It’s no secret that counterfeit goods are commonly found across the globe. In fact, the global trade of counterfeit and pirated goods is a US$1.77 trillion industry. But how do these fake goods find their way into the hands of consumers? The answer, unfortunately, is quite simple: some countries produce and sell counterfeit goods more easily than others.
China: The World’s Factory
There’s no denying that China is the world’s factory. The country produces an astounding variety of products, from clothes and shoes to electronics and auto parts. And while most of these products are legitimate, there’s also a thriving market for fake goods. In fact, approximately 12.5% of China’s total exports are from counterfeit goods.
Why is this the case? There are a few reasons. First, labour is relatively cheap in China, which makes it easy for factories to produce large quantities of fake goods quickly and at a low cost.While there is intellectual property protection in China, the lack of visibility along the supply chain, effective product authentication and enforcement are issues limiting the efforts against knock offs. Lastly, many Chinese manufacturers are willing to sell counterfeit goods to overseas buyers without knowing or caring about the legal implications. As a result, fake products from China end up in markets all over the world.
Other Sources Of Fake Goods
China isn’t the only source of counterfeit goods. India, Turkey, Mexico, and Thailand are also known for producing large quantities of fake products. These countries share some of the same problems as China when it comes to counterfeiting, including cheap labour and weak intellectual property protections. As a result, they too are major sources of fake goods that end up on store shelves all over the world.
The global market for counterfeit goods is huge and continues to grow every year. Unfortunately, some countries make it easier than others for these fake products to find their way into the hands of consumers. This is why business owners need to be extra vigilant when sourcing products from countries that happen to be major producers of counterfeit goods.
Protect Your Brand, Protect Your Business
As the global marketplace continues to grow, so too does the problem of counterfeit products. From luxury watches to counterfeit designer handbags, fake goods are available for purchase everywhere from street markets to online retailers. For businesses, the threat of fake products is twofold. Not only do counterfeit goods undermine the perceived value of a brand, but they also erode customer trust and loyalty. Accordingly, taking a proactive approach to brand protection is paramount for businesses.
There are a few steps businesses can take to safeguard their brands. First, it’s important to stay up-to-date on the latest counterfeiting trends to be on the lookout for counterfeit products that might be sold under their brand name. Additionally, businesses should consider working with a company that specialises in digital brand protection. These companies can help businesses develop strategies for protecting their brands and keeping counterfeiters at bay. It is also a good idea to include unique markings on a brand’s products to deter replication by counterfeiters. This builds confidence in customers that they are getting a genuine product.
Nabcore Digital Brand Protection
For businesses who want to safeguard their brands from counterfeiters, Nabcore is a global leader in digital brand protection.
We help businesses protect their brands and drive business growth through anti-counterfeit technology that builds interlocking smart solutions for product authentication, supply chain visibility as well as offline to online marketing engagement. We work with printers and enterprise resource planning (ERP) partners who specialise in Asia so they can ensure a brand’s products are not only authenticated but also remain trackable throughout the entire process – from the point of manufacture until it reaches store shelves.
With our digital brand protection solutions, we provide business owners with peace of mind knowing that every product will be protected from loss due to fraudulent activities.
To learn more about digital brand protection for your business, reach out to Nabcore today.