This disclosure relates to a method and system for identifying products using digital fingerprints. The method includes receiving, by a product tracking system, a set of images corresponding to a product, wherein the set of images are received along with associated context information. The method generates a set of standardized images by pre-processing the set of images. Each standardized image of the set of standardized images are further segmented into a plurality of zones. A zone wise fingerprint is generated for each zone of the plurality of zones. A product digital fingerprint is generated for the product by combining zone wise fingerprints associated with the set of standardized images, wherein the product digital fingerprint identifies the product.