In a candid interaction with DQ Channels, Tanmay Jaswal, Founder & Director, Chkfake highlighted on the app and its working to encounter counterfeiting.
- Tell us about the Chkfake and how it work?
Chkfake is a high-utility platform for consumers who will be able to check for genuineness of many different product categories over time. We are looking to focus on enabling those categories for verification, which have a potential impact on the health and safety and security of consumers in case they buy or use a counterfeit product. For example, currency notes, LPG gas cylinders, auto spare parts, pharmaceuticals, electronic and electrical products, food products etc. With multiple product categories to verify, consumers will have the reassurance of purchasing products with confidence.
- How Chkfake(APP) is helping the ecosystems?
Our platform is aimed at CEOs of any manufacturing organization which has invested in building a brand. Our platform will protect any physical product from being counterfeited, or claw back lost revenues and margins from counterfeiters. The CEO is accountable for protecting the top line and bottom line of the company as well as the long term reputation of the stable of brands. Counterfeits present a serious threat to both and our platform enables a virtual 24X7 protection against counterfeits.
- What edge do your services offer to customers?
For consumers, we are a unique and revolutionary idea similar to how Uber was for transport, Airbnb was for short stays, bookmyshow was for movies and events, tripadvisor was for travel, makemytrip was for flight bookings etc. Chkfake will be the same revolutionary idea for product authenticity.
- Which companies do you consider as your competition in the Indian market?
We are first-to-market concept globally. Other platforms which allow product authentication are tied to specific technologies that vendors are selling to brand owners and consumers can only verify those products which are protected by that vendor’s technology. Chkfake is technology agnostic as well as product category agnostic. It aims to be the single point destination to check for genuineness of all types of physical products.
- What are the recent developments at the company?
We are the only platform in the world where all the major currency notes of different countries can be verified for genuineness. We will be rapidly introducing more product categories for consumers to verify.
- Have you come across weak points or what challenges you face in the market?
Our primary challenge is making brand owners aware of the risks of counterfeits to their brand value in the short term and long term. Many brand owners take this issue lightly and do nothing to protect their products from being counterfeited. Not only are they losing revenue as a result, they are also unwittingly providing a poor brand experience to their customers leading to erosion in their brand value.
- Any tie-ups to be announced in near future?
We are working with brand-owners to get them on-board our platform. We are also tying up with anti-counterfeiting technology providers so that they can bundle our platform with the physical technology they are providing to brand-owners. These discussions are in various stages of negotiations and we will hopefully announce significant tie-ups in the near future.
- What are the company’s future plans?
Our ambition is to ensure that consumers worldwide are safe and secure from counterfeits. We will continue to add new product categories and make our platform accessible to new geographies in order to ensure that we achieve that vision