The GTIN – the quantity behind the barcode – was developed 50 years in the past and remodeled the worldwide financial system
HONG KONG SAR – Media OutReach – 31 March 2021 – 50 years in the past, on 31 March 1971, leaders from the largest names in commerce got here collectively and remodeled the worldwide financial system endlessly by growing the International Commerce Merchandise Quantity (often called the “GTIN”). This numerical code uniquely identifies each single product and is the core of the barcode, an important provide chain customary in historical past. Immediately, the barcode is scanned over six billion occasions daily and stays probably the most trusted symbols on the planet.
“This is among the nice, untold tales within the historical past of the fashionable financial system. Half a century in the past, fierce opponents got here collectively, put apart their variations and remade world commerce for the higher with the event of the GTIN, which in flip led on to the creation of the barcode. As we have a good time this outstanding milestone, we name on companies to collaborate as soon as once more to satisfy the wants of the twenty first century financial system by quickly deploying and implementing new applied sciences, together with data-rich, next-generation barcodes,” stated Kathy Wengel, Chair of GS1 Administration Board and Government Vice President & Chief International Provide Chain Officer of Johnson & Johnson.
The 1971 historic assembly passed off in New York Metropolis and included leaders from the most important names in groceries, retail and client items on the time, together with Heinz, Basic Mills, Kroger and Bristol Myers Firm. The executives agreed to create a system to uniquely establish each single product, calling it the International Commerce Merchandise Quantity, or GTIN. With nice foresight, they believed that the GTIN may have a constructive affect even past the grocery retailer – from warehouses to board rooms – and would increase pace and effectivity of transactions and processes that might rework all the pieces from provide chains to client experiences. And so they agreed on the assembly to proceed to innovate collectively to create a system that would profit companies and shoppers alike. Many years later, the BBC named the ensuing consequence one in all “the 50 issues that made the world financial system.”
“32 years in the past, business leaders in Hong Kong joined forces to introduce GS1 world barcode customary to the native retail business, and within the course of, revolutionised the retail check-out and provide chain. Immediately, barcode not solely bridges the bodily and digital worlds, however additionally helps firms’ digitalisation to boost provide chain transparency and effectivity, guarantee product authenticity, and facilitate on-line and offline commerce,” stated Anna Lin, Chief Government of GS1 Hong Kong.
GS1 requirements proceed to assist make the huge complexity of contemporary, world enterprise move shortly, effectively and securely, simplifying all types of provide chain processes in virtually each sector all all over the world. Nonetheless, as shoppers demand extra and higher product data, it’s time to carry barcodes to the subsequent degree.
Developments in the direction of subsequent technology barcodes (similar to QR codes), which may maintain vastly extra data, must be used to empower shoppers with trusted data and reshape world commerce for a brand new century. Their use, for instance, can inform shoppers if a product accommodates allergens, whether it is natural, and data on its carbon footprint. Finally, this gives shoppers with a larger degree of belief and loyalty regarding the merchandise they purchase.
“Our final goal is to make sure transparency, satisfaction, security and belief to our prospects, our companions and our staff,” stated Özgur Tort, CEO of Migros Ticaret a.ş. and Co-Chair of Client Items Discussion board. “Like our predecessors half a century in the past, we as enterprise leaders should come collectively now, to develop requirements that ship much more helpful and correct product data.”
“We’re proud to have a good time 50 years of collaboration, innovation and management, however we achieve this to not look again, however to look ahead,” stated Anna. “GS1 Hong Kong will proceed to work carefully with our companions to innovate and pave the best way to the widespread use of the next-gen barcode, unlocking the infinite prospects that it entails.”
About GS1 Hong Kong
Based by the Hong Kong Basic Chamber of Commerce in 1989, GS1 Hong Kong (GS1 HK) is the native chapter of GS1®, which helps firms’ digitalisation to boost provide chain transparency and effectivity, guarantee product authenticity, and facilitate on-line and offline commerce with world provide chain requirements (product identification key and barcode) and a full spectrum of standard-based platforms, options and providers.
At present, GS1 HK has round 8,000 company members masking shut to twenty industries together with retail client items, meals and meals providers, healthcare, attire, logistics in addition to data and expertise. By partaking with communities of buying and selling companions, business organisations, authorities, and expertise suppliers, GS1 HK is fostering a collaborative ecosystem with the imaginative and prescient of “Smarter Enterprise, Higher Life”.
Headquartered in Brussels, Belgium, GS1® is a not-for-profit, requirements organisation that has 115 nationwide chapters serving 150 economies globally.
For extra data, please go to www.gs1hk.org .