The trade of fake products continues to increase at an alarming rate. The internet emerged in the 1990s, making it easy for counterfeiters to take advantage of technological advances. From the beginning of the 21st century, there has been a significant change in counterfeiting patterns. The advancements are leveraged so smartly and counterfeiting is one of the fastest-growing and profitable industries with a whopping $600 billion worth per year. As per the U.S. Customs and Border Protection (CBP) reports, the total number of fake goods has dramatically increased by 24% in the year 2011 and increased by 325% over the past decade. Little did these cheap practices realize how taxing it turns for the brands who have worked innumerable days to make an idea unique in front of their customers.
Now, fake goods are readily available on social media, websites, and e-commerce platforms easily. These are the major setbacks of online access that have paved a way for counterfeiters to sell their products the same way as genuine brands. It’s such a disappointment for those who have invested a lot of effort and money in manufacturing the original goods. The impact is so huge that it has become a global battle irrespective of the type of business. The negative side of digital access is it has made it even more challenging to determine the origin of goods and penalize the counterfeiters for their crimes. They are creating severe health and safety risks to consumers. If the supply of fake products is not controlled on time, there are some serious economic consequences in the future.
The Indian pharmaceutical industry is encountering the massive problem of counterfeited products. The US has warned India of the growing use of spurious drugs. The United States Trade Representative (USTR) report said that almost 20% of all pharmaceutical goods sold in the Indian market are fake. It could result in a serious threat to patient’s health and safety. The Indian officials have said that end-to-end implementation of the blockchain technology and QR Code on the products will be rolled out to tackle the problem.
Worst Consequences of fake products
The easy accessibility with the lookalike features at a comparatively low price is what attracts the customers to buy the fake products. When these products don’t perform as per the expectations, their satisfaction level hampers by creating a negative image for the brand. This is how the spread of fake products has grown so intensively in the 21st Century. Counterfeiting is an organized crime, but unfortunately, it is making billions of dollars annually and posing a serious threat to rights holders.
The consumers have little or no idea about the performance of the counterfeited products. As a result, they cause a significant health risk and adversely affect the market reputation of the original brands. Some counterfeited products are so bad that they lead to consumer deaths. They hamper the supply chain process by exposing broken links and illegal product monitoring systems. The sophistication level is just increased with the use of technology. It has created further problems for companies who are fighting to protect brand integrity. To save the shattered businesses and the trust of the consumers in the market, Anti-Countering Solutions need to be applied from reliable sources.
Get all-around protection with LetsVeriFy Anti-Counterfeiting Solutions
The 21st century has observed steady growth in fake products. Before it gets too late, brands must reach an effective solution to save the interest of both consumers and their operations. LetsVeriFy Anti-Counterfeiting Solutions smartly transform the normal product into digital products by providing a unique QR Code that makes it impossible for cheap counterfeiters to create the fake version of it. Even if they accomplish creating fake products, they can be easily identified.
The QR Codes allotted to the original products are 100% unique and unclonable. The technology of LetsVeriFy is so potent that it not just reduces the extent of counterfeiting practices but eliminates it. Brands can guarantee the authenticated products to the customers as now they will easily be identified on the mobile app, plugin, WhatsApp, or any other generic QR App.
Now, the counterfeiting practices will be at bay that increases the brand value and increases consumer trust. Being the pioneer in Anti-counterfeiting technologies, LetsVeriFy offers groundbreaking solutions to the brands. Let the counterfeiters know their actions are getting noticed. They have to pay for it if they continue to supply fake products in the market.