All extremely good things begin with a incredible idea. The concept may want to originate at the same time as lucid dreaming, walking via a crowded metro station, chilling with like-minded human beings, or even even as watching television. The last is what befell with Nitin Gupta, CEO, NeuroTags, the startup fixing the trouble of counterfeit products and boosting its clients’ income via assisting them higher understand purchaser behaviour.
Nitin changed into looking a documentary on counterfeits whilst he realised how large the trouble is. After a few preliminary marketplace studies, he realised that there are diminutive virtual answers available inside the market to address counterfeiting and those solutions are economically no longer viable for most producers. This is what gave beginning to NeuroTags.
NeuroTags, a organisation primarily based out of California with its India base in Pune, is presenting a -fold option to shoppers and sellers. On the only hand, it presents anti-counterfeit solutions through its two-layer safety, and on the other, it facilitates producers apprehend purchaser behaviour from the offline global through the use of advanced technology like Blockchain, patent-pending algorithms, and synthetic intelligence (AI).
“Our generation value is based totally in line with object and given that we use cloud infrastructure and have API-based totally answers, our charge infrequently adds any considerable value (to the patron). In reality, the return, in terms of disposing of counterfeits from the market and growing income through automating assurance, loyalty, and referrals with the assist of enterprise intelligence (BI) is usually the fee of the use of the Neurotags,’’ says Yogesh.
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The All-Pervasive Counterfeit: Giving Rise To NeuroTags
Yogesh emphasises,“Counterfeit is anywhere. And, due to ecommerce, it’s very clean for the counterfeiters to penetrate the main marketplace.’’ Indeed, counterfeit is omnipresent. According to the World Health Organisation, one in each 10 medicines is falsified, that's an alarm call for the health industry, specially in growing and populous countries. According to the Global Brand Counterfeiting Report 2018, global counterfeiting is envisioned to reach $1.Eighty two trillion by 2020.
NeuroTags, Consumer Behaviour, Anti-Counterfiet
These numbers are a crimson flag for each dealers and purchasers. But, with the growing era and ecommerce boom, counterfeiting is best set to boom as falsification of products is getting increasingly more sophisticated and is consequently now not smooth to trap. This is in which companies like NeuroTags come in to take the counterfeit burden off producers.
Anti-Counterfeit Made Foolproof: The Technology That Gives NeuroTags An Edge
The traditional way of tackling counterfeit has been with the usage of holograms, radio-frequency identity (RFID) tags, etc, but maximum of these technology are easy to control or provide partial safety.
This is where the two-layer protection by way of NeuroTags is available in to solve the problem. The employer affords mathematically coupled open and protected tags. Open tags, because the name suggests, are visible on the product and may be scanned by way of all people to get information at the product and are an illustration of ‘authenticity with a certain opportunity.’
Once a product is bought, the consumer has get admission to to the covered tag, which is largely the secret tag that confirms the authenticity of the product 100%. This tag may be included with the aid of a scratch layer or stored within the product seal. After scanning the covered tag the user receives the ‘authenticity records with certainty.’
NeuroTags, Consumer Behaviour, Anti-Counterfiet,
Both the tags are related and are covered by way of algorithms on the server in any such manner that if every body attempts to replicate them, it gets detected with the aid of the gadget and the copied product receives invalidated.
Boosting Sales By Using Business Intelligence
Manufacturers, service vendors, and shops are increasingly more looking for insights into purchaser behaviour to boost sales and offer improved customer service. Most companies get those insights online, through know-how the internet psychology in their clients. But it's miles nevertheless a project to understand offline clients — and India has a large offline patron base — attributable to the full-size differences in demographics, geography, lifestyle, and so forth inside the country. For instance, even as Diwali within the north may require groups to enhance their advertisements of certain merchandise, Ugadi in South India might require something else. Yet, regardless of the cosmopolitan nature of our towns, there's no one-size-fits-all answer.
Apart from counterfeiting, that is an crucial location in which Neurotags is supporting its customers. When a consumer scans a NeuroTag on a product along with his or her mobile tool, the backend systems immediately tag the client’s area. This, in flip, enables algorithms at once showcase all of the product options available through commercials in addition to neighborhood occasions information in that city, which complements user enjoy and types picture.
“Brands can better apprehend the performance of their product strains by means of evaluating experiment and buy behaviour across cities. Brands also can perform A/B testing and the effectiveness in their offline commercials campaigns by means of simply comparing the spike in scans. All this data helps agencies to apprehend their clients and serve them better,’’ emphasises Abhishek.
NeuroTags additionally shall we brands run loyalty programmes on their products. Once a consumer scans the included tag, if it's miles linked to a assurance and/or a loyalty programme, users immediately get the option to go into his/her touch records to register for assurance and loyalty factors. Users also are given the option to take a photograph of the bill and upload it from their cellphone digicam.
“For example, in case you buy a product from a specific emblem, you'll acquire loyalty factors which you can use to get reductions on other merchandise of the identical logo. If the emblem excellent is good, you're maximum probably to shop for from the same emblem once more, and can use the existing loyalty points and acquire a few extra,’’ explains Abhishek.
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The NeuroTags system manages all of the details associated with assurance statistics, loyalty programmes, and redemption procedure for its clients.
On A Mission To Make Products Anti-Counterfeit
Like in every other industry, NeuroTags too has opposition, albeit small, from agencies including Sproxil. But its biggest task stays convincing producers. “The largest competition we are facing is the reluctance of some manufacturers to use virtual solutions because they do now not apprehend them and have less publicity to the advantages.’’ says, Nitin.
The purpose for that is maximum manufacturers lack domain knowledge in technology and there’s generally a excessive price of obtaining, customising, and maintaining virtual anti-counterfeit generation. However, NeuroTags tries to convince them via telling them that they don’t must fear approximately the right generation, the fee is minimal, and continually much less than the RoI. NeuroTags also looks after customisation and maintenance of the solutions, which might be to be had 24×7 to the producer’s purchasers.
The startup targets to clear up desires from the level of the character purchaser proper thru the entire deliver chain, with tags for sellers and customers, direct printing, laser engravers for element and supply chain monitoring and greater. It already has Syska and Pure Drop as notable clients in its brief journey.
“NeuroTags has helped us a massive way in enforcing anti-counterfeit and paperless assurance answer for our emblem. They have a amazing technology, and the implementation & integration setup turned into truly short, Mr. Gurumukh Uttamchandani, Executive Director, SYSKA LED Lights Pvt Ltd.”
NeuroTags is seeing a great response for its anti-counterfeit answers and paperless assurance from product design departments of numerous organizations, and in its customised product showcase (geo-primarily based touchdown screens) and loyalty programme answers from the advertising departments of organizations.
