QR-based solution for foolproof rewards
Quick Response (QR) is a code that contains several product attributes/details in an encrypted format. It could potentially solve the problem.
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QR-based solution for foolproof rewards
Situation
Globally, counterfeit products enjoy a market share of nearly USD 200 billion. India’s economic impact due to counterfeits is close to USD 15 billion, with a suspected annual growth rate in the range of 20 – 25%. This menace has amplified exponentially during the pandemic and is expected to grow persistently owing to the prevailing situation. This is a double whammy for the organizations/brands – loss of revenues, on the one hand, and reputation on the other.
Victims
Industries that bear the maximum brunt are usually from the manufacturing sector – auto, consumer goods, parts & components, after-market products, construction materials, equipment, tools, etc. End-users, obviously, also suffer.
Modus-operandi
With the ever-evolving and advanced copying/imitation technologies, doppelgangers and spurious product makers dump their goods into the market through unscrupulous channels often at highly lucrative prices, eating into the market share of original makers.
Consequences
The biggest destruction is the fallen experiences of consumers who use/consume fake products inadvertently, causing unimaginable consequences for the brand. This is more so for unsuspecting/untrained eyes – a vast majority of gullible customers, that cannot differentiate between genuine and spurious despite a 20% variation in product packaging / other attributes.
Measures
Companies take perpetual responsibility for putting appropriate systems in place (vigilance squads, surprise checks, conviction, compensation, legalities, etc.). Such processes are mostly reactive or post-occurrence and long-drawn, involving tremendous amounts of time, money, and effort. Furthermore, it invariably demands the physical presence of personnel, which at times especially during pandemic/restrictions, is neither practical nor feasible.
The Best Solution
A QR/code-based solution could potentially solve this problem. Quick Response (QR) is a code that contains several product attributes/details in an encrypted format. Products bearing/carrying an authentic QR (outside or inside the package) right from the place of origin (factories) can be scanned through appropriate mobile apps and instantly ascertained for its genuineness.
Reasons to deploy QR
QR serves multiple purposes:
- Counterfeit detection and identification – System (apps) checks if the QR is valid (genuine) / invalid (fake)
- Counterfeit tracking – Trace the source and identify the path of the supply chain/origin for further investigation
- Counterfeit control – Prevent channel/trade partners patronize spurious products due to fraud detection and alerting mechanisms
- Secure rewards – A QR code could also hold commercial value (based on pre-set points) which can be securely banked (earned) by registered customers (program members) thereby safeguarding their brand rewards
- Warranty management – A QR-based warranty can also be designed for authentication and quality assurance
- Service delivery – QR can help deliver better service assurance from technicians/influencers to customers
We can help
For more details on foolproof rewards with embedded fraud detection and prevention systems, please contact us at the coordinates below.
