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RedCloud CEO Justin Floyd Advocates for Open Commerce and AI to Combat Counterfeits

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A study reveals 60% of Amazon products are counterfeit, with 43% of reviews being fake. SMBs are hit hardest. Justin Floyd, CEO of RedCloud, advocates for Open Commerce and AI to combat counterfeits and restore trust. Counterfeits pose economic and health risks, funding crime. RedCloud’s platform ensures product authenticity, connecting FMCG brands with reliable partners.

LONDON, May 28, 2024 /PRNewswire-PRWeb/ — Studies have concluded that up to 60% of products sold on Amazon may be counterfeit (1), and 43% of product reviews for Amazon’s best-selling products are fake. (2) Most third-party sellers on Amazon are small and medium-sized businesses (SMBs), accounting for 60% of Amazon’s sales in 2023. (3) With $2 trillion worth of counterfeit products sold each year, (4) how can SMBs be sure that their inventory is what their supplier says it is? Who can they trust? Justin Floyd, Founder and CEO of RedCloud, suggests, “With a combination of Open Commerce, AI, smart technology, and small businesses working together, the blight of poor quality and often dangerous knock-offs could disappear over the next decade. Now is the time to bring trust back into trade.”

“With a combination of Open Commerce, AI, smart technology, and small businesses working together, the blight of poor quality and often dangerous knock-offs could disappear over the next decade. Now is the time to bring trust back into trade.” – Justin Floyd, CEO of RedCloud

A study by Markmonitor reports that 47% of brands are losing revenue due to counterfeit products, with one-third experiencing a drop of 10% or more. Fifty-eight percent of the companies interviewed believe things will get even worse as counterfeiters become more sophisticated and the high cost of living forces consumers to seek out cheaper goods and services. (5) Fast-moving consumer goods (FMCGs), such as clothing and health and beauty products, are the bread and butter of online sales. Apparel is the world’s top-selling commodity. According to a survey by Michigan State University, clothes and shoes are the most counterfeited items in the retail supply chain. (6)

Combatting the scourge of bogus consumer products is truly a matter of life and death. Among the most dangerous counterfeit items are pharmaceutical, baby, cosmetic, automotive, alcohol, and food products. (7) The consequences of counterfeit products can be catastrophic as they are unregulated and not subject to any health and safety standards. Many fake products contain carcinogens and other harmful substances and chemicals that could pose serious health risks, even death. A laboratory study of counterfeit goods by the American Apparel and Footwear Association (AAFA) discovered that 36.2% of the items tested contained alarming levels of arsenic, cadmium, phthalates, and lead. (8)

It’s an endless loop of cause and effect. The more consumers buy fake products, the more fake products are manufactured. Floyd warns, “The dangers of tolerating and even encouraging this vicious cycle are incalculable and infinite. We must do something about this now, not three years from now.”

Getting to the bottom of this counterfeit quagmire requires clearly identifying exactly where these products are coming from. Despite recent efforts to crack down on fake merchandise in the online retail space, there are too many vulnerabilities along the eCommerce supply chain to prevent future iterations of temporarily sidelined counterfeiting cartels. RedCloud is a pioneer in Open Commerce, the second generation of eCommerce, utilizing deep tech software like Artificial Intelligence to pinpoint the source of fake products. RedCloud’s Intelligent Open Commerce Platform helps FMCG brands, distributors, and local merchants connect with trusted trading partners along the supply chain, ensuring that all products have been vetted for quality and authenticity.

SMBs spend years building their brand’s reputation, which can be destroyed in an instant by a predatory supplier of counterfeit goods. Open Commerce treats the cause, not the symptoms, by guaranteeing the integrity of every trade partner. Floyd attests, “By investing in technology and signing up with an Open Commerce environment, businesses can be confident that they are buying genuine, high-quality products from the right sources at the right price.”

About RedCloud
RedCloud Technology, founded in 2012, stands as a “Rebel Alliance,” leading a bold, second-generation e-commerce transformation. Rejecting the high fees of tech giants, RedCloud leverages AI-driven supply chain solutions to empower smaller businesses, giving them the tools to compete with major corporations. Their democratized, cloud-based platform provides real-time financial visibility, offering a level playing field that breaks free from the dominance of conventional marketplaces. RedCloud embodies a fairer, more inclusive digital commerce future where Davids can stand tall against Goliaths. For more about RedCloud Technology visit their website at https://redcloudtechnology.com/.

