Counterfeiting on the Rise, Hits More Than Half of the Brands!

Counterfeiting on the Rise

Many experts have anticipated that protecting a brand would turn out to be more troublesome in the following five years.

Half (47%) of brands lose deals income to fake or pilfered products, new research from mark assurance firm MarkMonitor has uncovered.

In the investigation led by statistical surveying firm Virtuous World, one of every three respondents additionally announced a loss of 10%. Respondents from the UK, US, Denmark, France, Germany, Italy, the Netherlands, Spain and Sweden were incorporated into the examination.

It was found that 58% of respondents concur that protecting a brand will turn out to be progressively troublesome in the next five years, with challenges from counterfeit consciousness, the dull web, and expanded reality.

What’s more, 41% of brands recommended they were at that point encountering an expansion in brand encroachment, while 38% trust they will probably be influenced by lost sales because of fake products in the next five years.

Chrissie Jamieson, VP marketing of MarkMonitor, stated: “The issue of brand insurance has become a challenge for organizations and it’s a territory that is becoming essential in light of the expanding dangers of duplicating, theft, cybersquatting, and other brands abuse.

“As per the exploration, brand protection will keep on growing in multi-faceted nature and therefore it’s fundamental that associations adjust their methodologies likewise. Brand insurance includes significantly more than just taking care of the brand itself.

“Basically, it’s tied in with keeping up client trust and shielding shoppers from the perils postured by forgers and online hoodlums. Our research mirrored this thought, demonstrating that the abrogating goal of brand security techniques is to guarantee that their clients are protected.”