The Challenge of Counterfeiting : What Will Safeguard Brands from Counterfeiting Threats? UFlex
The difficulties that ensue from counterfeiting result in a broad spectrum of negative after-effects for businesses, governments and consumers. The International Anti-Counterfeiting Coalition (IACC) describes counterfeiting as a crime, involving fraudulently manufacturing or distributing goods under someone else’s name, without their permission. Evolving into a worldwide challenge over time, counterfeiting incurs heavy losses on companies as they try to combat duplication and undermines the brand image as well as the consumers’ trust they have worked so hard to build over a long time. As per a study by Supply Chain Resource Co-operative, the counterfeited goods market has grown from $30B in the 1980s and exceeds $600B today. With rising counterfeiting incidents this number could soon rise to over $1.8 trillion, which is more than the gross domestic product (GDP) of many developing countries around the world.The rapid development of the internet and the proliferation of various digital...