A Guide To Collecting Data For Business Growth
Home / Press Blog / A Guide To Collecting Data For Business Growth A Guide To Collecting Data For Business Growth Businesses everywhere are constantly collecting data on their customers, using it for studies, understanding and business growth. With technology and the convenience of instant communication channels, an organisation’s ability to capture, analyse, and use data has never been better before. Having the sufficient amount of right data makes businesses much easier, giving organisations greater insight into what their customers and consumers want. 1. The importance of consumer data collection For many businesses, consumer data is the key to their success. But how does data help in businesses? Data is important and great for getting to know customer’s interactions with different departments within a business from the beginning. a. Better Customer Experience Customer experience is becoming a bigger deal with younger consumers who are willing to spend more in exchange for a better or an extraordinary experience. Customers are growing and getting used to businesses catering to their individualized needs with hassle-free shopping experiences, personalisation and Omni channel shopping platforms. Data is the essential element to learn about customers, of what they want, where they make purchases, and even who they are. If a business chooses not to ‘hear their customers out’, consumers will eventually shop elsewhere, looking for a better replacement. b. Better Marketing Strategies Marketing is way different than it once was. While personalisation is the key, marketing campaigns being stretched across multiple platforms largely increases product exposure, creating better and repeated product awareness. The more complete data an organisation has, the more accurate and successful their marketing campaigns will be as they will be able to know their target audiences better. Data allows businesses to rethink and refine their marketing strategies to improve conversions and sales through personalisation and curated campaigns. 2. The importance of consumer data collection There are multiple types of data to collect as the more detailed the data is, the more the business will be able to create loyal customers. The following shall be the primary types of data to be collected for any businesses a. Contact Details Contact details are essential to allow an organisation to communicate with its customers. Whether to introduce a new product or to get valuable feedback, it wouldn’t happen if there are no contact details for the business to connect with the customer. b. Personal details As not everyone is willing to give out their personal details such as name, gender, age and address, this is one of the best data to be collected as this allows an organisation to accurately deliver the right message to the right group of target audience. For instance, a customer’s name could be a good use in marketing to send personalised messages or email subjects. E-mails with a personalised subject line are more likely to be read than disposed before reading. Gender, age and address could be used for future business planning. These statistics could determine your next new product, location of your next physical shop and more. c. Business Discovery Data Getting customer experience data helps an organisation to understand how well their services and products are performing. This allows organisations to be informed of their services and products flaws (if any), dissatisfactions and room for improvement. They might also get brilliant suggestions from their customers too. d. Purchase Decision Data One of the best ways to obtain purchase decision data from customers is to ask them directly for their feedback. It is important to let the consumers know that the organisation values and appreciates their feedback for business upkeep and improvement. Purchase decision data allows an organisation to get to know why the consumer buys its products whether it’s due to convenience, pricing, discounts, promotions, recommendations or so on. This will allow the organisation to refine their industry position and keep targeting the right group of people. To retain success, a business should always know why people buy from them instead of its competitor. e. Business Discovery Data If a business doesn’t know how their customers discover them, they won’t be able to scale on an agreeable level. When they know how their customers are finding them, they can double down on their entry point and make themselves more visible to more people. If a business is already running multiple marketing campaigns, it is even more important to know where their customers get to know them to measure the effectiveness of the marketing campaign. Sort out which platform or which type of exposure suits the business more. f. Customer Churn Data Some customers come and go, but why? How inspiring if an organisation gets to know why their customers are leaving them. Churn happens to every business, but with the reason and data, the business can at least improve and innovate on the reasons of people churning. g. Sign-in Data If a certain account hasn’t logged in for a period of time, maybe it is time for a business to retarget that customer in an attempt to reduce churn. However, an organisation can only do this with close supervision and the right tool to measure interactions. If there are such cases detected, all the organisation needs to do is send out an email to that group of people who hasn’t logged in for a while to ask why and let them respond instantly to prevent ignored mail. 3. How to Collect Customer Data One of the biggest challenges that businesses face when collecting data is how to get the data? With more and more data scandals happening these few years, consumers are on their guard and becoming more vigilant in giving out their information. Fortunately, there are a few soft methods to collect consumer data and here’s some of the best ones: a. Intelligent business tools It is 2020 and most of the businesses already embrace intelligent business tools in some way such as online business operation platforms, POS systems,
