Cormo Authentication Platform
Counterfeit industry is a parallel industry that is causing significant losses in revenues to companies, taxes to governments & sometimes catastrophic to customers. Global counterfeit market is estimated to be upwards of $250 billion annually. Indian counterfeit market alone is estimated to be about Rs. 50000 crore. The industry is becoming more sophisticated with latest packaging & printing, that is nearly impossible to detect counterfeit products by normal users.
There is virtually no industry today that is not adversly impacted by counterfeits.
- Automotive spare parts: The share of counterfeit spare parts is estimated to be around 39 – 45%, causing approx. Rs. 15990 crore losses in revenues to companies in India & about Rs. 5000 crore loss in government taxes.
- FMCG: Indian FMCG sector loses more than Rs.1700 crore from counterfeit and pass-off products. The Indian government loses about Rs.500 crore in taxes every year.
- Pharmaceutical: Between 5% to 20% of the medicines in the Rs. 32000 crore Indian pharma market are fake & counterfeits are growing at 25% annually.
- Other sectors : Counterfeits are rampant in sectors like ready-made garments, silk products, electric parts, printer cartridges, electronic equipments, perfumes, luxury goods (designer watches, suits, jewellary etc), shoes, cigarettes, alcohol, water, coke, baby products (diapers, baby food ) etc. Globally, around 8% of all trade is estimated to involve counterfeits. Apart from financial losses, counterfeits can cause serious health, safety & environmental issues.
Cormorant Solution
The Cormorant authentication platform offers the most effective on-demand authentication & product information service. Using web/mobile phones and based on patent pending technology, we provide real time tracking & authentication solutions as services. Cormo authentication platform is highly flexible & scalable with stringent security features. Its functionality can be customized to individual company business needs & integrated with existing systems.
Offered as Platform as a Service, the solution helps customers to query Cormorant platform using SMS or Web. Customers can authenticate the products during shopping, at point of sale (POS) or at home. Cormorant provides complete solution support to manufacturers. System helps detect and deter counterfeiters & supports real time responses to these events. This increases barriers to entry for both current and potential counterfeiters and diverters. The mere presence of the system can deter would-be counterfeiters or drive current offenders away.
