Solutions to Eliminate Fake Auto Parts
Why Eliminating fake Auto parts is necessary?
According to industry estimates, almost 40% of auto spare parts are counterfeit and as many as 20% of all fatal road accidents are caused by fake auto parts. Fake auto parts are of sub-standard quality and cause long term damage to vehicles. Eliminate fake auto parts.
Problems of Counterfeiting
- No proper way to verify product originality.
- Consumers get duped with fake products.
- Negative effects on brand’s goodwill and revenue.
- Fake parts can lead to vehicle accidents.
- Leads to legal troubles for the brands .
Problems of Conventional Loyalty
- No direct link between the brand and its consumers & influencers.
- Fake coupons circulated in the market.
- No real-time configurations can be made to the campaign.
- No targeted reach and low conversion rate.
- Very cumbersome to manage and execute.
Our solution can effectively detect and eliminate fake auto parts in the market using uncloneable label technology. It also includes options to run a digital loyalty program for engaging the influencers, mechanics & customers.
Solution to these Problems
- Our unclonable label technology can effectively tackle the issue of counterfeiting.
- A sophisticated engine having rule based digitized loyalty and customer engagement.
- Automated and semi-automated tack & trace platform.
- Personalized label designs and solution deployments.
Our Solutions
#1
Brand Protection
- Provides unique identity to each product item using smart labels.
- Pre-Purchase and Post-Purchase verification through SMS, WhatsApp, Web, or App.
- Can be scanned by consumers, influencers, field, staff & mystery auditors.
- Automated identification and generation of reports and field anomalies.
- Comprehensive real-time analytics and eliminates fake auto parts.
- Warranty activation and protection.
#2
Digitized Loyalty Program
- Rule-based customized loyalty campaigns can be carried out for the beneficiaries.
- Real-time configurations can be made in the campaign for products in factory or market.
- The campaign can be targeted to selected users.
- Reward users through cashbacks, loyalty points, vouchers, gifts, etc.
- Notify users through SMS, Email & App.
- KYC mechanism in place to identify legitimate users.
#3
Track & Trace of the Products
- Provides complete details on the supply chain in real-time.
- Individual or multiple product items can be tracked and traced.
- Fully-Automated and Semi-Automated system setup.
- Product diversion and unauthorized distribution tracking.
- Comprehensive and real-time analytics and eliminate fake auto parts.
Benefits of the Solution
Easy Product Verification
Protects Brands and Consumers from Counterfeiting
Comprehensive Analytics in Realtime
Prevents Product Diversion and Un-Authorized Distribution
Effectively Guage the Impact of Loyalty Campaign
Helps Increase Repeat Sales & Bring-in New Users
Engages Users and Provides their Feedback
Enhances Supply Chain Visibility
Automated Warranty Activation and Protection
Anti-Counterfeit Solutions For Auto Parts
Counterfeit products in the automotive industry have been prevalent since time immemorial, and have significantly impacted the reliability and safety of various auto parts over the years. While counterfeiting goes back all the way to 1872 when Elijah McCoy’s patented lubricating system was one of the first parts in the automotive industry to be counterfeited, this problem has grown exponentially in recent years However, anti-counterfeit solutions for auto parts such as the ones provided by LetsVeriFy are quickly emerging to fight this growing problem. Here’s how:
Counterfeit automotive parts constantly putting consumer safety at risk
Counterfeit automotive parts are dangerous – they put consumer safety at risk constantly, apart from affecting a company’s overall revenue. In India specifically, the Authentication Solution Providers’ Association (ASPA) believes that the overall counterfeit products across various industries in India are causing losses to amount to approximately Rs 1 lakh crore annually. In fact, one of the leading causes for the double-digit de-growth of the automotive industry in 2019 was the rampant growth of the Indian counterfeit market for auto parts. There have been many attempts to curb such a market but they often prove to be unsuccessful as fake and counterfeit markets for the automotive industry are thriving in India. According to a FICCI-Cascade report, counterfeiting in the automotive sector results in a tax-revenue loss of an astounding Rs. 2,200 crore to the government.
Apart from this being a financial issue, counterfeit automotive parts constantly put the safety and well-being of consumers at risk. This sale of fake automotive parts acts as a barrier to consumer safety, and due to the advancements in technology, it has become extremely difficult to differentiate a fake part from an original or authentic one. This lack of information based on the appearance of the parts leads to unassuming consumers purchasing inferior and unsafe automotive parts. The automotive industry has been severely hit by this counterfeit epidemic, and they’re always the risk of underperformance when a counterfeit product is used, as they drastically differ in overall quality. This is because counterfeit parts are usually designed and manufactured to interact with other parts within the vehicle and not to meet the regulatory standard, which is why they prove to be futile when subjected to significant and challenging conditions such as speed, temperature, and varying road surfaces. This can lead to grave accidents and loss of life, which are completely avoidable if consumers steer clear of these fake automotive parts.
How to get ahead of counterfeiters with effective brand protection solutionsOne of the best ways to gain the upper hand when it comes to counterfeiting in the automotive industry is to implement effective anti-counterfeit solutions for auto parts, such as the ones provided by LetsVeriFy. This empowers both the customers and manufacturers to differentiate between Original and Fake. It also helps in keeping the supply chain secure and safe. Advanced anti-counterfeit solutions for auto parts such as the ones provided by LetsVeriFy are designed and developed to identify and eliminate fake auto parts in the market through sophisticated and easy-to-use technology that prevents loss in revenue, and more importantly, can help in saving lives given the impact that fake parts can have in the long run.
Utilizing copy-proof labels for controlled and secure supply chainOne of the most effective ways to control, monitor, and secure the supply chain is to use anti-counterfeit solutions for auto parts that utilize copy-proof labels. These labels prevent counterfeiters from replicating the product and its packaging. They also enable product verification by customers, field staff, mechanics, and supply chain. Moreover, the QR-code-based anti-counterfeit solutions for auto parts also facilitate automated and semi-automated track and trace platforms and enable personalized label design and solution deployments.
Importance of digital loyalty programs for various stakeholdersAnother important component of anti-counterfeit solutions for auto parts is undoubtedly an engaging, efficient and tightly controlled digital loyalty program. These digital loyalty programs are designed to engage different stakeholders in the automotive sector such as mechanics, retailers, dealers and customers. They also help in aligning different stakeholders in the supply chain with the strategy and incentivize their participation for the proper implementation of anti-counterfeit solutions for auto parts. Moreover, these anti-counterfeit solutions for auto parts by LetsVeriFy also help in forging stronger, reliable, and long-lasting relationships that are mutually beneficial and can help businesses grow exponentially.