This technology start-up is helping companies to fight the counterfeit market
The steady rise in the growth of counterfeit products has created a negative impact on the world market. Apart from having tremendous business potential, India stands as a major market for counterfeit products. Counterfeiting is spread across all the sectors/industries like pharma, retail, FMCG, etc. from toothpaste to aspirin and to a high-end handbag, counterfeit products are everywhere. The problem arises when the companies are not being able to track down this market and collect their end consumer data and are unable to keep an eye on the distribution network.
NeuroTags is the one-stop solution for counterfeits and fake. It can save customers from buying the fake product by scanning the tag placed on the product which also gives them referral and loyalty points. These points can then be used for getting discounts on further purchases.
NeuroTags provides mathematically coupled tags, namely open and protected. The open tags are visible on the product and can be scanned by anyone to get the information of the product and an indication of authenticity with a certain probability. Once a product is purchased user has access to the protected tag, which is protected by a scratch layer or is kept inside the product seal. After scanning the protected tag using a smartphone, the user gets the authentic information with certainty. Also, a user can avail warranty, loyalty and referral points after scanning this tag. The tags are connected and protected by algorithms on the server in such a way that, if anyone tries to replicate the tags, it gets caught and the copied product gets invalidated.
NeuroTags provides solutions for brand protection and to prevent counterfeits along with a platform to showcase the products. There is also a paperless warranty and customer support. NeuroTags also offer a loyalty and referral programs for brand’s customers and middlemen. There are tracking and analytics of consumer behaviour data along with a customised track and trace solution. Lastly, there is an automation of aspects of business intelligence.
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