Supporting Local Businesses Through The Help Of Technology
Home / Press Blog / Supporting Local Businesses Through The Help Of Technology Supporting Local Businesses Through The Help Of Technology Since the Covid-19 pandemic hit us and had the Movement Control Order (MCO) implemented, various industries and businesses have been negatively affected. However, many businesses have found ways to transform and evolve not only to survive, but also to find ways to survive amidst the new norm post- Covid-19. One particular industry that has drastically changed is online platforms, which typically work with drivers and delivery partners. They have since adapted to newer, innovative technology with small & medium enterprises (SMEs) to expand their coverage. When the MCO began on March 18, online platforms like Grab, Foodpanda, Zalora and others have broadened their platform reach to micro, small and traditional businesses. Hence, creating thousands of job opportunities for the people, particularly in the delivery services, personal shoppers and food preparation sector. The sudden expansion of these services allowed the people to have additional, or at the very least, basic income by monetising their personal vehicles. Nevertheless, people at home also spent time learning about baking and cooking, then offered their creations onto social media platforms to generate some side income while white collar workers have also shifted their business operations fully online by working from home. While the government has encouraged small businesses to go online and adopt digitalisation for years, the MCO magnified the importance of digitalisation within businesses to stay afloat in the new norm as social distancing measures are here to stay. Under the National eCommerce Strategic Roadmap, e-commerce was estimated to record a 20 per cent growth rate this year to RM170 billion. As more SMEs go digital, people will grow more comfortable with online platforms, trusting digital payments and eCommerce will expand to other forms of digitalisation. These include B2C communication, business operations, data collection & analytics, cloud adoption — all innovations that lead to increased productivity and higher service value. Businesses who adapted early to technology and digitalisation before the pandemic hit were much ready and even resulted in sales growth during the lockdown. As such, Hypergear Malaysia was one of Packtica’s clients who adopted the online CheckNow system prior to the pandemic. Watch the video below and find out how early transformation helped them thrive during the hard Collectively, transformations and digitalisation within businesses will produce a more robust business community and in turn, keep the economic growth on a positive trajectory, as more businesses return to 100 per cent capacity over the RMCO period. Meanwhile, eCommerce and adaptation to technology is the way to go for future businesses without the burden of having to stay at one point or location. Share Via BACK TO LISTING You May Also Like [latest_blogs]
The Importance Of Budgeting In Business & How To Do It
Home / Press Blog / The Importance Of Budgeting In Business & How To Do It The Importance Of Budgeting In Business & How To Do It A budget is a comprehensive financial plan for achieving the financial and operational goals of a company. When used correctly, a budget is the map of the company’s strategic plan. In creating the budget, the company is developing its objectives for the acquisition and use of its resources. Once in place, it becomes a valuable benchmark to determine how well the steps taken by management are ensuring objectives are attained. A budget is a plan to: Control the finances of the business Ensure that the business are able to fund its current commitments Enable the company to meet its objectives and make confident financial Make sure that the business has money for future projects. The benefits of budgeting: Budgeting can help a business to estimates revenue, plans expenditure and restricts any spending that is not part of the plan Budgeting ensures that money is allocated to those things that support the strategic objectives of the business A well communicated budget helps everyone understand the priorities of the business Formalizes the coordination of activities between departments while aligning these activities to the company’s strategic plan and that they are working towards the same goal Provides the assignment of decision-making responsibilities and enhances management’s responsibility The process of creating a budget provides opportunities to involve staff, resulting in them sharing the organisation’s vision Engaging the team in reviewing and comparing the budget with actual facts can provide information that highlights the strengths and weaknesses of business. Improves performance evaluations – providing a common base for discussion on how well the manager met his goals Providing a talking point concerning why actual results veered from the original budget A good budget shall include the following 7 components of; Bookkeeping Keeping record of the numbers is essential to keep track of where the money had gone to, and what amount had flown into the account that is available for use. A record of last year’s numbers or industry averages (for startups) can help a company roughly grasp the estimated financial in and out for the current year. If you’re running your business without a proper budget you may be actually just running around in circles and not meeting your long-term goals. By taking the time now to set a budget, you will free up time in the future and give yourself the best chance of achieving the rewards you want for your hard work. Share Via BACK TO LISTING You May Also Like [latest_blogs]
How To Secure Your Brand With Packaging?
