Ensure Brand Reputation with Counterfeit Detection Software
Today the internet and advancement in technology has led to increase in the availability of counterfeits and it is difficult to find a single product whose counterfeit is not available. Counterfeiting is a growing menace to the society as it not only eats into jobs and revenue but also puts the health and safety of the people in grave danger. The growing popularity of online shopping is one of the contributing factors for the increase in the market share of counterfeit products.
There is not a single industry where the counterfeiters have failed to penetrate. From apparels to pharmaceutical industry and from automotive parts to electronics and electrical products, counterfeiters now have the upper hand. For instance, according to ERAI Inc and the Government-Industry Data Exchange Program (GIDEP) in the electronics industry counterfeiting has quadrupled since 2009, growing from 324 to 1,363 in 2011. This substantially proves that the counterfeit industry is no longer a small-scale industry that it used to be. It is now a highly networked and sophisticated industry draining business and the global economy.
The growth of counterfeit electrical goods and products pose a serious risk for electrical product manufacturers. Apart from causing loss of lawful employment and tax revenues, counterfeit electronic products and parts put people’s lives in jeopardy thereby causing irreparable damage to the brand reputation of the original/legitimate electrical product manufacturers. Since the counterfeit products are branded with legitimate company’s trademark, the genuine and legitimate companies have to face the brunt when the counterfeit products fail to perform. There are very many instances where counterfeit electronic products and parts have led to fire and explosion resulting in injury and loss of life.
In today’s competitive business environment, even a minor damage to brand reputation can result in companies going out of business and competitors gaining foothold in the market. In such a scenario where one false move could be the last, legitimate companies need to look at brand reputation management much more seriously. They must invest in effective counterfeit detection solution that identifies the syndicates and the most sophisticated violators doing the most damage to a company’s brand reputation. This way companies can reduce the amount of counterfeits on the market and thereby protect their revenues, brand and customers.
Know more on: Anti-Fraud & Anti-Counterfeiting
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