Counterfeits are everywhere. Look at counterfeit unboxing and comparison videos online and you’ll see very convincing products often sold by reputable retailers at a tenth the cost of the real deal. So what’s the problem with counterfeiting? Unfortunately, those real-looking products can malfunction and cause electrical shocks or fires. Counterfeit medications can also cause serious injuries or even death. Counterfeits cost the global economy $323 billion in 2018, and an astounding two in five name brand products sold online are counterfeits. How can both consumers and businesses protect themselves from counterfeits?
Counterfeits Often Lead To Other Crimes
Oftentimes counterfeiting is only a small part of a larger criminal syndicate. Counterfeiting can be associated with drug trafficking, human trafficking, child labor, sweatshops, identity theft, and more. Software piracy sites can offer downloads containing malware, and sites selling counterfeit merchandise can gether credit card numbers and personal information from buyers. Counterfeit medications and medical equipment — which may account for as much as 10% of the market in developing countries — can cause serious injury or death, and often people don’t know they’ve purchased a counterfeit until they have a bad reaction. By then it’s too late.
Counterfeits Are Prevalent
An astounding amount of cosmetics, personal care products, medications, and supplements sold online are counterfeits. Still more products such as phone chargers, replacement batteries, and even cryptocurrency cold wallets are counterfeits. Almost all counterfeit iPhone chargers that were tested failed critical safety tests. And fake cryptocurrency wallets are so convincing you may not know they aren’t real until you realize you’ve been cleaned out. More than a quarter of consumers reported unknowingly purchasing counterfeit merchandise online, and those are just the ones who realized they had a fake once it was in their hands.
Counterfeits Cost Your Brand Its Reputation
For all the consumers who realized they had purchased a counterfeit product, there are still more who may not realize they have a fake and blame any malfunctions on the brand that got ripped off. When Tylenol was filled with poison by a murderer in the 1980s and put back on shelves to cover the murderer’s tracks, Tylenol’s reputation was severely damaged. Brands can sustain this type of damage from defective but convincing counterfeits consumers buy unknowingly.
Consumers Can Fight Back
Consumers should always be wary of prices that are too good to be true. If there are doubts about a product’s authenticity, there are clues to look for including misspellings on the listing or a dodgy seller. Read reviews and make sure you always purchase from a reputable seller.
Brands Can Fight Back, Too
Brands can fight counterfeits better than anyone. Doing business with reputable manufacturers, selling only via verified listings, and keeping an eye out for counterfeits can save not only your brand’s reputation but also its bottom line. Be vigilant about sending takedown notices, scan marketplaces frequently, and pursue legal action whenever necessary.
Learn more about the prevalence of counterfeits and how to fight back from the infographic below.
Antonio Pelayo: a life etched in canvas
Earn More Than Your Monthly Paycheck with Eric Jemielita and Genesis
From Portrayals to Properties: John Campbell-Mac’s Big Leap from his Showbiz Success to John Campbell Estates
Entertainment4 weeks ago
22-Year-Old Concert Photographer Nominated for “Best Photographer” Award at the SCM Awards 2020
Entertainment2 weeks ago
Wayz Takes the Lead in the Mexican-American Hip-Hop Scene with His Album ‘Machine’
Entrepreneurs2 weeks ago
Darik Alexander Is An Entrepreneur, Motivational Speaker, And Much More Who Wants To Help People Find Their Financial Freedom
Entrepreneurs4 weeks ago
There Are Triple Threats and Then There’s Frederick Tabiyus Nah IV, Who Is a Category of His Own
Interviews3 weeks ago
Jon Wolfe: How This Country Star Started His Own Company
Entrepreneurs4 weeks ago
Meet LeadJolt – The Smartest Guys in Real Estate Advertising
Life2 weeks ago
A Vision of Hope: Pastor Ché Ahn is Dedicated to Serving His Community
Interviews4 weeks ago
Movers and Shakers Interview with Lil Savvy