Adds Authenticity Markers to Namaste (CVE:N) Products
Sydney, Feb 21, 2019 AEST (ABN Newswire) - Product authenticity and consumer engagement solutions provider YPB Group Ltd (
ASX:YPB) ("YPB") is excited to announce that existing distribution partner and e-commerce leader in the cannabis market, Namaste Technologies (CVE:N), has agreed to broaden the use of YPB's product markers to all products on Namaste's e-commerce platforms. Brands on Namaste's ecommerce platform will be encouraged to comply with the new markers. YPB markers are designed to both protect consumers from the health, safety and quality risks associated with counterfeit products as well as provide greater market intelligence through the valuable and unique consumer data captured through YPB's Connect platform.
YPB will receive A$0.13 per product that is marked with YPB's label solution. Other methods of marking are currently being developed which will result in serialisation of product packaging. If the brand prefers to directly mark packaging with a printed code, the price per product would be between A$0.01 and A$0.05.
The decision by Namaste Technologies follows the globally significant precedent recently set by e-Commerce giant Amazon that has mandated anti-counterfeit markings on all products sold through its platforms.
The YPB solution has some distinct advantages over that announced by Amazon in terms of price, access the Brand will have to data and importantly YPB's solution can be read by any smartphone without the need for an APP.
"We are seeing a new level of consumer expectation that the products purchased are genuine, safe and socially responsible," said YPB Group Limited Chief Executive Officer, John Houston. "Brands are increasingly seeing the reputational and financial damage that results from counterfeit products. It is great to see that the e-commerce platforms are taking the initiative to herald this new age, and YPB believes that it is exceptionally well-placed with the world's leading product authenticity technologies."
"We want to do the best by our consumers and brands by taking proactive measures to ensure the authenticity of the products we sell through our platform," said Meni Morim, CEO of Namaste Technologies. "We believe YPB has a strong solution and we expect that the connectivity and authenticity features will been welcomed as a value-add by our brand clients and consumers."
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