The most well-known symbol of GS1, a global standards organization, is the barcode but GS1 is looking to improve the future of packaging in collaboration with 'EVRYTHNG.' on a "One Code on One product."
This new solution for multiple applications will contain a unique, POS-relevant product URL, supply chain and consumer apps. By improving the identifiers that appear on packaging, the scalable solution is set to leverage machine learning, the blockchain and the cloud for heightened personalization, such as dynamic pricing and incentives.
According to Niall Murphy, CEO and co-founder of EVRYTHNG., "once a product is digitally active it becomes a data-generating asset, the brand owner knows who has bought their product and they are doing with them." Additionally, the smart packaging boasts the ability to transmit data throughout its lifecycle, which can potentially improve data and insights, as well as customer engagement and retention.
Why This Trend Is Growing
- Smart Product Codes
- The use of unique, digitally active product codes enables machine learning, blockchain and cloud-based personalization opportunities.
- Dynamic Packaging
- Improved product identifiers lead to the potential for dynamic pricing and incentives, enhancing the customer experience.
- Data-generating Assets
- Digitally active products create a continuous stream of data, offering opportunities for improved insights, engagement and retention.
Industries Being Reshaped
- Retail
- Smart packaging and dynamic pricing could disrupt traditional retail models and improve customer loyalty.
- Supply Chain
- The use of machine learning, blockchain and cloud-based solutions could lead to streamlined supply chain management and increased efficiency.
- Marketing
- The ability to collect data and personalize products could offer innovative marketing opportunities and improve customer relationships.
