Counterfeiting a Huge Threat to Businesses
The global counterfeit goods trade is currently valued at up to US$500 billion and is claimed to be one of the largest economic contributors to organised crime. An extremely lucrative trade for fraudsters, it causes enormous difficulties and financial losses for governments in the form of taxes, for businesses in the form of revenue losses, for the workforce as demand for legal employment drops, and for consumers due to the incredible health risks and safety hazards posed by fake products.
To combat counterfeiting effectively, a joint effort from all members of society is required, and in order to achieve this we should all be aware of how infringement affects us specifically and why action should be taken immediately. For instance, although many are aware of its existence, few of us fully understand how counterfeiting affects businesses beyond lost sales.
Companies whose products are being copied and sold on a large scale can suffer incredible damage to reputations as their knock-offs become almost identical, at least at first glance, to their own products. The fact that the knock-offs tend to be of poor quality, rarely
abide by safety regulations and may fall apart upon use will, in the best case scenario, only lead to the loss of one customer. However, in a more realistic situation, word spreads, disappointed consumers leave bad reviews on online marketplaces and some may even take legal action.
Counterfeiting is a complex, global issue and it seems natural for all parts of society to contribute and collaborate in order to put an end to the illegal trade of fake goods.
Join Yellow Brand Protection to take a stand against the market of counterfeit goods by raising awareness amongst consumers - see the #ImForReal initiative.