References:
1. Matcha, Vidyullatha. “Amazon Counterfeit Products: Everything You Need to Know.” LinkedIn, 31 Jan. 2024, linkedin.com/pulse/amazon-counterfeit-products-everything-you-need-know-matcha-w6mpc/. 
2. Millions of Amazon Reviews Fake, Study Finds, cybernews.com/security/millions-amazon-reviews-fake/. Accessed 14 May 2024.
3. Babcock, Stephen. “60% of Amazon Sales Are Generated by Third-Party Sellers.” The Current, The Current, 25 May 2023, thecurrent.media/amazon-third-party-sellers.
4. “$2 Trillion Worth of Counterfeit Products Are Sold Each Year. Can Ai Help Put a Stop to It?” CBS News, CBS Interactive, cbsnews.com/news/ai-counterfeit-detection-amazon/. Accessed 14 May 2024.
5. Lg. “How Does Counterfeiting Affect Brands?” Potter Clarkson, potterclarkson.com/insights/how-does-counterfeiting-affect-brands/. Accessed 14 May 2024.
6. Person. “MSU Survey: 7 in 10 Consumers Deceived into Buying Counterfeit Products Online.” MSUToday, 19 Oct. 2023, msutoday.msu.edu/news/2023/msu-survey-7-in-10-consumers-deceived-into-buying-counterfeit-products-online#:~:text=Clothes%20and%20shoes%20%E2%80%94%20the%20most,harmful%20chemicals%20such%20as%20lead.
7. Chekkit Technologies. “6 Most Dangerous Counterfeit Products – Chekkit Blog.” Chekkit Technologies, 26 Nov. 2022, chekkitapp.com/blog/6-most-dangerous-counterfeit-products/.
8. Ndure, Isatou. “Aafa Demands Answers on Counterfeit Goods.” Just Style, 1 Feb. 2024, just-style.com/news/aafa-demands-answers-from-e-commerce-giants-on-counterfeit-goods/?cf-view.

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TCI Network: Cluster development policies in Latin America need continuity

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MEXICO CITY, Sept. 20, 2024 /PRNewswire/ — Latin America is a region in the world where “cluster policies have been developed more,” mainly in Mexico and Colombia. However, these initiatives have had “boom periods that later have not had continuity,” says Alberto Pezzi, founder of TCI Network, a global network dedicated to exchanging and improving practices in this sector.
“The main problem in several Latin American countries has been the initial implementation of certain norms and institutions to support the cluster policy that later, with a change of government (…) or due to a lack of trained personnel, are abandoned,” he said. 
For Pezzi, who has been working in this field for 25 years, clusters have helped to strengthen dialogue between the public and private sectors, to understand the problems companies have, and for small and medium-sized businesses to implement “strategic changes” to increase their competitiveness.
The also former CEO of TCI was optimistic about the promotion of cluster policies. He also recognized the work members of the Economic Commission for Latin America and the Caribbean (ECLAC) have done in Colombia in creating the Cluster Initiatives Platform.
To continue to strengthen these ecosystems in the region, Pezzi highlighted that this year the city of Chihuahua, in northern Mexico, will host the 27th TCI Global World Conference from October 8 to 10. There attendants will talk about the application models of artificial intelligence in clusters and the construction of a more collaborative future, considering the emergence of disruptive technologies.
“TCI’s annual event is the point of reference for professionals who are dedicated to the development of clusters around the world and the expectation is, on the one hand, to learn about methodologies, projects, good cluster practices and, at the same time, innovation ecosystems,” he said.
Also, the organizers said that the intention is to publish a white book for all the conclusions of the meeting. These would contain lessons learned from local networks and internationally recognized panelists, such as the expert in artificial intelligence, Rebeca Hwang, and Mariana Mazzucato, an economist specializing in development issues.
Regarding this year’s event, Pezzi said that Chihuahua is a special place for TCI. The state was where the American economist Michael Porter and other “cluster methodology pioneers” met in 1997 to celebrate the first International Cluster Workshop.

https://tciglobalconference.com/2024/
https://desec.mx/

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This Week in Finance News: 10 Stories You Need to See

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A roundup of the most newsworthy financial press releases from PR Newswire this week, including a new Volkswagen/Wells Fargo agreement and Americans’ worries about the election’s impact on their finances.

NEW YORK, Sept. 20, 2024 /PRNewswire/ — With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

