Counterfeiting is a huge problem and is endangering – the buyers as well as the brands. This problem is fast spreading like an epidemic in all the sectors of physical goods. Brands need to start using digital technology to protect customers from counterfeit goods. It is terrible for a brand if a customer believes that he owns a genuine product but he actually has
In the current era when technological advancements are happening very rapidly, the businesses need to leverage technology for better customer engagement and to stay in the competition. The brands have to be creative and quick in coming up with new ideas and implementing them to stay ahead of their competitors. Staying behind the technology has made even the great firms to fail. New technological
With the rapid changes in the technological landscape, businesses are changing dramatically these days. Most of the organizations now have a dedicated team to bring in digital innovations to keep up with the competition in the market. Digital innovations are not limited to any particular industry but are being applied to each and every sector. Digital innovation means using digital technology to solve business
Counterfeiting in medicines is one of the worst crimes happening these days because fake drugs put many lives in grave danger. Most of the countries are coming up with norms to curb the counterfeiting in Pharmaceuticals. The Indian government has made SMS based drug authentication system mandatory for top 300 brands to prevent the counterfeits. The selected brands need to provide a unique number
The future of the eyewear industry is very promising. The global eyewear market is expected to grow at a CAGR of 7.49% during the period 2017-2021. This growth rate makes this industry very profitable for the counterfeiters too. Counterfeits of most of the eyewear brands are available these days. Ray-Ban is said to be the worst affected brand by the counterfeiting problem. Counterfeit eyewear
The footwear Industry makes to the top five industries worst affected by counterfeiting. Footwears are one of the most counterfeited products in the world. Popular sports shoe brands such as Nike, Adidas, Sketchers, etc. are the most widely counterfeited ones. People these days have become very fashion-conscious, and not everyone can afford branded footwear. As a result, many times, people consciously buy fake shoes to
As per the study conducted by EUIPO in 2015, 6.5% of sales are lost by the sports goods sector due to counterfeiting. It amounts to a revenue loss of up to €500 per year. Whereas 60% of sports goods sold online in India are fake. Counterfeiting problem in sports goods Apart from financial setbacks, job losses, and tax loss to the governments, fake sports
As per the OECD report in 2007, wheels and tyres are among the most counterfeited products list. EUIPO report states that the tyre industry loses EUR 2.2 billion every year due to the presence of counterfeit tyres in the EU marketplace. In a study conducted on accident conditions, it was found that tyres with the tread depth of 1.6 mm or more minimize the
In 2017, the global market lost approximately $450 billion due to counterfeits in clothing, accessories, and footwear. The figures are snowballing every year. Counterfeiting in well-performing brand’s clothing and accessories is very common. Earlier counterfeiters used to target only the high-end expensive brands, but now the fakes of most of the popular brands are available in the market. Online shopping has made selling the counterfeits much
Counterfeiters never fail to shock us. As per the joint study conducted by ASSOCHAM-RNCOS in 2015, about 60-70% of dietary supplements being sold across India are counterfeit, unregistered, or unapproved. The awareness about the well being and health is increasing amongst the people. A lot of young people are interested in bodybuilding. But the Indian diet is mostly plant-based and is not loaded with
Counterfeiting in wine and spirits is nothing new. Every now and then, there is news of people falling seriously sick after consuming Counterfeit wine & spirits. Lots of people have lost their lives because of the consumption of counterfeit alcohol and spirits. As per the study by FICCI CASCADE, the alcohol industry registered revenue loss of INR 6309 in 2014 due to the fake
Fake cosmetics contain dangerous ingredients and are manufactured in unhygienic conditions. Using such products may have unimaginable side-effects and health risks. The cosmetics industry is called a recession-proof industry and has been growing at a steady rate every year. Counterfeiting in cosmetics, makeup brands, too, has been increasing parallelly at an alarming rate. As per FICCI CASCADE, 30% of FMCG items in India were
Counterfeiting is a bigger problem than we can ever imagine and counterfeiting in the industries that directly affect people’s health, is a crime. Pharmaceuticals Industry is one such industry which is adversely affected by counterfeiting. The Internet is swamped with the news related to counterfeit drug seizures these days. Fake drugs have become a threat to society. A person with minor health issues may
Track and trace solution is becoming a necessity for every company for securing the supply chain as well as for maintaining its smooth functioning. Track and trace solution also helps in recalling the products more accurately if such a need arises. In sectors such as pharmaceuticals, implementation of Track & Trace solution has been made mandatory by the government in many countries. Track and