Feb 8, 2023
For years, businesses have tried figuring out ways to reduce counterfeiting or fake products. Counterfeiting is a big issue in every product-oriented industry and it damages brand identity of companies. Apart from that, fake products eat into the profits of these companies and reduce customer loyalty. Its not enough to remove them from circulating into supply chains, its important to be able to identify them in the first place since they are made identical to the original products. This is one of the first problems that manufacturers face and it’s not easy to sort them out of the millions of products.
Right now, as of 2022, counterfeit goods have been sold at around 1.7 trillion to 4.5 trillion dollars. Globally, it also contributes for more than 2 million lost jobs. Therefore, companies are looking at security, utility and scalability when it comes to fighting against fake assets and products. So how to identify fake products? One of the ways is using unique QR codes. QR codes are codes in black white that is only readable by machine and it gives, in this case, information about the product. They provide good security if they are serialized properly. Secure QR codes are the way for anticounterfeiting.
1. Ease of implementation and good usability:
Its easy to implement QR codes on products to make sure every product is original with unique serialization. Now a days even with UPI payments or ordering food at restaurants, QR codes are everywhere which shows how easy it is to use. It can seamlessly be eased into the supply chain.
2. Authentication: The main problem with counterfeit market is that we are able to separate and identify original and fake product from one another. Using QR code, we can authenticate products and get information about the make of the product.
3. Customer engagement: Customer can scan QR codes and find out more about the make of the product and the business that manufactures it. It can provide with motivation and incentives for customers to collect added value as points. This is another step-in customer satisfaction innovation.
Anti-counterfeiting means reducing the flow of fake products. Fake products harm brand name and integrity which in turn harms the companies profit. Especially with medical products, having fake products circulating in market and have that reach critical patients can be quickly turn into life threatening situation. For these kind of industries, having a safe and secure way of delivering original products is very important. With MSRvantage’s next gen anti-counterfeiting solutions ensure that your brand’s assets are protected and safely delivered to your loyal customers while also battling the battle of dodging fake products.
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