Fake or counterfeit products are a global issue. The selling of fake products hurts manufacturers‘ revenues, damages their reputations, avoids paying taxes, and, most significantly, has an influence on the lives of final customers. The increasing threat of counterfeit products has shaken businesses throughout the world in recent years and presented a challenge to governments.
We’ve compiled some astounding facts regarding fake products in this blog.
The amount of counterfeit items sold online surpasses that of products sold on the street.
The amount of counterfeit items sold online is predicted to surpass that of street commodities. This is due to the rise in penetration of the internet, the growing trend of shopping from homes, and the availability of a large variety of goods on a single platform. Furthermore, a lot of respectable courier services are engaged in the shipping of counterfeit products. All of these elements together have fueled the growth of counterfeit products on the internet.
Three of every four fake products are made in China
The international business world is completely overtaken by the sale of counterfeit products. Media reports claim that China is the origin of most counterfeit products. The sales of fake Chinese goods are posing a problem for legitimate firms. Their brand image has been damaged and their profitability have been impacted.
The most often counterfeited product in the world is footwear.
Clothes came in second with 16%, while shoes was the most trafficked fake item at 22%. According to a different media source, Nike shoes are the most widely counterfeited products worldwide. It makes sense that the proliferation of counterfeit footwear has presented challenges for respectable producers that have spent millions building and advertising their brands.
Selling fake items raises money for terrorism
Counterfeit items are trafficked by some of the most infamous terrorist outfits. The money obtained from this is used to finance other illegal activity. Experts claim that in terms of rules and legislation, the trade in counterfeit products is a rather simple illegal operation.
3.3% of global trade is made up of counterfeit products.
Globally, the yearly sales of counterfeit products have surpassed $500 billion. This represents 3.3% of global commerce and is predicted to increase due to lax customs rules, inadequate controls, and the growing trend of purposeful purchase of counterfeit goods.
Holoseal is Provider of intelligent packaging solutions, and anti-counterfeiting solutions. We have protected businesses all around the world against the threat of counterfeiting. Contact us via phone at +91-8928181178 or by email at sales@holoseal.in to learn more about our solutions.
