Product authentication solutions are the need of the hour when it comes to different and diverse industries, and there are plenty of reasons why. The problem of counterfeit and fake products is something every major industry is familiar with, and this affects revenue, brand trust, quality, and customer experience and engagement as a whole. Here are a few reasons why product authentication solutions are necessary for every major industry in the market, and how they address their specific needs optimally.
Agri Products
The agricultural industry is affected heavily by counterfeit products every year, and several studies show that fake agricultural products make up about 5% to 10% of products available in the market, while in exceptional cases, this number can reach a staggering 25%. This not only affects the hard-working farmers who work tirelessly to deliver quality products and other related products, but also the end-consumers who are affected by the counterfeited and fake products, leading to severe health damages in the long run. Moreover, for agriculture brands, it severely affects their trustability and reliability in the eyes of the customer, eventually driving down sales and tarnishing the brand image.
LetsVeriFy offers the agricultural industry some of the most relevant product authentication solutions to counter this alarming issue in the most effective way possible. By countering problems associated with untraceability and counterfeit products that can lead to environmental and health damage, low supply chain visibility, and unwanted legal trouble for agricultural brands, brands can now opt for relevant solutions designed for this industry. These include smart labels, equipped with unclonable technology, that can also be used for tracking and tracing at various levels of the supply chain.
Automobile parts
The automobile industry has been severely affected by counterfeit products over the past few years, and since fake automotive parts are up to 20% to 30% cheaper than genuine parts, they are pushed into markets more easily. Counterfeit automotive parts post a grave threat to any vehicle’s performance and contribute towards jeopardizing overall vehicle safety. This puts innocent and unsuspecting lives in great danger because vital parts such as clutch, lamps, wipers, bearings, and important gears are responsible for a staggering 20% of road accidents in India. This highlights why automobile parts are in dire need of product authentication solutions.
LetsVeriFy’s innovative and effective product authentication solutions are designed to protect automobile parts, generate relevant reports, report anomalies, and ensure that products are traced accurately and promptly as and when needed.
Pharma and Nutraceuticals
Pharma and neutraceuticals have faced consistent threats and risks posed by fake and counterfeit products since time immemorial, and with advancements in technology, counterfeiters are raising the stakes by utilizing innovations to hide and push their products in the supply chain. This is one of the main reasons why ensuring the integrity of products has been a major challenge for pharma companies, and according to a report by WHO, fake drugs drain the global economy of as much as $200 billion in lost profits each year. This is precisely why product authentication solutions are in huge demand in the pharma and nutraceutical industry.
LetsVeriFy’s product authentication solutions are trailblazing and seek to reduce the volume of fake pharma and nutraceutical products in circulation, which make up about one-fifth of the total drugs sold in India. Through smart labels that come with unclonable technology, and an automated and semi-automated track and trace platform, companies can rely on these product authentication solutions to generate necessary trust and increase revenues, while also safeguarding the health and safety of their consumers.
Fashion and luxury goods
The fashion and luxury goods industry has been facing real and concerning counterfeit threats both in the real and virtual worlds. According to ASSOCHAM, the market for fake luxury goods in India touched INR 6,000 crores in 2017. Globally, the fake luxury products market or the fashion black market accounts for an astonishing 7% of the overall global luxury industry. Fake products such as garments, watches, jewelry, and other merchandise are advertised as genuine products, duping unsuspecting customers of billions each year, given the capital-intensive investments required for fashion and luxury goods.
To counter this counterfeiting problem in the fashion and luxury goods industry, LetsVeriFy provides product authentication solutions that help in verifying product originality, and a sophisticated engine that provides rule-based digitized loyalty and customer engagement. With comprehensive and real-time analytics, brands and distributors can build credibility and win customer trust which is crucial for this industry.
Electricals and Electronics
The electrical and electronics industry has been familiarized with the term counterfeiting far too often, and it is a burning issue as counterfeit electricals and electronics cause significant losses amounting to up to $20 billion each year. This is concerning especially because it puts customers’ lives at risk and leads to a decline in brand trust and reputation.
