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The wires and cables industry in India is expected to experience a yearly growth rate of 15% from 2020 to 2025, reaching an estimated value of around $15.6 billion by 2025. What factors contribute to the loyalty in the wires and cables industry in India, leading to its success?
The escalating demand for power, infrastructure expansion, the adoption of smart grid technology, and governmental initiatives such as Make in India, Smart Cities Mission, UDAY, and Saubhagya are integral.
However, challenges such as counterfeiting, inefficient supply chain management, and the absence of robust loyalty programs persist, hindering the industry's potential.
Many cable and wire manufacturers still need to adopt wire and cable traceability, effective marketing strategies, and channel incentive programs.
In the absence of channel loyalty programs and wire & cable supply chain process management, the industry grapples with issues like product counterfeiting, lack of real-time tracking, and inefficient distribution processes.
Identifying genuine products becomes a significant challenge, leading to potential revenue losses and damage to brand reputation.
Wire and cable businesses may face challenges in retaining and rewarding their channel partners, who are essential for reaching end customers and creating brand awareness.
Wire and cable manufacturers and businesses may not be able to verify the origin, quality, and safety of their raw materials and products, exposing them to risks of counterfeiting, fraud, and recalls.
Without supply chain traceability, wire and cable businesses may also miss out on opportunities to optimise their operations, reduce waste, and improve their sustainability performance—demands increasingly voiced by customers, investors, and regulators.
The absence of cable supply chain management solutions and traceability may impede wire and cable businesses in responding to disruptions and changes in demand, potentially affecting their customer satisfaction and profitability.
In the absence of wires and cable tracking, the industry suffers from the risk of losing its competitive edge and market share to rivals offering more transparent, reliable, and innovative products and services.
To address these challenges, Genefied offers tailored solutions to revolutionise the industry.
SupplyBeam, powered by Genefied, stands as the industry's leading QR code-based end-to-end best wires and cables traceability solution.
Rewardify, Genefied's QR code-based channel loyalty program solution, aims to boost customer loyalty across the wires and cables industry.
Genefied has introduced Scan & Win, a QR code-based Consumer Engagement Program tailored to the loyalty program needs of the wires and cables industry
Genefied's comprehensive suite of solutions – SupplyBeam, Rewardify, and Scan & Win – directly addresses the unique challenges faced by the wires and cables industry in India.
By implementing QR code-based loyalty and supply chain traceability solutions, businesses can safeguard their products from counterfeiting, optimise operations, and build strong, enduring relationships with both supply chain partners and end consumers.