The Fight Against Counterfeiting
Nowadays, it’s not just the horror of fake people that haunts individuals, but also the ever-growing presence of counterfeit goods that threaten their lives in ways they least expect. Presently, everywhere, there are rampant counterfeit goods-from fake luxurious accessories to counterfeit medicines-that impact the sense of reality at every turn. They always find themselves between what is real and what is not. Much like fake people wearing masks of sincerity, counterfeit products are hidden as high-quality leading consumers to make choices that could affect their safety, finances, and well-being. The need for observance has never been greater.
First, Let’s Understand About Counterfeiting and Anti-Counterfeiting?
Counterfeiting is the illegal production of products, branded or trademarked which is produced without permission and sold as genuine products.
Anti-counterfeiting is about policies and technologies that prevent or deter counterfeit supplies. It takes the form of security features, legal actions, and market monitoring in order to protect the consumer and the brand.
For Example!
In most countries like China fake iPhones are sold at a relatively lower price therefore, consumers are actually being step out to buy fake products, which possess the features of the original. They will not have the quality and safety standards of the real product, so leading to financial loss for the brand as well as potential harm to consumers.
The War on Fake Reviews
Global markets for counterfeit goods have evolved into one of the largest industries, now exceeding $1 trillion per year in sales, and that entails everything from high-end luxury goods to electronics, pharmaceuticals, auto parts, cosmetics, and everyday consumer goods. Unbounded by geography, all this has been facilitated by globalization, so too has the emergence of complex distribution networks in the developing of cross-border traffic of counterfeits. Given that there is no verification process on most online platforms, counterfeiters can sell almost anything; this ranges from imitation Rolex watches and Louis Vuitton bags to fake iPhones, designer perfumes, and even counterfeit medication at a fraction of the price that authentic products would cost. However, more often than not, these imitations do not come anywhere close in terms of quality and durability to their respective brands.
Recently, the government introduced a new set of standards in 2024 that make it compulsory for e-commerce companies to follow quality rules regarding consumer reviews-fallout of the failure of voluntary measures to control fake reviews. The new quality standards hope to save the interests of consumers by getting clear of fake reviews and transparency in product feedback.
Tech Solutions to Stop Counterfeiting and Protect Brands
In 2024, increasing consumers will push for transparency and sustainability while expecting properly sourced products, putting businesses at risk with counterfeit goods and compromised supply chains. Counterfeits damage brand integrity, pose safety risks, and impact revenue. Effective monitoring and traceability are critical to ensuring authenticity and consumer safety. Businesses utilize different technologies to combat counterfeiting:
Holograms & Security Inks: These special features are added to products to verify their authenticity and show if they've been tampered with. They help customers easily spot genuine products.
Barcodes & RFID Tags: These are usually used by fashion and electronic devices in tracking the movement of goods within the supply chain. A firm will ensure that its products are not forged if it issues unique identifiers for every product.
Blockchain: The blockchain technology confirms a safe, tamper-proof record of the process that a product has gone through from the manufacturer to the consumer. Thus, counterfeiters cannot easily alter details regarding products.
AI: Artificial Intelligence scans the 100s of millions of data and generates the look out for traced counterfeit products. They show the quick identification of scams or suspicious activity so that businesses can take prompt actions as well.
Padmakumar Nair, Co-Founder & CEO, Ennoventure, says, "Although technologies help the brands to some extent against counterfeits, they are not entirely foolproof".
Top Players in Anti-Counterfeiting Solutions Industry 2024
Recently, siliconindia Magazine recognized the Top Anti-Counterfeiting & Traceability Solution Providers of 2024 while offering companies engaged in the fight against counterfeit goods and improvement in supply chain transparency. Today, these companies are using leading-edge technologies to protect product authenticity, ensure consumer safety, and maintain brand integrity across industries.
Acviss: Acviss boasts of very robust anti-counterfeiting and traceability solutions that may be applied in various industries, such as luxury goods, including pharmaceuticals. This makes sure their products are original and can thus build trust into global supply chains.
Checko: Checko has innovated a unique copy-proof technology through which the consumer can check the genuineness of the product himself, in other words, providing the user with the power of checking authenticity. Apart from that, Checko also offers effective solutions for tracking and tracing that help businesses monitor their products and engage customers.
Ciphercode Tech Solutions: A blockchain product authentication leader, Ciphercode Tech Solutions promotes not only security but also scalability and cost-effectiveness in helping businesses reduce counterfeiting and increase supply chain traceability.
Evdens: Evdens is a cloud-based self-service platform for anti-counterfeiting and product authentication. Evdens creates secure, copy-resistant identities that ensure integrity of the product and are traceable along the whole supply chain.
Genefied: This is a SaaS-based solution for consumer brands on how to connect better with their target audience. The product solutions ensure that the clients are loyal and retained in addition to having the authenticity and traceability of products sold.
Onspot Solutions: Onspot Solutions Company offers end-to-end anti-counterfeiting and product authentication solutions. They are adept at creating visibility in a supply chain, thus letting businesses have better management and security against counterfeit goods.
Pipra Solutions: The company employs technologies such as machine learning, AR/VR, and blockchain to ensure authenticity of a product besides improving traceability in the supply chain. Such advanced solutions offered by these firms help various companies nullify risks associated with counterfeiting.
The Road Ahead
The key benefit of anti-counterfeiting solutions for both businesses and consumers is the protection of brands against loss in money terms and against damage to reputations resulting from widespread counterfeit goods. This also extends greater assurance to consumers regarding the genuineness of products being purchased. Anti-counterfeiting solutions help ensure efficiency and transparency in the supply chain and assist the business in operating within the regulatory compliance framework.
Though, implementing of technologies is extremely tough work for smaller businesses. These can be expensive systems as well as complicated to merge into the existing networks. In any organization, change is resisted by the employees, and technologies may breach private and personal rights, as they help in tracking and identifying.
Still, the future of anti-counterfeiting solutions looks bright. Future developments in blockchain, AI, and advanced tracking technologies would improve the tools to fight counterfeit goods. As these technologies advance, the global markets will be safe and aid businesses in their protection of brand and make sure consumers receive the right products that they trust.