Home / Press Blog / How To Secure Your Brand With Packaging? How To Secure Your Brand With Packaging? Selling identically packed products or using your packaging to sell another product is common and is one that many good brands are permanently closed. Product counterfeiting and tampering are real and can severely damage your brand identity. You must be wondering how you should protect your products from such attacks. Secure packaging is one way to protect your brand identity and is successfully used across the world. Here are some popular and successful secure packaging methods that are used across the world for product security. Let’s have a look!! Shrink Bands Shrink bands are commonly used for packing bottles and small containers used for condiments and other edible items. It is usually made of polyvinyl chloride (PVC) or polyethylene (LDPE) and comes in bundle form. These films are first wrapped around the product and then heat is applied which makes the film shrink and seal the opening of your product. Once opened, these wraps cannot be put back. Moreover, you can print these wraps with your logo or branding on them which will further improve the security of your product packaging. Tamper Evident Tape When you use cartons to pack and transport your products, there is no other way to pack them than to use tape. However, you have the option of using tamper-evident tape to curb the chances of tampering and counterfeiting your products. Tamper-evident tapes are similar to normal tapes but if these tapes are removed, they leave a trace for you to identify that your carton has been opened. There are three types of tamper-evident tapes. first, use a strong glue that doesn’t come off without damaging the carton hence you will know when the carton has been tampered with. Your second option is the void tape. It is similar to regular tape but it has the word ‘void’ written all over it and when the tape comes off, the word void is printed all over the carton. The third option is colour changing tapes. These tapes are temperature sensitive. SO, when someone tries to take them off, the temperature is changed which makes them change the colour, and you can identify the theft. Tamper Evident Cartons Another option for protecting your products from tampering and counterfeiting is using tamper-evident cartons for packaging your products. These cartons are specially designed according to the shape of your products and they cannot be opened without damaging the carton. So, if someone tries to open these cartons, they will not be able to assemble them back in the same form. Hence, leaving a trace of theft and tampering with your products. Use Inside Of Carton For Branding If you are afraid that your cartons can be stolen or tampered with while transporting them, a good way of protecting them is using plain cartons which has branding inside of them. This will make them difficult to be identified and you can also couple it with other security packaging methods to further increase the security. We would recommend you use a hologram sticker or void sticker along with these cartons. Pull Tight Tags If you are using big containers or wooden containers to pack and deliver products, pull-tight tags are a great option for you. They don’t come off unless you cut them open which makes them permanently damaged. Classic plastic pull-tight tags are suitable for small containers. For heavier and sturdier containers, you can go for metal swing tags which are sealed with copper or lead. Hologram Sticker Hologram sticker are specially designed vinyl stickers that have a rainbow-like feeling. Usually, 3 or 4 images are printed on these stickers and when you tilt it you see different images of colour. Some hologram stickers are pressure sensitive. If you remove them, they are damaged and cannot be put back. Others are designed to leave a specific keyword or pattern when they are removed alerting that the package has been tampered with. We hope now you know much about security packaging methods and that you are looking forward to using these methods for your products. So, whether you like the hologram sticker method, void sticker, or shrink bands, PACKTICA SDN BHD is here to help you. We deal in a vast variety of security packaging materials and methods. Feel free to contact us to secure your products. Share Via BACK TO LISTING You May Also Like [latest_blogs]
Benefits of Product QR Codes on Packaging
Home / Press Blog / Benefits of Product QR Codes on Packaging Benefits of Product QR Codes on Packaging If you’re not familiar with them, a QR code system is a two-dimensional barcode system that can be scanned by a Smartphone’s camera with special software. By just scanning a QR code, an end user may instantly obtain more information about a service, a product, or an initiative. Most product QR code systems will offer a shortcut to real-time updated internet material, eliminating the need to memorize lengthy addresses. Also, you get to save a copy of this data in a digital archive that you may access whenever you need it. By utilizing our distinctive QR codes and active serial numbers, Packtica can assist your goods in becoming distinctive and standing out from the competition. CheckNow TM