Dangerous Impacts Of Counterfeit Goods

Ever wonder how much is the counterfeited market forecasted at? An estimation mentioned by World Trademark Review is said that it would be at $991 billion for the total of international trade in counterfeit goods in the year 2022. As of 2013, it was at $461 billion which means it is doubled for less than 10 years. All industry that became victims of counterfeits is losing a lot more than just their sales. It affects wholly as a brand, company’s image and it is going to affect the workers as well.

In conjunction with World Anti-Counterfeiting Day yesterday, we have decided to share some of the dangerous impacts of counterfeit goods. Many people do not realize that there are more negative impacts rather than positive ones. Some can affect you lightly but some can even take your own life and your loved ones.

Dangerous Impacts Of Counterfeit Goods

Counterfeit is a major threat to a brand or any businesses. Counterfeit should be feared by them and take actions quickly so that it will not ruin their brand name. When a product has a demand in the market, counterfeiters will take action by copying their products and for consumers, if there are cheap options, they will definitely get the cheap one they can find. This may lead to the original one to have overproduction costs. Even though there is a demand in the market, people might not end buying it.

Not only that, but the original company also might get fraudulent product warranty claims. This happens when consumers do not realize they bought a fake item with a fake warranty but then they want to claim the warranty from the original company. We know that the counterfeit company is to be blamed but at the consumer’s point of view, they will get furious asking why this problem is not curbed.

Some company actually do care about counterfeiters but most of the times they just do not have enough money and time as fighting against them is costly and can take years to settle it. Even if they do, by the time they are done with the fight, more counterfeiters would be entering the market.

Dangerous Impacts Of Counterfeit Goods

All in all, counterfeit goods will definitely tarnish the brand and product reputation. From an excellent reputation, it might drop low due to counterfeiters. As the world technology develops by time, it becomes easier for counterfeiters to replicate the products. Even from the slightest bit of details, they can replicate it without doubts. Some genuine and fake products can be put side by side and people can still struggle to differentiate it. That is how powerful counterfeiters can be.

However, all these impacts can be prevented by seeking help from anti-counterfeiting solution providers. Like us in NuTrack, we provide an integrated authentication platform with digital and physical authentication and even come with a customer loyalty program. This way, companies can keep a good relationship within the brand and customer. Contact us now so we can provide further explanation on the anti-counterfeiting solution!

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