Digital Product Passports (DPPs) create an immutable link between brands, products and clients, fostering new possibilities for engagement and client services.
The advent of Digital Product Passports (DPPs) marks a revolutionary shift in the dynamics between brands, products, and clients. By forging an immutable digital link, DPPs connect physical products to their digital identities, providing essential details about their origin, history, and ownership. This innovation is not just a technological leap. It is a new chapter in the narrative of global trade and sustainability, aligning with the EU's Green Deal and its vision for climate neutrality by 2050. DPPs stand at the forefront of this transformation, redefining traditional concepts of product interaction and ownership.
For luxury watch brands, DPPs offer a multitude of advantages. They serve as powerful tools for storytelling, enabling brands to track and authenticate the journey of each product, thus enhancing the value proposition to their clients. The implementation of DPPs diversifies revenue streams through various avenues such as e-warranties, loyalty programs, Certified Pre-Owned (CPO), and other innovative concepts.
DPPs also enrich customer relationship management databases, facilitating direct and meaningful communication with clients. This level of engagement fosters a deeper understanding of client needs, enhancing brand loyalty and trust. In addition, DPPs contribute to sustainability efforts by promoting eco-friendly products and practices, in line with the increasing global focus on environmental responsibility.
For clients, DPPs redefine the relationship with the products they own. These digital passports offer clients a transparent view of the product’s lifecycle, providing immutable proof of ownership and authenticity. This transparency elevates the customer experience and aligns with broader environmental stakes. Clients are empowered to make informed decisions based on the sustainability and traceability of the products they choose. The DPPs facilitate a more engaged and responsible form of consumerism, where clients are not just passive purchasers but active participants in a product's journey. This shift towards a more informed and connected consumer base paves the way for a sustainable and transparent market, driving positive change in the industry and beyond.
To be compliant with EU regulation, Digital Product Passports follow the key principles.
Product-Specific Identification :The DPP must exclusively identify and be linked to products, rather than a document or a website.
Global Open Standards:All standards must be open and applicable worldwide.
Decentralized Data Storage:The DPP relies on a decentralized method for storing data.
Need-to-Know Access: Access to DPP data is strictly based on a “need-to-know” principle. Some data will be public, while other data will have restricted access.