will provide a complete tracking route for QR Code scanning activities, including the name, date, and location of the scanning activities. We assist you in digitizing your goods and bringing them to life online by providing a special QR Code in the Consumer Intelligence CloudTM. Benefits of QR codes for product packaging: Product information: If you’re in business, you understand how crucial it is to tell your clients about your products. The only approach to assure product transparency and win their trust, after all, is to do that. However, one drawback of conventional product packaging is the little amount of printing area. You are unable to provide accurate information because of it. Yet you’re covered by QR Codes. Without worrying about the limited package area, they may assist you in providing as much information as you like. You only need to generate a Product QR Code and add the necessary information to it to do this. Any type of content, including pictures, text, website links, and even social network sharing buttons, might be used. Provide discounts and coupons: You are surely aware of the value of discounts and coupons. They are employed to draw in new clients while retaining current ones. And a QR code for a coupon might make the procedure simpler for you. It offers two advantages: The whole coupon redemption procedure is now contactless thanks to QR Codes, first. It implies that you only need to include them on the product package, after which buyers may scan them to redeem them. Also, users don’t need to manually write the code or memorize it while using a coupon QR code. To use it, users only need to scan the QR Code and click the Redeem button. Everything beneath your house is trackable, recognizable, and engaging thanks to our exclusive QR Code. It may be used in RFID tags, security labels, tamper-evident labels, and smart packaging. Getting feedback: Regular consumer feedback is crucial for a business and is extremely prevalent. Those comments provide insightful information. They aid in determining whether or not your clients are satisfied with your offerings. You can pinpoint your areas for improvement using this data. Yet, getting client feedback is not simple. This is because users must first laboriously input the feedback form’s URL into the browser to access it. They won’t be able to access the form till after that. A QR Code system, however, can simplify the entire procedure. Just design a feedback QR Code and place it on the box of your goods. Increase social media or website traffic: Currently, practically all companies have websites. Also, you would want people to go to it if you have one for your firm. And a QR code for a website’s URL can assist you in doing that. Just make one and affix it to the product packing. It will quickly direct readers to your website after being scanned. A social media QR code works similarly to grow your following on social media. Users who scan this QR Code are taken to a web page with buttons that link to all of their social media profiles. Share Via BACK TO LISTING You May Also Like [latest_blogs]
WHY YOU SHOULD OPT FOR QR CODE PACKAGING FOR YOUR PRODUCTS?
Home / Press Blog / Why You Should Opt For QR Code Packaging For your Products? 01 June 2023 WHY YOU SHOULD OPT FOR QR CODE PACKAGING FOR YOUR PRODUCTS? From the restaurant’s menu card, and product packaging, to payment options, you will find QR codes everywhere across various industries. QR code is like a barcode but instead of it has an array of black and white squares that are used to store the URL of the information you want to share with customers. Unlike barcodes, QR codes can be easily read by s smartphone camera and are used for a range of different purposes across different industries. So, if you are wondering what’s so special about QR code packaging and why is it widely used across the world, here are some reasons why QR codes are so popular and why you should also opt for it. Quick Launch Whether you are selling consumer products or furniture items, your buyers do not want to wait for a customer representative to answer their queries. A QR code will help you connect with your customers ASAP. With a smartphone, buyers can get to whatever information they want to share with them with just a few clicks. Whether it is the nutritional value of your products, or how to use your products, QR code packaging is a great way to share information in a second without having to wait for a customer representative to answer queries. A Source for Better Data Analytics Data analytics has taken over the world by storm and businesses are using it to increase their sales, customer satisfaction, employee satisfaction, and whatnot. QR code packaging is a great source to gather accurate data for efficient data analytics. With a QR code scan, data is automatically transferred to your database, you will know when and where your product is bought and what customers are looking for. This will help you know which products are most in demand, which cities or areas, these products are mostly sold in, and where people are not buying them. Hence, QR code packing is not only a source of quick connection, but it is also a valuable source to gather relevant and accurate