Why There Has Been An Increase In The Counterfeit Products In The Market?
Across the globe, the sale of counterfeit products has been on a rise. And the biggest channel to be blamed for this is the e-commerce network.
Though the production and sale of counterfeit products were always a part of the world economy, but the rising trend in it’s online sales has raised serious concerns. The International Trademark Association and the International Chamber of Commerce published a report in February 2018. It estimated the value of counterfeiting and piracy worldwide could reach $2.3 trillion by 2022. There is no second thought about the world moving towards online markets, but the minimum quality checks at the manufacturers and consumers end needs to be adapted on goods to eliminate this insurgency.
When compared with the olden times, a consumer always had an option to physically feel the product before actually buying it. Presenting them with an opportunity to confirm the genuineness of the product and the seller. But as the world transcends towards the digital era, so are the sellers and products. Physical interaction is a mere click on the screen with the limited information available about the products, that influences the buying decision.
But ever wondered if the information provided to you is genuine? Has the product information been tampered with?
No. There is no proper control to ensure whether the product being sold to you is 100% genuine. Which means the consumer is always in the danger of using a counterfeit product.
Having said that, Pays App highlights 3 major reasons due to which there has been an increase of counterfeit products in the market:
A boom in the e-commerce industry
E-commerce has taken counterfeiting to another level. With various players entering the e-commerce industry, the competition has become so fierce that setting the basic rules for the sellers and product quality has been largely compromised. You can register yourself as a seller with any e-commerce and sell products of any brands without having a proper brand authorisation letter.
The sellers get to dispatch the goods directly to the consumers, thus the e-commerce companies do not get an opportunity to conduct quality checks. So these sites are clueless whether original products have been sent to the customers. Though the government has been trying to take stringent steps to eradicate the selling of counterfeit products. But the pace at which the e-commerce industry is growing, creating the right policies and implementing them is a challenging task.
Counterfeit is going unreported
Another drawback with counterfeit products is that, a major part of it gets unreported. Even after receiving counterfeit products, consumers are very less likely to report about the products’ in-genuineness. Many everyday goods are manufactured without the knowledge or permission of their owner. Examples can include automobile parts, chemicals, electrical supplies, food, drinks and agricultural products. Pays App came across reports of deaths and sickness have been caused from fake baby-milk powder in Asia.
Difficult to identify counterfeit products
Identifying counterfeit products is getting difficult day by day and this is largely because exact replicas of the original products are being recreated. Starting from the packaging to the end product, identifying a counterfeit product is very difficult for a human eye. And maybe that’s the reason why counterfeit products are found majorly in the perfumes, watches, shoes and fashion industry.
But then what is the way out? The cons of using counterfeit products in your daily lifestyle cannot be ignored. The products are not only made of poor quality, but there is no quality control that ensures if the product is safe to use.
The research & development team of Pays App has identified that the Chinese counterfeiter can now copy the best packaging. They actually put holograms on things that the original brand owner doesn’t have a hologram on, to create the aura of authenticity. So what you need is a traceable, identifiable, authenticable technology in products and you would be absolutely amazed how little there is in the world.
Pays is an app which not only helps you identify counterfeit products, but also rewards you for each product you scan. All the products have a unique QR Code or a hologram on the product. You can simply scan the code through the Pays App and it will instantly identify whether the product is genuine or fake.
Want to give it a try? Download the Pays App now and get started.
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