QR-based technology solutions: Trends to watch out for in 2023

QR-based Technology Solutions are changing the very face of industries by offering reliable and tamper-proof loyalty management, anti-counterfeiting, and Warranty Activation Solutions

Amidst heightened competition and cross-category rivalry, brands are finding it difficult today to win over new customers and build loyalty among existing ones. Even with a host of rewards and loyalty programs on offer, the retention of existing consumers is becoming an increasingly tough job for companies. Genefied was founded in 2018 to offer holistic loyalty management, authentication, digital warranty activation solutions to consumer brands. It offers solutions that help companies to better connect with their customers, deliver superior products and experiences, and build trust and loyalty for achieving enhanced profitability and customer share. All this, in turn, helps brands deliver better experiences, increase customer retention, and subsequently convert existing customers into a loyal consumer base.  Here are some of the key trends that are likely to dominate the proceedings of QR-based technology solutions in 2023 and beyond: 

QR-based Loyalty Management

Diluting business boundaries and eroding product classifications have presented brands with the unique challenge of building and maintaining brand loyalty. In addition, the flickering nature of the young population, the increasing number of options, and the savvy nature of buyers are further weaning loyal customers away from brands. Amidst the high customer turnover, satisfying consumers and retaining them for the long term become the priority of utmost importance for companies. To survive and flourish in the future, brands need to build and retain a loyal customer base. Today not only quality products and competitive services are required but brands also need to deliver that "Extra Value" to keep the customers intact with them. QR-code is fast emerging as a credible method to build and maintain customer loyalty across business categories and service domains. The loyalty programs based on QR codes are extremely convenient as the entire process of collecting, rewarding, and redeeming points work in a completely seamless manner. Further, consumers can use QR codes to check the authenticity which comes as an added advantage for the entire business ecosystem. 

Gamification-based Loyalty Program 

Taking the experience of customers to the next level is the gamification of loyalty programs, the process of entirely converting the loyalty program into a complete digital experience. Especially when it comes to the millennials, the importance of the gamification experience couldn't be overemphasised. Not only are these game-based programs actively engaging  consumers but also helping brands enhance their visibility in the digital space. As young customers share their experiences with brands on social media platforms, these conversations and engagements help companies to build their brand equity and enhance their presence in the virtual world. 

Anti-counterfeiting Solutions

The Covid-19 pandemic has opened floodgates of counterfeit products across the business spectrum. The presence of fake products is sparking not only safety concerns but also damaging the hard-earned goodwill of brands among buyers. To fight this menace,  QR-based anti-counterfeiting solutions are proving immensely effective. These solutions come equipped with a host of benefits including superior brand protection, anti-counterfeiting packaging, and real-time tracking among others. Especially these QR-based solutions are proving significant for customers in Tier 1 and Tier 2 cities as these places are more vulnerable to the presence of counterfeit products. 

As far as industries are concerned, the likes of Plywood, Bathware, Fertilisers and FMCG are among the top sectors where QR-based solutions are leading the fight against fake products. One can easily estimate the damaging impact of fake medicines or therapeutic products in these industries - especially in pharmaceuticals and cosmetics - and this partly explains the exponential growth that QR-based counterfeiting technology is likely to witness in these sectors in the near future. QR-based authentication boasts tamper-proof technology and offers instant information to customers about the genuineness of the product and brand. Further, the capability of real-time tracking and tracing of the products makes QR-based solutions ideal for companies across industrial domains. 

Digital warranty activation and Management 

Days of paper-based warranties are over with QR-based solutions offering an easy, quick, and convenient method of activating and managing digital warranties. The QR-based warranty is proving a game-changer technology which has significant benefits - not only for  customers and organisations but for all stakeholders of the ecosystem. The warranty activation based on the QR-based technology is tamper-proof as no alteration can be done in the digital records once the code is scanned and the warranty is activated. The saved data is then visible throughout the supply chain and this enhanced visibility further minimises any chances of fraudulent activity among stakeholders. Further, these solutions save customers from the hassle of organising bills and receipts and getting their claims processed in a seamless manner. 

The article has been written by Ayush Jhawar, Co-Founder, Genefied