data for data analytics. Real-Time Information Update Do your business information change frequently? Or does the information you are sharing with your clients changes over time? And you are fed up with constantly changing your packaging because of these changes? Dynamic QR code packing will solve all your problems. Dynamic QR codes give you the liberty to change the information you are sharing with your customers at any time without having to worry about the printed QR codes. All you need to do is change the URL of the information you are sharing, and all your QR codes will direct you to the new information. Isn’t it time and effort-saving? Gateway For Digital Marketing Gone are the days when print media was the source of marketing your product or services. Nowadays, digital marketing is the most popular and effective source of marketing products and services. Digital marketers use QR codes to lure buyers to information they would like them to see. It can be a link to your product advertisement or you can also direct them to your website through QR codes. Smart Packaging Whether it’s home renovation or buying products, the world is moving towards smart options. You can increase your sales and attract customers through smart packaging. QR codes are a step towards smart packaging. You can use these codes to educate and inform your customers about your product. Moreover, QR code packaging is also a smart solution for warehouse inventory management. With QR codes you can have access to real-time information on product production status, and your can easily share this information with your clients. No Compromise on Aesthetics Well, no one wants to damage the aesthetically designed product packaging, and so do you. The good news is QR codes will not damage your sleekly designed packaging. QR codes are customizable, and you can get a QR code that matches your product packaging. No worries at all!! Hope, we have cleared your doubts about QR packaging, and now you are looking for a trusted QR packaging services provider in Malaysia. Look no further! PACKTICA SDN BHD is here to help you with it. Whether you need Smart packaging services, void sticker, holograms, or brand protection, PACKTICA is your one-stop solution. Share Via BACK TO LISTING You May Also Like [latest_blogs]
Packaging Security’s Battle Against Counterfeiting
Home / Press Blog / Packaging Security’s Battle Against Counterfeiting 01 June 2023 Packaging Security’s Battle Against Counterfeiting In today’s global marketplace, the issue of product counterfeiting has become increasingly prevalent and concerning. Counterfeit products not only deceive consumers but also pose significant risks to their health, safety, and overall trust in brands. As a result, ensuring product security has become a crucial aspect of business operations across various industries. To combat the growing menace of counterfeiting, businesses are implementing robust product security measures. Product security involves implementing strategies and technologies to protect products from unauthorized duplication, tampering, and fraudulent activities. These security measures aim to safeguard the integrity, authenticity, and safety of products, ensuring that consumers can confidently purchase genuine items without any concerns about their quality or safety. Tamper-evident Seals Specifically designed these specialized security seals to safeguard products from tampering and unauthorized access. When the tamper seal is opened or altered, it swiftly reveals a permanent void effect, making it impossible to reattach. This clear indication of tampering ensures that any compromise to the product is easily identified. Additionally, this feature effectively prevents repackaging issues and unauthorized product substitution by irresponsible parties. Link:https://www.packtica.co.th/our-solutions/products/tamper-evident Holographic Labels Holographic labels feature unique, three-dimensional patterns that are highly challenging to replicate. Serving as a visual authentication feature, they enable consumers to distinguish genuine products from counterfeits with ease. Link:https://www.packtica.co.th/our-solutions/products/holographic-label Unique Identifiers Packaging can incorporate distinct identifiers such as serial numbers, barcodes, QR codes, or RFID tags. These identifiers facilitate comprehensive tracking and tracing of products throughout the supply chain, empowering companies to authenticate their products and monitor their movement accurately. Specialty Inks and Printing Techniques Advanced printing techniques, such as UV printing or invisible ink, can embed covert security features into packaging. While these features may be imperceptible to the naked eye, it can detect them using specific tools or under specific lighting conditions, providing an added layer of protection. Conclusion In conclusion, packaging security plays a vital role in contemporary business practices, safeguarding both products and consumers. By prioritizing secure packaging, businesses can effectively shield their brands from counterfeiting, uphold product integrity, foster consumer trust, and comply with regulatory standards. The significance of packaging security extends beyond physical protection—it contributes to the overall customer experience and plays a pivotal role in cultivating strong, reputable brands. In an era where consumers demand authenticity and safety, investing in packaging security emerges as a wise strategy for long-term success. Share Via BACK TO LISTING You May Also Like [latest_blogs]
