Syska Group has partnered with NeuroTags technology. This partnership will enable Syska to establish a direct connection with their consumers and, simultaneously, defend the brand from the economic and reputation damages from counterfeiting. In a quest to offer a futuristic product experience and digital benefits, Syska has digitized a major proportion of its products with the help of NeuroTags technology. This technology enables product authentication and paperless warranty management, independent of the location from where the product has been purchased.
The International Chamber of Commerce expects the anti-counterfeiting market to touch $206.57 billion by 2021. In India, the market is Rs 40,000 crore or $7.5 billion. Currently, most players in this market are security label providers, hologram makers and RFID players. Supply chain solutions like QR codes, scratch codes on top of simple labels haven’t been entirely effective in thwarting counterfeiting, or can only be verified once in the supply chain. “Lots of brands have gone out of business primarily because of fake goods. Consumers do not just get affected economically; fake and counterfeit products are greater risk towards the experience of Products, Brand and in certain cases-Lives.
NeuroTags uses algorithms and AI to build mathematically coupled tags – open and protected. This partnership is extended to Syska products under the categories including Syska Wires, Mobile Accessories and Smart Home products.
Commenting on this par, Mr. Rajesh Uttamchandani, Director, Syska Group said, “As there is an ever-growing demand for purchasing products online, there is an increasing risk to the flow of counterfeit products into the market. It thus becomes imperative to address this issue and invest in a technology that will bring an end to counterfeit products. Through our partnership with NeuroTags, we have digitized a major set of our products which will enable users to check the authenticity of the products and also connect with our brand directly.”
Abhishek Agrawal, Director, NeuroTags, said, “Syska has always been a pioneer in adopting futuristic technologies, and now with the aim of digitizing every Syska product they again are proving themselves to be market leaders”.