Counterfeiting is a daunting problem most fashion and luxury brands are facing today. Over the last decade, the proportion of sales and trade in fake goods has increased tremendously. This is especially true for the luxury industry, where the price difference between the original and counterfeit item is so vast that customers are very easily swayed to purchase the fakes.
Sale of counterfeit products happens in two scenarios - the first is where the customer is deceived into thinking that a fake product is authentic, while the other is when a customer knowingly purchases a duplicate product. In both cases, these kinds of sales lead to a loss for the brand and dampening of the brand image.
However, thanks to new technologies, fighting counterfeiters is becoming easier with time. Artificial intelligence, automation and IoT (Internet of Things) technologies are improving the chances of finding and punishing fraudulent sales. Customers are being educated on how to avoid scams, and brands are becoming more vigilant.
But technology is also leading to a rise in counterfeiting. E-commerce, social media and marketplaces are flooded with unauthorised sellers of fake goods, making it difficult for companies to stay on top of them. This report looks at the biggest reasons behind the surge in counterfeit fashion, and draws up ways in which brands can fight this battle.
- What is Counterfeiting?
- Reasons for Counterfeiting
- How to Fight Counterfeiting
- Anti-Counterfeiting Technology and Processes
- How Can Brand Reduce Counterfeiting
Related Marketing Research