NewsVoir
Gurgaon (Haryana) [India], October 26: LAMi Advance Solutions launches LAMiCheck, a state-of-the-art App which assesses the genuineness of a product on a real time basis with the press of a button.
LAMiCheck is an innovative, user-friendly, trustworthy solution that establishes the authenticity of products right from the source of origin. It further protects the revenue and market share of original manufacturers and gathers primary market information through a multi-brand mobile software platform where data is completely safe. LAMiCheck's other offerings are digitization of the sales channel right up to the end user, direct communication and engagement with actual buyer/user and real-time feedback for customer focus along with a loyalty program.
Sameer Sinha, Co-founder, LAMi said, "Counterfeit products pose a significant threat to the Indian industry, causing both a loss of brand reputation and revenues for businesses. For consumers it is not only financial loss but may also lead to potential health hazards. The current methods used to detect counterfeits are inadequate and not scalable."
LAMiCheck, is one of a kind, industry-agnostic product authentication app, which is powered by a technology-enabled platform and has easy to launch new features with a potential to scale across products and geographies. It provides real-time user information, market analyses and communication platform when required.
"The solution has already been launched in 3 sectors and more and more brand owners are showing interest."
The counterfeit market in India is valued at Rs 2.6 trillion (for 5 sectors, FY 2019-20, Source: TARI Report), and 25-30 per cent products sold in the Indian market are fake (Crisil-ASPA report, 2023). The luxury counterfeit market has experienced a growth rate of 20 per cent over the past decade. The trade of duplicate goods has increasingly infiltrated global markets over the last few years adversely affecting industries like FMCG, Computer Hardware, Mobiles, Tobacco, Alcohol, Auto components, Apparels, Pharma amongst others. Counterfeit products pose a significant threat to the industry, causing both a loss of brand reputation and revenue for businesses, as well as potential health hazards for consumers.
Realizing the need for a comprehensive and robust method for detecting counterfeit products, four professionals holding a rich multi-sector experience of over 100 years, from various industries came together to develop LAMiCheck and counter the 2.6 trillion counterfeit market in India.
LAMi - Loyalty Authentication and Marketing Information was established as a private limited company in January 2019 located in Delhi NCR, India, and offers a unique and scalable, fully digital solution for original manufacturers and brand owners to combat counterfeit products without disrupting their existing systems and processes. LAMi operates as a B2B2C platform, connecting businesses with channel partners and end users, who can utilize the LAMiCheck App to authenticate products, just by scanning them. lamiadvancesolutions.com.
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