Counterfeiting and refilling have become a norm in the cosmetics industry. Cosmetic and skincare products are things we can not do without. In fact, it they have become things that we use almost on a daily basis. Reports indicate that the cosmetics industry witnessed a 6% in crease in value in the year 2018. If the experts are to be believed, a revenue rise of 7.14% is expected to be clocked by the industry by 2023.
We are privy to terms like food prices, water crisis, and even climate change crisis. Not many of us are aware of the concept of a supply chain crisis simply because we think it does not affect us directly; unless we are actively involved in manufactring or brand ownership ventures. The supply chain crisis is not simply a logistic problem anymore, it has the power to spark the beginning of revolution in global commerce.
Anytime the word ‘counterfeiting’ is mentioned, most often than not, we conjure up images of either currency notes, high-end luxury fashion products, or vintage goods. Irrespective of the products, the goal is the same. Using identical packaging and symbols to sell off fake products masked as original and mint money, sometimes even at the cost of peoples’ lives.
Fake e-cigarettes – More and more people are making the switch from smoking sticks for healthier alternatives like vapes and e-cigarettes which help to reduce the detrimental effects of smoking and the harm caused by active nicotine consumption. However, not many would know that counterfeiting in e-cigarettes is a growing menace which has been affecting e-cigarette manufacturers and compromising the health of consumers.
Counterfeits Business is one of the biggest scams of this century – From edibles to fashion, trading cards to even currency notes, there is hardly a product for which we cannot find a fake or duplicate. According to a report by the OECD and the EU Intellectual Property Office (EUIPO), trade in the fake and counterfeited goods now accounts for 3.3% of the world market.
Alcohol counterfeiting is a growing problem, and it is one to keep an eye on because it often results in a fatality. Two years ago when the whole world was fighting a pandemic, Cameroon was dealing with its own share of problems. In March 2020, amidst the pandemonium of the COVID-19 pandemic, authorities in the Central African country announced a surge in excessive drinking, and the related increase in deaths arising from the intake of fake alcohol – Fake alcoholic drinks were seized from 200 shops and 350 bars across Cameroon.
Counterfeiting in pharmaceuticals is grave since it has a direct impact on healt – Medicines are an integral part of our lives given the fact that we as humans are susceptible to various forms of illnesses. But would it be shocking to know that these same medicines we turn to for cures of ailments could rather become hazardous to our wellbeing and even be fatal on some occasions? We might not be aware that many of the drugs we consume are fake and highly detrimental to our well-being.
It is no news that the counterfeiting nemesis is becoming more rampant and aggressive by the day; According to the United States Department of Treasury, an estimated $70 – $200 million in counterfeit bills are in circulation at any given time. According to a report by the ECC-Net (European Consumer Network), between March and August 2016, 562 cases of counterfeits were reported to the network of European Consumer Centers 1. Most of the goods that were bought in these cases were clothes, shoes, or electronic devices.
The ease of doing business in most parts of the globe is facilitating the growth of new businesses every day. Increasingly, small and medium-sized brands are sprouting across the world. Although globalization and advancement in technology have made it easier to establish brands, they are susceptible to umpteen challenges as well. While starting a new brand is easy, making it successful in today’s globalized economy is a big challenge for small and medium-sized companies.
Are you a brand that has just been introduced to the market and scared of your product getting sold illegally? Or are you an established brand that is regularly victimized by counterfeiting? Do you incur regular losses in business owing to counterfeiting or having trouble winning the trust of your customers? Then you are not alone as many businesses are susceptible to either of the above. Although counterfeiting has been around for a long time, the advent of technology has intensified the activities of illegal trade more than ever before.