Acviss Technologies plans to expand in Europe, North America and China
World’s foremost brand protection and consumer engagement technology company to tap E-commerce, health & wellness, beauty, luxury markets
Clocking revenue of 4.2 cr in FY 2021-22, Acviss is now targeting 7.5cr in FY 2022-23
By Banaja Routray
Mumbai, Nov. 17: Acviss Technologies, world’s foremost brand protection and consumer engagement technology have planned to expand its venture to Europe, North America and China markets. They are currently utilizing their funds majorly for the Indian market while the rest 20 per cent will be used for the expansion.
Acviss is now seeking the right group of investors for their growth and is also focusing on product development for other form factors including anti-counterfeiting.
Acviss plans to tap e-commerce, health and wellness, beauty, luxury markets in Europe, North America and China. As per the recent study, it has been reported that these industries face a high rate of counterfeit all across the globe. The rise of E-commerce platforms globally has made it easier for counterfeiters to sell fake products as there are no stringent regulations to check authenticity of products. Fraud costs e-commerce businesses $14.6 million annually on average, or 7.5 per cent of their annual revenue, globally.
Talking about the expansion plan, Vikas Jain, founder, Acviss Technologies, said, “With continued investment in research and development, we foresee the challenges ahead of sectors like beauty and cosmetics and luxury brands looking at expanding their digital footprint through influencer and social media marketing. Cosmetics and luxury goods being the most counterfeited in the FMCG sector and the most sought products in the online marketplace, we aim to bring in a holistic brand protection strategy for the market that secures the products online as well as offline. With this expansion, we are now trying to create more solutions in the anti-counterfeit industry that are indispensable globally.”
Acviss has grown 90 per cent (year-on-year) YOY and has managed to protect over 1.25 billion products with the help of its anti-counterfeiting technology. They have been successful in catering brands across sectors like Pharma, Agriculture, Plywood, Electrical Accessories, Consumables, Food, Certificates & Documents, and many more. Adding to their other offerings like track and trace technology, serialization, blockchain, Acviss recently introduced Truviss, an AI-based tool that helps brands sell their products online to identify fake products and listings.
