In a bid to offer a tool for verifying the authenticity of its wires and cables products during purchase by retailers and consumers, Polycab has joined hands with ProductSecure, the provider of brand protection, consumer loyalty and engagement solutions. The company has spearheaded a television and print campaign to encourage the stakeholders for verifying the authenticity of the wires and cables.
“At Polycab, we are very passionate about the safety of our customers, as using an inferior counterfeited wire can frequently be fatal, thus to us, any technology that allows for customers to by themselves easily and instantly verify authenticity is a most welcome step. We are committed to protecting our hard earned brand reputation for safe and reliable products, which is why are also going the extra mile with a television and print campaign to encourage customers to verify authenticity. I earnestly hope that other brands will also take the lead to proactively safeguard customers,” said Inder Jaisinghani, chairman and managing director, Polycab in a press release.
Added the company’s president for marketing communication & packaging development, Diwaker Bharadwaj: “In this era of Digitisation, when everyone wants to have information on finger tips, it’s high time we devise such ways and means by taking recourse to digital technology which can ensure that the customer gets true value of his money for the product and is not cheated by any counterfeits and duplicates. We have therefore joined hands with ProductSecure for this excellent technology.”
Nakul Pasricha, CEO, ProductSecure said, “India has been facing heavy losses along with immeasurable damage to brand reliability due to growing counterfeit products. It is a matter of distress to us that counterfeit electrical devices and other products pose immense risk of life, health and safety menaces to the consumers. These fake products don’t only cheat innocent and lesser aware customers but also cause losses to companies and revenue of the government.
There is an urgent need to take strong measures to tackle the threat of counterfeit products by using innovative technology. Our partnership with Polycab is one such progressive step to educate and empower consumers to check their products for themselves. ProductSecure understands that product counterfeiting is a serious and growing issue and has developed technology-based authentication methods to mitigate the risks of counterfeit wires and cables.”
Counterfeiting is an immense problem in the country, causing a loss to the government of more than Rs 39,000 crore, as per a FICCI study released in 2015. The rates of counterfeiting vary from 30% to as high as 70% depending on the industry. Consumers purchase wires and components believing them to be genuine only to realise afterward that they do not meet industry requirements. Sometimes counterfeits get passed off under a brand name but are actually not manufactured by that company and are made of low quality materials that cannot perform the necessary functions required.