Greater progress has been made in the lubricant industry- but to ensure sustainability, verify and validate materials, eliminate counterfeits, and retain customer loyalty has always been a challenge. The solution lies in having a fully traceable and transparent supply chain for lubricants. Counterfeiting is a significant issue for lubricants as it causes significant damage to the brand if the deception goes undetected. Hence, it is crucial to combat the flow of counterfeit products making their way to the marketplace.
MSRvantage Lubechain solution provides the ability to identify the present and past locations of all products. Ultimately, it helps you fight fraud and counterfeits by providing a complete view of the complex product journey. Integrated with customer rewards and loyalty program, it also increases new customers and repeat sales.
- Tackles the counterfeiting of lubricantsCounterfeit products are increasingly becoming serious problems for businesses and communities, especially in the lubricant industry. Such products not only damage the effects on machinery but also damages the brand reputation, revenue generation, and productivity. MSRvantage Lubechain, by providing a trusted network, can help us get rid of this problem. The traceability of active lubricant ingredients, their origin, and quality build the consumer trust towards the product brand and thereby also curbing duplicity issues.
- Eliminates the need for transactions involving third partiesWith the lubricant industry being one of the most valuably large-scale industries with annual revenue of more than a hundred billion dollars, a crypto-currency pegged to all the transactions could be a viable replacement for the financial transactions, thereby eliminating the need for a trusted intermediary like a bank. MSRvantage Lubechain ensures better security than all other forms of record-keeping systems and provides greater transparency, increased efficiency, and reduced transaction cost.
- Track and traceWith Lubechain solution, the lubricant industry can gain better visibility about the way their product supply chain functions as products move from the production facility to point of sale. MSRvantage Lubechain tracks regulated substances effectively at each stage of the supply chain process and improve accountability in the industry. This would build trust in the brand and increase brand revenue and help maintain customer loyalty
- Increased complianceA heavily regulated industry such as the lubricants industry would highly benefit from the visibility that MSRvantage Lubechain offers to the regulatory authorities concerning the industrial transactional data which can be accessed in real-time. Moreover, the same visibility can be used to ensure good workforce performance and cut down hiring costs. This would provide a fair chance and judgment towards contractors/employees and builds a stronger relationship between the firm and the workforce.
- Improved Customer EngagementCustomer engagement is crucial for business these days as it lays a direct impact on the brand. Rewards and loyalty programs have now become an excellent way of increasing engagement and cementing customer loyalty. Revennew ensures complete customer engagement and helps in bolstering the bond between the brand and its customers. Thus, by building brand affinity, Revennew aids businesses to stand out in the crowd and gives the brand a competitive edge.