USA, Texas
Market: Internet and IT, Logistics and warehouses, Blockchain, Artificial Intelligence, Mobile applications
Stage of the project: Operating business
Chekkit Technologies, is a blockchain based food and medicine product distribution chain tracking software for FMCG and Pharma manufacturers to combat counterfeits and gain consumer insights across their entire value chain with the aim of saving lives while aiding ROI maximisation.
Current Status
At Chekkit Technologies, we are building a product distribution chain tracking solution for FMCG and Pharma manufacturers to combat counterfeits and gain consumer insights across their entire value chain with the aim of saving lives. In February, we continued growing with relevant progress in product development and closing sales.
We recently joined the facebook accelerator (fbstart) 5 months ago and Merck Accelerator about 1 month ago, also partnered with Fantom foundation to expand our blockchain capability and on course to our solution for the Afghanistan Government - ministry of health.
Market
A World bank data published in the Oxford business group report-Nigeria 2017, reports that the estimate of total spending on Consumer packaged goods in Africa hit $377bn in 2013 with a CAGR of 23.4%. This puts the FMCG space as the most buoyant industry in Africa and represents Africa’s best revenue generating sector. Today Nigeria alone brings in more than 25% of the revenue in this sector.
In addition there are over 1200 pharmaceutical and FMCG producers & distributors in Nigeria and Ghana with a 40% market penetration our market value borders around $475mn a year if an average of 300,000 Chekkit labels are scanned per month.
Anti-Counterfeit Packaging global Market size is projected to reach USD 215.70 billion by 2027, at a CAGR of 8.2%.
Problem or Opportunity
Consumer goods and Pharmaceutical producers and distributors in Africa are facing >40% losses in market share and >$300bn worth of annual revenue losses because of inefficient supply chain transparency, product theft and pilferage which ultimately leads to the entrance of counterfeits, resulting in the death of at least one million people annually. Imagine in 5 years that’s $1.5Tr in losses, how might we reduce this by 70%?
Solution (product or service)
Chekkit solves this challenge through a blockchain secured tracking system leveraging USSD, barcode and anti-counterfeit QR scan technology to automate data collection, address inventory/assets status tracking, brand protection, consumer intelligence and end-to-end distribution transparency.
Products & features
We offer our solutions via two (2) platforms;
1. Consumer Intelligence (CI) - This is a solution for product anti-counterfeiting, brand protection and real-time market insights. This tool will always help you gain ROI for all your promotional/marketing and brand protection spends.
Features -
Product authentication - Create unique identities for products, stores or marketing agents using Chekkit QR, RFID or PIN labels
Create Surveys - Engage your customers via USSD or web application anywhere and anytime at point of purchase
Instant rewards - For experience activations, distribute instant airtime or track distribution of your promotional merchandise.
Market Insights - Chekkit dashboards provides you with detailed analytics and insights from infield product authentication and surveys
Retarget Marketing - Consumer data acquired like phone numbers can be retargeted via direct SMS and whatsapp messaging
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2. Supply chain tracking platform - This is a solution for product distribution and inventory or asset tracking. This tools helps you save time on stock taking, prevents stock outs and ensures end-to-end transparency on all product distribution chain processes. We leverage QR and RFID labels, computer vision via scanning technologies (Artificial intelligence) with your business or sensitive data secured and logged on the distributed ledger network of dedicated nodes.
Features -
Import Inventory Sheet - Using chekkit for tracking distribution doesn’t change your current documentations as you can directly import your excel inventory sheet into Chekkit following the simple samples on your dashboard.
Unique Identities and Authentication - With your inventory uploaded you can create unique identities for your products in batches, cartons or in units and requests for your drivers or riders to come pick up.
Distribution requests - Just like Uber, you can push distribution requests or delivery requests directly to your drivers/riders and track them from pick up to drop off directly on your dashboard.
Real-time tracking - Track your drivers/riders without installing a hardware. They simply authenticate your products at pick up and drop off points by scanning with Chekkit App on smart-phone or android based data collector.
Market insights - Get reports, analytics and insights, connect with distributors or producers, view estimated demand forecasts and get notifications on stock levels all on your dashboard; Chekkit is your trusted supply chain manager.
Competitors
Amongst several competitors here are the key competitors :
1. https://sproxil.com - Africa focused - $10mn annual revenue
2. https://goldkeys.org - Africa focused - $1mn annual revenue
3. https://chronicled.com - USA focused - $10mn annual revenue
4. http://www.pharmasecure.com - Africa/Asia -$50mn revenue
5. https://www.starcomsystems.com -Africa/Europe - $1mn revenue
Advantages or differentiators
Our unique selling points is the advanced level of insights/intelligence we provide from consumer data, client historic data processing and the data science component of the solution.
Also, our products are decompressible into Application Programming Interfaces which enables easy plug-in into popular Enterprise Resources Planning tools (SAGE, SAP, Oracle etc.) that our clients primarily use to manage their processes from supply chain to marketing.
Business model
We serve our clients (Pharmaceutical producers) our 2 main products:
1. Consumer Intelligence:
Price per label - $0.05
Price per label Authentication - USSD - $0.07 QR Scan - $0.05
SetUp cost (one-time fee) - $1000
Monthly dashboard maintenance fee - $500
NO charges to consumers.$0
