Regulatory | Retail
As the pandemic has forced consumers to buy their beauty products online, in turn creating opportunities for manufacturers of counterfeit products, brands must prepare for a wave of crime, writes Rachel Jones, Founder and CEO of Snapdragon
LAPD seizes fake beauty products for $ 100,000, including counterfeit Kylie Cosmetics lip kits
The coronavirus pandemic has rocked the cosmetics industry this year, rapidly changing where consumers buy and what they buy.
Lockdown and social distancing restrictions have tipped the scales dramatically towards online shopping.
According to McKinsey consultants, it is estimated that 2020 will see a 20-30% increase in e-commerce for the beauty industry.
Digital commerce has been a lifeline for many brands, but such sudden and unforeseen change comes with its own risks.
Counterfeiters have taken advantage of the boom in web searches to flood the markets with fraudulent products, eager to take advantage of the inexperience of some consumers new to online shopping.
Despite the hope raised by the announcement of a vaccine, it will be some time before the industry returns to normal and the dominance of online shopping is expected to remain long after the reign of the beauty counter.
As counterfeiters adapt to the new landscape, developing ever more sophisticated methods and targeting. . .
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