Hence, a comprehensive and effective solution is needed for the electricals and electronics industry, and LetsVeriFy’s innovative product authentication solutions are the perfect fit for countering this growing problem. By providing anti-counterfeit solutions and loyalty platforms to companies involved in this industry, brands can engage their customers, establish authenticity, and use a one-stop solution to counter the problem of fake and counterfeit products.
Wine and Spirits
Counterfeiting in the wine and spirits industry has not been highlighted adequately in the mainstream, which is why it is growing at such rapid rates. According to a report by WHO in 2014, unregulated alcohol made up about 25% of total consumption worldwide. In the contemporary scenario, this number has only gone up, with fake, toxic, and often lethal products in circulation. This number is exceptionally high for low-income countries where alcohol is made more economically viable and accessible through counterfeit products. This not only jeopardizes the health of millions but also ruins brand integrity and trust and even costs governments money due to their unregulated nature.
While spreading awareness about the growing share of fake products in the wine and spirits industry is undoubtedly an important step, product authentication solutions are crucial to combat this problem effectively and at the ground level. LetsVeriFy’s anti-counterfeit and brand protection solutions are designed to weed out fake and counterfeit products and secure the supply chain with the use of sophisticated technology to help safeguard the health of customers while also helping brands build the necessary trust and great consumer relationships.
Why You Should Choose LetsVeriFy Product Authentication Solutions?
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What are their features?
We at Let’sVerify give priority to our customers by never compromising on our products and improving our solutions. We realise the value of a good brand image and trust, therefore designing a solution to help the companies to secure and safeguard their precious reputation and customer belief. Our product authentication solution includes:
- Unclonable label
Our unclonable label comes with 3D pattern technology that safeguards product information while making sure of product verification before and after use. It ensures access to consumers, field staff and auditors and influencers as well. Apart from that, it’s perfectly capable of supporting multi-time verification and prevents photocopying.
- User friendly feature
We have made it easy to use and flexible for our consumers, therefore it is available on various platforms like WhatsApp, SMS, Android and IOS apart from being plugged in on the Web.
- Fake product elimination
Our product authentication solution helps in tracing products therefore eliminating suspicious activities. This feature helps companies to automatically identify and report any irregularity.
Accurate product details
Our technology makes sure the crucial information of the products are not forgeable while making sure that important details like batch no, date of manufacturing, date of expiry are visible. Information on benefits and precautions including reports, certificates etc. are available for consumers.
How does it work?
LetsVeriFy product authentication service is a secure and reliable way to eliminate fake products roaming in the market. This is a must have solution if you want to build brand reputation and trust. Counterfeit products not only affect customer experience but also revenue. This service is beneficial for various domains of the businesses like agriculture, food and beverages, entertainment, medical, retail etc. It is designed to safeguard product information and prevent unwanted use.
Agriculture industry is one of the major industries to be hit with the counterfeit products. Not only it will cause unnecessary legal troubles for the brand but also lead to serious environmental and health problems for the consumers. This distinguished product authentication service helps the businesses to protect crucial information of products and save them from being misused with smart labels that are equipped with unclonable technology. It can also be used to track and trace products at various levels as well. Counterfeit products in the automobile industry can be a disaster and can lead to increase in road accidents. It endangers the lives of innocent people by using inferior quality parts that are pivotal for a safe ride like gears, brakes, clutch etc. But our product authentication solutions ensure safety of the product’s information and safeguards the company’s reputation and image. As it can trace products accurately, it saves the company a lot of time and effort.
Why is it important to implement?
The problem of counterfeit products is not going to disappear, therefore it is important to take actions to prevent it. There are various advantages to our product authentication solutions, it’s designed to serve the company as well as their consumers.
As there are so many similar fake products in the market, it’s difficult for consumers to differentiate them. When consumers get low quality cheap products that are being sold in the name of genuine brands, it adversely affects the reputation of a brand which directly impacts their revenue.
In the long run, the bad reviews can have a huge impact on the functioning of the company as well. Our solution helps save the important details that are used by these people to prepare the fake products, hence saving the company from falling into the trap.
Fake and counterfeit products undoubtedly cause massive loss for the businesses by offering consumers similar items at low cost. This can cost a company not only their customers but also their reputation and revenue. Our products provide an easy solution to this problem by equipping companies with tracing and tracking technology of their product with the latest technology to safeguard their crucial information.