The world is witnessing a massive shift from brick and mortar to online. While the web offers new and exciting opportunities, it is also full of illegal and disruptive obstacles. Counterfeit products are no longer confined to specific geographical locations, and proliferate on the web allowing access for anyone, anywhere, anytime. Counterfeits pose a significant threat to any business, but they are especially harmful to online brands. According to the International Trademark Association, the counterfeit market is worth $460 billion, and about 70% of that market is online.
In June 2018 The Guardian published an article on counterfeiting, which states that the Electrical Safety First (ESF) organization found that one in three UK consumers – about 18 million people – had mistakenly purchased a counterfeit electrical item online on leading e-commerce sites, such as Amazon and eBay. The customers believed they were purchasing genuine products, but received fake items with risk of causing an electric shock or even a fire.
A successful brand that fails to implement a smart anti-counterfeiting strategy makes itself vulnerable to counterfeiting. Over the past few years, the counterfeiting industry has grown tremendously.
Thousands of sites have counterfeiting activity mixed with legitimate online sales. The phenomena occurs daily on leading marketplaces such as Amazon and eBay, on private websites, social media and auction sites.
What counterfeits can do to you
Counterfeits imitate brand slogans, logo, product design, and everything else to exact detail. A recent study of NASDAQ companies showed that each and every one of them was affected by counterfeiting. In fact, 80% of the companies had their goods counterfeited and/or pirated, 13% lost patent revenues due to counterfeiting, and 7% faced infringement on their design rights.
Ignoring counterfeits hurts your business
Unfortunately, some brands see anti-counterfeiting as another cost that damages their bottom line, but that is a misconception. Many decide to focus on marketing and ignore counterfeits but end up losing significant market share.
Wise anti-counterfeit solutions are a must-have for digital brands in order to survive and prosper.
Reduce production of counterfeit products
Eliminating counterfeit products on online platforms significantly reduces the motivation to produce them. Legal measures to shut down counterfeit manufacturing are usually costly and require a long time. Instead, taking down these counterfeits online can be done in a matter of days, with minimal costs involved.
Increase market share
A counterfeit seller is an unfair competitor for your market share. Dealing with counterfeiters will help you win back your market share and consequently grow your profits. Ignoring them will allow, and even encourage, them to take up more and more of your market share. It is almost impossible to compete with counterfeiters on pricing, because they claim to offer “your” products or services at much lower prices.
Decrease the costs of doing business
With the existence of counterfeits of your brand’s products, you will need to incur more costs than normal. Marketing costs rise when illicit sellers bid up paid advertising costs and/or erode legitimate search engine optimization.
Protect your Intellectual property rights
Counterfeits lead to misuse of your intellectual property rights. Let us help you to guard what’s yours.
Encourage investment in your brand
Counterfeiting is bound to undermine your brand and to discourage potential investors. Perceived brand value falls when counterfeits are plentiful. Our anti-counterfeiting solutions will be a massive sell to your investors.
Counterfeits are inhibiting your growth. If you want your online enterprise to grow much quicker, you need to have smart anti-counterfeiting technology on your side.
Today’s anti-counterfeiting solutions can reduce and eventually stop counterfeits around the world.
Anti-counterfeit technologies are designed to help authenticate a product and deter counterfeiting by increasing the likelihood of detection and eventually prosecution. Authentication technologies include methods such as serial product identification or watermarks that can be user verified. This technology has relevance for other delivery changes and supply chain challenges faced by emerging market systems. They do not only ensure the safety of a product, but that can significantly improve other supply chain issues.
Wiser Market: your anti-counterfeiting agency
Wiser Market is a leading anti-counterfeiting agency. We have proven track record of increasing online revenue for our customers and improving brand reputation by minimizing the risk posed by counterfeit goods.
Wiser Market provides you with an end-to-end service for fighting counterfeits so your brand is protected and secure, allowing you to concentrate on growing your business.
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