Australian-based YPB Group said Namaste will apply its authenticity product markers to all products on Namaste's e-commerce platforms
Namaste Technologies () (OTCMKTS:NXTTF) will broaden the use of (ASE:YPB) product markers, which are designed to protect consumers from the health, safety and quality risks associated with counterfeit products.
"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 in a news release. "We believe YPB has a strong solution and we expect that the connectivity and authenticity features will be welcomed as a value-add by our brand clients and consumers."
Product authenticity and consumer engagement solutions provider YPB Group in a statement Wednesday that its markers also provide greater market intelligence through consumer data captured through YPB's Connect platform.
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According to a statement, YPB will receive A$0.13 per product that is marked with its label solution and said other methods of marking are currently being developed, which will result in serialization of product packaging. The company said if the packaging is marked with a printed code, the price per product would be between A$0.01 and A$0.05.
"We are seeing a new level of consumer expectation that the products purchased are genuine, safe and socially responsible," said John Houston, CEO of YPB Group. "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."
YPB solution has advantages
The move by Namaste follows another globally significant precedent set by e-commerce giant, Amazon, which mandated anti-counterfeit markings on all products sold through its platforms.
According to YPB Group, its solution has "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."
Shares of Namaste Technologies were up 1% at C$1.14 on Wednesday.
