Counterfeiting is a growing problem for businesses all over the world. Counterfeiting is no less than plagiarism, since it essentially means creating knock offs or duplicates of original authenticated and branded products.
It is not surprising how this problem has today become a menace and is costing millions of dollars to businesses. No industry has been left untouched by the problem of counterfeiting, every industry present across geographies has in some or the other way been effected by fakes or duplicates. In fact counterfeiting has been an age old problem, it has existed ever since the ancient times but then there were no solutions to fight against it, unlike today when we have ample amount of solutions available to reduce the amount of fake products in the market.
Not only has counterfeiting caused millions of bucks to companies but has also costed people their lives. Fake and counterfeited products do hamper the authenticity and image of brands and organisations but also at times kills people; for example: duplicate medicines or even blood plasma being circulated and sold openly has led to many deaths globally. Counterfeiting unlike earlier times is a big problem today, reports and researches from highly acclaimed organisations such as FBI, Interpol, World Customs Organization and International Chamber of Commerce estimates that the amount of world trade for counterfeited goods is roughly 7-8% every year. This figure almost signifies a total loss amount of $512 billion worldwide. Hence, counterfeiting causes loss to individuals and organisations worldwide and is one of the most prevalent organised form of crime.
Taking into consideration the mentioned data and the cons of counterfeiting, substantial solutions should be adopted to fight against this issue. The awareness and adoption should not just be limited to the level of brands and organisations, but consumers should be equally aware while making purchases and make sure that the products they are buying are authentic. Talking about the kind of solutions which can help curb this problem of counterfeiting, there are many solutions available today.
Solutions pertaining to various categories are available in the market today, such as brand protection solutions, tax stamps, document security, packaging, authentication and track and trace solutions. Each of these categories contain various products to help brands to fight against the ordeal of fake products and duplicates.
- Brand protection solutions include labels, holograms, hot stamping foils, flexible packaging films, shrink sleeves, tagger foils, aluminum foils, wads, scratches etc.
- Document security solutions consist of transparent laminates, holographic scratch
- Packaging solutions include holographic packaging films, holographic aluminum foils, holographic pouch, holographic board, wide web film
- Authentication solutions contains products such as laser torch light, magnifying lens, raster films, machine readable taggants, barcode scanner and hand-held terminal
The track and trace solutions help in complete inventory management of holograms/labels.
Moreover, these solutions are easy available for brands across sectors and industries and do not cost a lot and are usually pocket friendly. The starting range of certain holograms is not even a rupee, therefore, brands do not have to incur much cost.
Hence, with the presence of all these products, it is high time for brands to become conscious and start adopting these solutions not only for the protection of their brand image and credibility but also for the safety of consumers.The perfect example of the success story of these solutions are FMCG brands. Many of them have adopted these solutions and have recorded an increase in their revenues.
Also, additional measures and prevention tools can be adopted by people such as registering trademarks, using technology and educating the consumers. Educating the consumers is equally important since the end buyers must be aware about the authenticity and credibility of the product or service that they are buying. Many of us even after being educated knowingly or unknowingly purchase fake goods. There are times when we do not even realize that the product we have purchased is not original but fake. In such a situation, customer education is vital since they should know how to differentiate between an original and a knock out. Additionally, having simple solutions such as bar codes or QR codes which are almost present on every kind of product today, it is very easy and convenient for consumers to differentiate between fakes and originals.
Hence, the two key aspects which can cut down the level of counterfeiting and promote original products is brands adopting anti-counterfeiting solutions and consumers becoming more alert and conscious about during making a purchase decision.