The unrealized benefits of product serialization
Brands are often facing pressure from consumers and the industry to bring invisibility in their supply chain. It enables better transparency that will eventually lead to better traceability of the products. Fulfilling this vision will help the brands to overcome the challenges of counterfeiting practices. As per the OECD, counterfeit goods rose to 3.3% of all global trade. It includes items such as footwear, clothing, electrical equipment, medical equipment, etc.
Therefore, tracking the entire journey of products from raw materials to the moment a consumer purchases the end product is necessary. With product serialization, brands can make it possible.
This advanced technology ensures a consistent stream of data that allows brands to understand their supply chains, from sourcing, manufacturing, distribution, to retail. Industries like food or pharmaceuticals are familiar with this digital solution.
Product Serialization defined
It is a process of allocating a unique identity to products in the form of a QR code, NFC, RFID, etc. After products are serialized, brands can identify and track each item with the help of the code assigned. For ensuring end-to-end traceability, brands must look forward to this advanced technology.
Know its unrealized benefits
Serialization brings exclusive benefits when it comes to protecting the brand, supply chain, and consumers. There are some dignified reasons behind its rising application in businesses. Apart from investing in anti-counterfeiting solutions, many brands are also implementing this digital solution. Let’s discuss why.
- Prevents MAP violations: Unauthorized retailers harm brands the most by selling their products below the minimum advertised prices. A serialization is a powerful tool that detects such sellers by tracking the serial number of the products. Based on this information, brands can take necessary action.
- Improve product recall management: Recalls are often challenging for brands. Any delay in it can damage the reputation and revenue. To ensure quality control in products and detect damages, brands can take the help of this technology. They can even know the exact status of the products in the distribution channels and fix the problem quickly.
- Make way for anti-counterfeiting solutions: Dealing with counterfeiters has been the biggest challenge for the brands. They replace the original products with fakes and damage the brand reputation. By serializing the products and utilizing anti-counterfeiting technology, they can overcome this setback. It immediately notifies the brands in case any counterfeiter is trying to hamper the process.
- Supply chain visibility: Many brands are already tracking their products by batches. Serialization goes a step further. It accurately tracks products wherever they are. Brands can assess all types of issues, from displays to distribution patterns.
- Process improvements: The auto-captured data can improve end-to-end processes of the businesses and look for excess dwell times, unnecessary handling, or poor inventory management. It results in the growth of brand goodwill.
Product serialization can have a powerful impact on the brand’s ability to manage the supply chain and other vital processes. With LetsVeriFy digital warranty solutions, they can ensure the authenticity of their products at every step!