets, most and not fortunate enough to have the advanced equipment for fishing out forged goods hence putting their customers at greater risk. This application will enable both the seller and customer to be aware of these products and avoid them before they can become victims of the counterfeiters’ schemes.
Competitive Advantage
Most luxury brands already use an application such as Entrupy to scan their products for authenticity before letting them into the market. Stores that do not have direct affiliations with the brands are not as advantaged because all they can do is blindly trust their suppliers, hoping that they are providing them with genuine products. This application, however, provides a competitive edge in that it will be made available for public use. Customers and sellers in the secondary market will thus be able to carry out their own authentication process before making a purchase. This will also be of great assistance in the ongoing fight against counterfeit products as more offenders will be exposed before they prey on another innocent victim.
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