Smartrac Technology Group has announced that Alibaba Group will invest in the firm with the aim of ensuring both companies’ commitment to reinforce brand protection strategies.
As a result of this agreement, President of Alibaba Group, Michael Evans, will join Smartrac’s Supervisory Board.
“At Alibaba, we are continuously innovating and partnering to provide market-leading solutions and highest levels of brand protection for our clients,” Evans said in a press release.
“We are thrilled to support Smartrac and together provide brands with innovative product authentication solutions at scale.”
Smartrac has created a large suite of RFID-based solutions that aid the company’s Internet of Things (IoT) platform, Smart Cosmos.
The company’s IoT solutions utilise brand product manufacturers that will create and insert a unique digital identity into each individual product when creating the goods at scale.
Christian Uhl, CEO and Chairman of the Management Board, Smartrac Technology Group stated: “We feel honoured by Alibaba’s confidence that our technological expertise will provide brands and consumers with the best-in-class product authentication and customer experience solutions.”
Smartrac have also confirmed that the product identity can only be issued by the brand and can’t be faked, copied, stolen or lost.
This ensures that the company will offer full control and visibility of each genuine product throughout its lifetime. It enables brand owners to easily deliver exclusive and dynamic content to its consumers to help grow customer engagement, loyalty and satisfaction.
Smartrac is one of the leading vendors of RFID products and IoT solutions which provides both ready-made and customized offerings. The company ensures its products are smart and prioritizes enabling businesses to identify, authenticate, track and complement products and solutions.