Holography as the Vanguard of Anti-Counterfeit Packaging
Home / Press Blog / Holography as the Vanguard of Anti-Counterfeit Packaging 01 June 2023 Holography as the Vanguard of Anti-Counterfeit Packaging The challenge to protect brands and ensure product authenticity has been a long-standing concern in various industries. With the relentless advances of counterfeit technology, the demand for advanced, innovative, and tamper-evident packaging security solutions has significantly escalated. Amid this burgeoning need, holography emerges as a potential game-changer. This post delves into the fascinating world of holograms, their role in packaging security, and how they safeguard brands and their customers. What are Holograms? Holography is a photographic technique that records the light scattered from an object and then presents it as three-dimensional. This technology creates a realistic depth-of-field perception, which is not possible in traditional photography. Holograms contain several layers of images stacked over each other that appear to move as you change your point of view. This sophisticated and complex technology is extremely challenging to replicate, which makes it an ideal tool for security. The Hologram Revolution in Packaging Security Holographic technology is not new, but its applications in packaging security are pushing the boundaries of innovation. When incorporated into packaging design, holograms serve as a multi-purpose solution that offers product authentication, enhances aesthetic appeal, and significantly contributes to branding. Brand Protection: Holograms are exceptionally hard to replicate, making them a robust defense against counterfeiting. By embedding these onto product packaging, companies can safeguard their brand identity and ensure that their customers receive only authentic goods. Consumer Assurance: Consumers can easily identify and verify the authenticity of a product by looking for the hologram on the package. This visible proof of legitimacy instills confidence in customers, enhancing their overall purchasing experience. Brand Promotion: Apart from security, holograms also offer a unique aesthetic appeal. Their dynamic, colorful, and interactive nature can enhance a product’s visual appeal, making it more attention-grabbing on the shelves. Hence, holograms can be an effective branding tool, helping products stand out in a crowded marketplace. How Holograms Protect Consumers Counterfeit products can be more than just a financial threat; in sectors like pharmaceuticals and food & beverages, they can pose significant health risks. Holograms play a critical role in protecting consumers from such threats. By ensuring product authenticity, holograms help consumers avoid potentially harmful counterfeit goods. Consumers can trust the legitimacy of the products they purchase by simply checking the hologram. As a result, consumers can make safer purchasing decisions, enhancing their trust in the brands they choose to engage with. Link:https://www.packtica.co.th/our-solutions/products/holographic-label The Future of Holography in Packaging The potential applications for holography in packaging security are expansive and promising. With the increasing availability of smartphone-enabled hologram verification apps, consumers will be able to authenticate products quickly and accurately. This further evolution of holography will strengthen the consumer-brand relationship, making the purchasing experience more interactive and trustworthy. Furthermore, advancements in nanotechnology and 3D printing could potentially lead to the development of more sophisticated and customizable holograms, making them even more difficult to forge. In conclusion, holograms offer a powerful, multifaceted solution to the complex problem of packaging security. As we embrace the technological future, it’s clear that holography will play a vital role in the ongoing battle against counterfeiting, while enhancing brand identity and fostering a safer and more confident customer experience. As brands and consumers alike, we have much to look forward to in the world of holographic technology Share Via BACK TO LISTING You May Also Like [latest_blogs]
Smart QR Code Stickers Printing: Here’s How to Use It
