How to extent digital warranty solutions through IOT
21-03-2023 04:51:PM | By Gurnoor Saini
Counterfeiting has become a global menace and we are increasingly witnessing all industry sectors shift towards digital entities. According to the United Nations, the counterfeit market is worth US$ 250 billion a year and growing. Almost every company faces the threat of counterfeiting as it not only strikes profit-margin but also brutally harms the brand goodwill. Companies often dilute their potential to create influential profile in market due to brand-counterfeiting resulting in severe losses in R&D investments.
IoT platforms like GenuineMark have the potential to drastically intervene and put a full- stop to the billion-dollar counterfeit industry. With lack of Intellectual property rights to safeguard products, high-end brands are facing a need to deploy such advancements internally. Brands can implement similar technologies to battle counterfeiting and fake products by manufacturing products functioning in authentication based mechanism.
GenuineMark offers a single-point scanning platform through blockchain based QR code capturing feedback and database from consumers among other activities facilitating digital warranty and location based insights.
This simple solution is hassle-free to implement and takes effective use of today’s advanced smartphones and your regular mobile applications. Though the use of blockchain system in product-authentication is not new, our POV highlights ‘closing the loop,’ which is necessary for verification to be more impactful than mere QR code implementation.
GenuineMark uses Internet of Things and latest advanced technology to offerdigital warranty solutions to brands irrespective of industry and the ultimate consumers in the market. With smart products emerging in all industry sectors with growing time, traditional warranty techniques are going regressive in the 20th century. Digital warranty offered by GenuineMark is the way to move forward for brands. With an IoT Platform, brands can record a digital history on the web for every case whenever their product is out in the market. A statistical data- oriented model of the product offered is automatically created with attributes such as the name of the consumer, address, contact details, the location and date of purchase, seller details, product details etc. on the internet. Whenever a transaction is facilitated, the record related to that product’s individual warranty can be extracted on a mobile device by scanning a QR code linked to its digital warranty.
The target consumers can digitally effectuate their product warranty period through web or mobile based applications and can enable other product-related post-sales services like consumer authentication, maintenance and warranty regulation.
GenuineMark also helps its customers make scientifically data driven decisions through consumer mapping and retain its consumers by enabling digital cash back services and exclusive discounts and penetrate into new markets by recent product marketing and location wise real time analytics.
GenuineMark can change the way companies invest and operate in warranty management and product activation services. It provides a cost-effective solution to both producers as well as consumers acting as a bridge saving losses worth million of dollars to companies and providing an interactive interface to the ownership data base.