Volkswagen Financial Services U.S. and Wells Fargo announce cooperation agreement for vehicle purchase financing of Volkswagen, Audi, and Ducati brands in the United States
Wells Fargo will provide new U.S. consumer retail financing for vehicle purchase as a co-branded offering, with an estimated transition beginning in April 2025.Credit Builders Alliance Launches New Financial Inclusion Pilot Program Using VantageScore 4plus™ Open Banking Credit Score
The program, with support for technical assistance from JPMorganChase, will select and lead a cohort of ten CBA nonprofit members to test the VantageScore 4plus credit score that uses both credit report data and alternative open banking data to generate a more predictive credit score, especially for underserved or “thin” credit file consumers. Eight in 10 Americans worry about the impact of the election on their retirement plan Two in 10 (19%) Americans believe the election will affect when they retire—a concern most prevalent among Gen Z (29%), according to the study of 1,000 U.S. adults. Americans who have not retired yet also fear inflation has set back their retirement goals, delaying them by nearly 8.5 years on average (55%).Carver Bancorp, Inc. Names Donald Felix President and CEO, Effective November 01, 2024
Donald Felix is only the sixth CEO in Carver’s 76-year history and will also serve as a member of the Carver Board. Carver continues to pay its mission forward, focusing on Minority and Women Business Enterprises and the growing middle-income neighborhoods it serves.National Real Estate Brokerage REALTY OF AMERICA Announces Launch
Four industry titans come together to launch Realty of America. The virtual brokerage invests in agents through technology, training, culture, and an innovative compensation structure.Two Boxes Secures $5.3M in Oversubscribed Funding Round
The oversubscribed funding round led by Peterson Ventures more than doubled the company’s valuation and saw participation from new investor Assembly Ventures, alongside renewed support from existing backers Vinyl, Range Ventures, and Matchstick Ventures. With Two Boxes, brands and 3PLs optimize returns inspection, prioritization, processing, tracking, and a growing list of obstacles.Stratix and Samsung Drive Financial Services Innovation with Mobile-First Solutions
Stratix services and Samsung’s state-of-the-art devices powered by Android empower financial service organizations to improve workflows, increase automation, and create better experiences for users and customers. AES Announces Strategic Partnership with CDPQ to Support AES Ohio’s Robust Growth Plans
The AES Corporation announced that it reached an agreement to sell a 30% indirect equity interest in AES Ohio to CDPQ, a global investment group, for approximately US$546 million, with closing expected in the first half of 2025.Announcing the 2024 Most Powerful Latina Summit at L’ATTITUDE: Celebrating the Trailblazers Powering the $3 Trillion U.S. Latino Economy
Now in its 8th year, the Most Powerful Latinas list continues to highlight the critical contributions of Latina leaders across multiple industries. Released at the Most Powerful Latina Summit during L’ATTITUDE, this year’s list reflects the growing influence of Latinas in shaping the New Mainstream Economy.IEX Enters Options Market with Top Talent and Innovative Solutions
IEX Group, Inc. announced that it will launch a U.S. options exchange to partner with liquidity providers to uniquely tackle risk management challenges experienced in the options markets, pending regulatory approvals.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

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ATFX Connect Wins “Institutional Forex Broker of the Year 2024” Award

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HONG KONG, Sept. 20, 2024 /PRNewswire/ —  ATFX Connect, the institutional division of ATFX Group, has been recognised for its exceptional service and innovative technology platform, earning the prestigious “Institutional Forex Broker of the Year 2024” award from Corporate Vision. This accolade reflects ATFX Connect’s client-first approach, advanced liquidity solutions, and leadership in the institutional brokerage industry.

This accolade acknowledges ATFX Connect’s contributions in the field of institutional brokerage services and affirms its continuous efforts in driving industry progress and innovation.

Corporate Vision magazine, an internationally renowned business and financial information platform, presents its annual Corporate Excellence Awards to honor companies and individuals who demonstrate excellent leadership, innovation, and performance in their respective fields. This year, ATFX Connect, earned unanimous praise from the judging panel for its professional service team, efficient trade execution system, and comprehensive solutions tailored for institutional clients.

The magazine also featured an extensive report on ATFX Connect, highlighting its customer-centric approach. The core focus is providing clients with fast and straightforward access to financial markets, along with all the necessary tools, which has always been a hallmark of the brand.

ATFX Connect continues to customise liquidity solutions based on client needs while maintaining competitive pricing. Clients benefit from competitive spreads across 65 different currency pairs and access to over 20 liquidity providers, including Tier 1 banks and non-bank liquidity. Looking ahead, ATFX Connect plans to offer services specifically tailored for professional traders.

With the establishment of its Australian office, the brand’s influence continues to grow. ATFX has laid out an ambitious development blueprint, to enhance its brand influence and leverage its unique advantages to expand into broader international markets.

About ATFX
ATFX is a leading global fintech broker with a local presence in 23 locations and licenses from regulatory authorities, including the UK’s FCA, Cypriot CySEC, UAE’s SCA, Australian ASIC, and South African FSCA. With a strong commitment to customer satisfaction, innovative technology, and strict regulatory compliance, ATFX provides exceptional trading experiences to clients worldwide.

For further information on ATFX, please visit the ATFX website: https://www.atfx.com.

About ATFX Connect
ATFX Connect is a trading name of AT Global Markets (UK) Limited, which is authorised and regulated by the Financial Conduct Authority. ATFX Connect’s bespoke liquidity offerings are available to institutions, hedge funds, broker-to-broker, family offices, asset managers, and High-Net-Worth Individuals.

ATFX Connect supports institutional clients by providing them with direct market access to liquidity from T1 banks and non-bank providers in Spot FX, Precious Metals, and CFDs. In addition, the flexible infrastructure enables ATFX to manage aggregation and pricing and allows integration with any third-party platform.

AT Global Markets (UK) Limited is part of the ATFX Group. For further information on ATFX Connect, please visit the ATFX Connect Website: https://www.atfxconnect.com

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