Home / Press Blog / Smart QR Code Stickers Printing: Here’s How to Use It 03 August 2023 Smart QR Code Stickers Printing: Here’s How to Use It In an increasingly digital world, QR (Quick Response) codes have emerged as an innovative and efficient solution for quickly bridging the gap between physical and digital realms. A QR code is essentially a two-dimensional barcode that stores information such as a website URL, an image, a file, or even a song. When scanned using a smartphone camera, QR codes instantly provide access to the embedded information, offering a seamless interaction for users. Incorporating these QR codes in the form of stickers elevates their versatility and ease of use. Businesses can also take advantage of more advanced capabilities by implementing “Smart QR codes” which is an evolution of QR technology. QR code stickers can be utilized on a plethora of surfaces – from product packaging to business cards, flyers, or even in-store displays – fostering a dynamic means of communication and interaction. Additionally, QR code stickers can significantly enhance customer engagement, track responses, and offer valuable insights into consumer behaviour. While their implementation may seem technical, creating and printing QR code stickers is a straightforward process, with various online tools and printers readily available. Understanding QR Codes Well, QR codes (short for Quick Response codes) are two-dimensional barcodes that can store a heck of a lot more information than the standard barcodes you see on groceries. When scanned with a smartphone, they direct you to a URL, a video, a PDF, an app, or even a song. Benefits of Using QR Codes in Sticker Form Now that you know what QR codes are, let’s talk about why you should consider using them in sticker form. Firstly, they are versatile. QR code stickers can be placed on just about anything. From product packaging to event flyers, and from business cards to billboards, the possibilities are pretty endless. Secondly, they offer an effective tracking mechanism. If you’re using them for your business, you can monitor the number of scans, the location of the scans, and more. But perhaps the coolest thing about QR code stickers is that they improve customer engagement. Scanning a QR code is interactive. It takes the customer on a journey, whether that’s to a website, a special offer, or a video. Static vs Dynamic QR Codes Static QR codes are the more traditional type. The information you embed in them is permanent and un-editable, meaning once you’ve set it, that’s it. No going back. They’re simple, but they do have limitations. Dynamic QR codes, on the other hand, are the new kids on the block. They’re a little more sophisticated. You can change the information they carry even after you’ve printed them. Plus, you can track the scans, which is a game changer if you’re using them for business. The Importance of Dynamic QR Codes Let’s circle back to dynamic QR codes for a moment. We touched on them, but they’re so useful, they’re worth revisiting. The great thing about dynamic QR codes is that you can edit them. Got a QR code on your business card that leads to your old website? No problem – with a dynamic QR code, you can update the link without needing to print new business cards. And as we mentioned before, you can track scans with dynamic QR codes. This is a game changer for businesses. You can gather data about your customers’ behaviours, and use that information to improve your marketing strategy. How to Create a QR Code Stickers? Well, all you need is a QR code generator, which you can find online for free. You pop in the URL, file, or information you want to encode, and you’ve got yourself a QR code. But remember, your QR code doesn’t have to be a boring black-and-white square. Most QR code generators will allow you to customize the design, so you can add logos, change colours, and make it jive with your brand’s aesthetic. Instead of leading them to free generator, isn’t it better to make them connect to Packtica? Eg. While QR codes can be generated online, it is more secure to generate unique QR codes that appear on each individual product. This service can be provided by specialists, such as those found on packtica.com. QR Code Printing Once you have your beautifully designed QR code, it’s time to transform it into a sticker. First, you need to decide what kind of sticker you want. Do you want a label to put on your products? Or a decal to put in your store’s window? There are many options, so pick what suits you best. Next, you need to choose the right printer. Some printers are better at printing QR codes than others. You want a printer that can handle high-resolution printing to make sure your QR codes are scannable. Ensuring QR Code Scannability and Readability Making sure your QR codes are scannable is critical. Firstly, consider the size of your QR code. It needs to be big enough for a smartphone camera to read it. On the other hand, a QR code that’s too big and dense may also be difficult to scan. Secondly, consider the colour contrast. Black-white works best, but you can use other colour combinations as long as they contrast enough for the code to be readable. Examples of Custom QR Code Stickers Now, let’s talk about the cool stuff you can do with your brand-new QR code stickers. Imagine this: a customer picks up your product. They’re interested but want to know more. They scan the QR code stickers on the packaging, and instantly they’re watching a video about how the product is made. Now that’s some impressive marketing right there. But it doesn’t stop there. You can use QR codes as part of your overall design strategy. With customizable designs, QR codes can complement your branding and make your product stand out. And if you want to get creative, you can have
What is Price Dumping in International Trade?
