QR Codes: Relevance, benefits, security risks and all you need to know
QR Code Full Form: QR Code stands for Quick Response Code. They are two-dimensional matrix barcodes that are capable of storing lots of data.
QR Code Full Form: Coronavirus pandemic brought a considerable amount of changes in the way industries worldwide used to work. Amid all this came the resurgence of QR Codes. They are now so popular that you can see them everywhere - on products, billboards, business cards, restaurants, etc.
QR Code Full Form
QR Code stands for Quick Response Code. They are two-dimensional matrix barcodes that are capable of storing lots of data.
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How do QR Codes work?
QR codes are designed to be easily scanned and read by smartphone cameras. Any user can simply scan the QR code for purposes like checking the product’s authenticity, earning loyalty points/rewards, tracking and tracing the unit across the supply chain, also, to check, registering/activating, or managing the product's warranty.
According to Ayush Jhawar - Co-Founder, Genefied - each unit has a unique QR code and a central dashboard/application helps the business keep track of every unit as it moves from the point of production to Point-of-sale (POS).
What is done to make each QR code unique and is there any chance of getting it cloned by someone else?
Jhawar said that the backend of Genefied ensures a unique identification number is encoded into the code to make each QR code unique.
"Furthermore, each QR code that we design is encrypted; as soon as they are scanned once, they are decrypted: thus, they are highly secured. There is no way possible to tamper with or copy our QR code," he added.
What is the relevance of QR codes in today's time?
The relevance and importance of QR codes in today's fast-changing business environment couldn't be overemphasized. Especially in the wake of the Covid-19 pandemic, the technology assumes significance to offer contactless transactions and promoting social distancing for a safe and secure shopping experience.
"QR codes bring a host of benefits to the table and prominent among these are providing information about the products/services, details of the manufacturing and expiry dates, and importantly, authenticating the originality of products. These codes are also proving instrumental in fixing broken supply chains, logistic inefficiencies, and promoting brand loyalty among customers for enhanced business profitability. No wonder, QR codes today are widely used in businesses across industries such as FMCG, Automobile, Retail, Healthcare, and Electronics among others," the co-founder of Genefied said.
How does it get used in both the B2B and B2C sector?
Owing to their significant benefits, QR codes are widely used in both B2B and B2C segments for creating a win-win opportunity for all stakeholders in the ecosystem. In the B2B category, QR codes are used to offer valuable information to the clients about the product and services of the company. These codes can provide information on important parameters such as technical specifications, operational mechanisms, and product manuals, associated with industrial offerings. Further, QR technology can also be used to accurately trace the products throughout the supply chain for efficient operations.
"In the B2C segment, the most prominent use of QR codes is to ensure authenticity by offering customers information about the origin and manufacturing of products. These codes are also proving instrumental in helping brands manage loyalty while allowing users to activate and manage warranties in a completely digital manner. QR technology can also help by offering instant rewards and benefits to the target market through promotional campaigns and schemes in the B2C segment."
How the industry is using this technology with single products and as well on a large scale level?
The use of QR codes on a single product can help by offering complete details and information about the product to the target market. The technology can also be utilised in ensuring the authenticity of products, managing brand loyalty, activating Digital warranties, and offering instant rewards and redemptions to users.
"On a large scale, QR codes can benefit in fixing broken supply chains, managing inventory levels, authenticating brands, and tracking the products and services of organizations. By using the Parent-Child QR code combination, brands can allot a parent code to a whole lot while assigning child codes to individual items for achieving better tracking and loyalty management capabilities among stakeholders," he said.
How is it benefiting consumers and how is it useful for brand authentication?
By scanning the QR code with the help of smartphones, customers can easily authenticate the originality and quality of products. Once the code is scanned, the generated link will take the consumer to the official web page of the company where the genuineness of the product can be easily ascertained. This will help users in buying only original and high-quality products and save them from the menace of counterfeit offerings. In addition, the complete detail, specifications, and configuration of the product or services can be easily known with the help of QR codes.
What is the use of QR codes for customer loyalty?
QR codes are an excellent way to reward customers by offering them special discounts and other benefits with their repeat purchases. The technology is great for easy tracking of loyalty points and importantly, allowing instant redemption of these points by customers in exchange for attractive rewards. These codes can also be used for special offers or discounts that brands can roll out in festive seasons, new year arrivals, and other occasions of fervour and gaiety or otherwise to influence sales. Brands can also use QR codes to offer personalized recommendations and offers to loyal customers to further strengthen their faith and loyalty in their products and services.