Protect brand reputation with anti-counterfeiting technology

07/02/2022

The product counterfeiting challenges are real! Brands lose their brand value and recognition nurtured over years either because of an illegal supply of authentic products or the presence of a counterfeit version of the original one. This illicit trade hurt sales, return on investment (ROI), and jobs. The consequences of counterfeit products is worse in cosmetics, food, and health care items. Why? The lives of consumers can be at risk if they consume these counterfeit products.

By the year 2022, global counterfeit products will reach USD 2.3 trillion. There is an existential threat to business due to counterfeit products. This is the reason why brand protection holds significant importance today!

How are industries affected because of counterfeiting issues?

False labelling, inferior material, and unauthorized use of the trademarks go into counterfeit products. What are the results? Consumers are not able to differentiate between authentic and fake products. They end up purchasing fake products thinking it to be original. Later, when the product ails to perform according to their expectations, they lose trust in the brand.

After spike of COVID-19 across the globe, the e-commerce market has seen phenomenal growth. Consumers can access and shop their favorite brands online hassle-free. However, this ease of use has also created opportunities for counterfeiters to supply the fake version of the most popular products and fool the consumers. As a result, businesses face massive losses and a nosediving brand image.

Every year, counterfeit products create global problems that affect several industries. The pharmaceutical industry comes first in the list! Fake medicines risk consumers' lives and put brand's image in jeopardy. Apart from that, consumer goods, apparel, shoes, cosmetics, smartphones, electronics, spare parts, and luxury products industries have also faced the threat of counterfeit products.

It's the brand that has to face the adverse-effects of counterfeiting when consumers unknowingly purchase its counterfeit products.

Ensuring product authenticity and originality will be the biggest challenge for brands!

It is good that technological advancements are taking place in every sector. The concerning part is counterfeiters are also becoming better day by day. They are becoming better at duplicating product packaging that it becomes almost impossible for the consumers to identify the real ones from fakes. The counterfeit products don't go through stringent quality checks, and they pose health and safety risks to the consumers. In addition, the success of brands can get hampered up to a considerable extent that it affects their market positioning.

Brand protection is not just a choice but a dire need today!

The economic impact of rising counterfeiting issues

Counterfeiting and piracy have been highly pervasive across some countries and sectors. Now, it has become a multi-Billion-dollar industry globally. It is projected to grow in the coming years. The economic costs associated with counterfeiting practices are huge!

The net job losses were between 2 and 2.6 million globally in 2013. It is estimated to reach between 4.2 to 5.4 million by the end of the year 2022. Not just brands, everyone has to face the severe consequences of counterfeiting practices if not prevented in time.

Brands should take actions to curb counterfeiting practices

Consumers need credible ways of gauging the product authenticity they're interested in to avoid facing the unwanted side effects. Technological advancements have given rise to anti-counterfeiting solutions that can easily combat the issue of counterfeit products and offer ultimate brand protection to businesses. It's a smart solution that identifies authentic products and controls the supply of fakes in the market.

Speed{IT} anti-counterfeiting solutions to the rescue!

Speed{IT} makes use of best-in-class technology to offer B2C product-centric anti-counterfeiting solutions. Businesses can combat fake products and ensure brand protection at all times with our technologically advanced solutions. Connect with us for more insights into our offerings.