Home / Press Blog / What is Price Dumping in International Trade? 03 August 2023 What is Price Dumping in International Trade? Price dumping is a term often used in the context of international trade, but its understanding extends beyond a simple definition. It plays a pivotal role in the global economy, impacting industries, markets, and trade relations worldwide. However, the reality is more complex and potentially detrimental, especially for domestic industries that struggle to compete with lower-priced imports. This practice, though beneficial for some in the short term, can distort fair competition, lead to monopolies, and possibly instigate trade wars, undermining the very principles of free trade. Consequently, understanding price dumping, its causes, implications, and legal perspectives is critical for policymakers, businesses, and even consumers, as it affects the health of the national economy and international trade relations. Understanding Price Dumping So, what exactly is Price dumping ? To put it simply, it is a situation where a company or a country exports a product at a price lower than the one it charges in its home market. On the surface, it seems like an attractive proposition – cheaper goods for consumers in the import market. Let’s dig into the past a bit. Remember when Japanese manufacturers flooded the US market with inexpensive steel in the 1970s, or when China did something similar with solar panels in the early 2000s? That was price dumping in action. The Reasons Behind This Situation: One of the big reasons is gaining market share. By selling goods cheaply, companies can attract consumers and quickly establish themselves in new markets. Another reason is to offload excess inventory. If a company has more products than it can sell at home, it might decide to export these goods at lower prices just to get them off the shelves. Then there’s the strategy known as predatory pricing. Here, companies deliberately undercut their competitors, hoping to drive them out of business and then monopolize the market. Interestingly, price dumping can also be due to subsidies and state support. When governments financially support industries, these industries can afford to sell their goods at super-low prices. Finally, there’s strategic market penetration. Sometimes, companies use price dumping as a way to break into markets that have high entry barriers. By making their goods more attractive price-wise, they can bypass these barriers and secure a foothold. How to Identify Dumping Identifying Price dumping can be a bit tricky. One way is by determining the fair market value of a product. If goods are being sold at a significantly lower price in one country compared to another, it might be a case of price dumping. Another sign of price dumping is price discrimination. If a company charges different consumers different prices for the same product (beyond the usual factors like transportation and taxes), that’s a red flag. Economic indicators can also be used to identify price dumping. These might include sudden changes in market share, unusually low prices for certain goods, or harm to domestic industries that compete with the dumped goods. Price Dumping Vs Fair Trade Practices Price dumping and fair trade practices are essentially two ends of the spectrum. While price dumping focuses on gaining competitive advantages through low pricing, fair trade emphasizes ethical considerations, such as fair prices, decent working conditions, and sustainability. Price dumping can offer short-term benefits like market penetration and consumer savings, but it can harm domestic industries and lead to long-term economic instability. On the other hand, fair trade practices may not provide the cheapest goods, but they foster a more equitable global trade system, protecting producers and workers in developing countries. Types of Dumping in International Trade Persistent Dumping: When a company constantly sells a product cheaper in a foreign market than in its home market. Predatory Dumping: when a company temporarily lowers prices to drive competitors out of business. Sporadic Dumping: When a company occasionally sells goods cheaper overseas, usually to get rid of excess inventory. Reverse Dumping: When goods are sold cheaper domestically than internationally. This usually happens when a company wants to maintain high prices in foreign markets while keeping domestic prices low. Impact of Price Dumping This can have a pretty significant impact, and not always in a good way. On the surface, it might seem like a win for consumers who get to buy goods at lower prices. But scratch beneath the surface, and things look a little different. Domestic industries can suffer a lot from Price dumping. They often can’t compete with the low prices of dumped goods and may end up losing market share, laying off workers, or even shutting down. International trade relations can also take a hit from Price dumping. Countries that feel their industries are being harmed by dumped goods might retaliate with trade restrictions, leading to trade wars. Finally, even consumers can end up on the losing side. Yes, they get to buy goods cheaply in the short term, but in the long term, reduced competition might lead to higher prices and lower quality. The Pros and Cons of Dumping When it comes to Price dumping, the situation isn’t entirely black and white. Like many economic practices, it has its own set of advantages and disadvantages. For exporters, the short-term advantages of Price dumping are pretty clear. They get to penetrate new markets, increase sales, offload excess inventory, and potentially stifle competition. In the long run, successful dumping could lead to monopolies, allowing exporters to dictate prices and control market trends. Consumers i.e. importing countries often enjoy the benefits of lower-priced goods. These cheaper imports can lead to increased purchasing power and improved standards of living, at least initially. However, the other side of the coin reveals some serious downsides. Domestic industries are often hit hard by price dumping, as they struggle to compete with the dumped goods. This can result in job losses, reduced profits, and even industry closures. Additionally, the economies of importing countries can suffer long-term damage. Reduced domestic production could lead to increased dependency on