Companies like blockchain-centric Techrock have capitalized on this market by finding unique solutions to the authenticity problem.
Chinese Consumers Increasingly Willing to Pay a Premium for Authentic Imported Food
In China, it is reportedly difficult to get authentic products. but there are some markets where it’s life and death – such as baby formula and other food products, which can have deadly side effects. According to Techrock, which spoke to CCN about their recent partnership with Rakuten, the situation has created a market for authentic goods as large as $60 billion per year. On the one hand, it offers a loyalty program for customers who use the service to purchase authentic products. The company has developed a reputation for delivering high-quality, authentic goods, and it’s applying the same process to its Rakuten “zone.”
Their target market is less about authentic shoes or electronics and more about health supplements and other things which people prefer not to risk.
Techrock recently entered a partnership with Japanese retail giant Rakuten to get authentic Japanese goods to customers. By contrast, Alibaba is the boss in China – but Alibaba’s eBay-style product suffers a lot of knock-off problems that the rest of the Chinese market does.
Built on Hyperledger, Techrock’s labeling technology ensures that products are real. The rewards can be used to purchase more goods in the store, which encourages customers to keep using Techrock.
Techrock’s partnership with Rakuten means that Chinese customers don’t have to worry about fakes, and they have streamlined access to authentic, safe products. We think our business will grow as the demand grows.”
China is reportedly the largest market for both food and firms that verify the safety of food.
Techrock’s partnership with Rakuten is notable because they’re the third to secure such a partnership – JD.com being one of the first – and they are built entirely on blockchain.