ProductSecure™ partners with Polycab to fight counterfeiting in Wires and Cables
New Delhi, December 12: ProductSecure™, a leading provider of brand protection, consumer loyalty & engagement solutions today announced that it has joined hands with Polycab – one of India’s leading Cable and Wire manufacturers – to provide a simple and effective tool which will enable Polycab retailers and customers to verify for themselves the authenticity of their purchase.
Counterfeiting is an immense problem in India, causinga loss to the government of more than Rs. 39,000 crores, as per a FICCI studyreleased in 2015. The rates of counterfeiting vary from 30 percent to ashigh as 70% depending on the industry. Consumers purchase wires andcomponents believing them to be genuine only to realize afterward that they donot meet industry requirements. Sometimes counterfeits get passed off under abrand name but are actually not manufactured by that company and are made oflow quality materials that cannot perform the necessary functions required.
To combat this issue, ProductSecure™’s solution, whichwas customized for Polycab’s requirements in conjunction with Mr.Diwaker Bharadwaj, President Marketing Communication & PackagingDevelopment, Polycab, will ensure the application of a uniqueidentifier in the form of a barcode on each consumer level package, which canbe verified at the time of purchase using a mobile app.
“Indiahas been facing heavy losses along with immeasurable damage to brandreliability due to growing counterfeit products. It is a matter of distress tous that counterfeit electrical devices and other products pose immense risk oflife, health and safety menaces to the consumers. These fake products don’tonly cheat innocent and lesser aware customers but also cause losses tocompanies and revenue of the Government.
There isan urgent need to take strong measures to tackle the threat of counterfeitproducts by using innovative technology. Our partnership with Polycab is onesuch progressive step to educate and empower consumers to check their productsfor themselves. ProductSecure understands that product counterfeiting is aserious and growing issue and has developed technology-based authentication methodsto mitigate the risks of counterfeit Wires and Cables,” said MrNakul Pasricha, CEO of ProductSecure™
Through the campaign, Polycab seeks to educateconsumers and retailers to identify genuine products from counterfeits.
In this era of Digitization, when everyone wantsto have information on finger tips, It's high time we devise such ways andmeans by taking recourse to Digital Technology which can ensure that thecustomer gets true value of his money for the product and is not cheated by anycounterfeits and duplicates. We have therefore joined hands with ProductSecurefor this excellent technology – Diwaker Bharadwaj- PresidentMarketing Communication & Packaging Development, Polycab.
Mr. Inder Jaisinghani, Chairman and ManagingDirector Polycab adds “At Polycab we are very passionate about the safety of our customers, asusing an inferior counterfeited wire can frequently be fatal, thus to us, anytechnology that allows for customers to by themselves easily and instantlyverify authenticity is a most welcome step. We are committed to protecting ourhard earned brand reputation for safe and reliable products, which is why arealso going the extra mile with a television and print campaign to encouragecustomers to verify authenticity. I earnestly hope that other brands willalso take the lead to proactively safeguard customers.”
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