In this civilized fast-evolving era, there is lots of competition amongst the Businesses to have the lead-in-pencil. Sale of counterfeit goods is one of the most wearisome predicaments. In the last few years, the number of things sold has gradually increased globally. The business of such illegal items is growing day by day despite various legal remedies.
First, we need to know what a Counterfeit product is, and why the counterfeit goods’ business is growing in recent years.
- What is a counterfeit product?
The counterfeit product is unauthorized copies of a product protected under intellectual property regulations. Counterfeit products have the same advanced opportunities as real products. The word “counterfeit” refers to counterfeit currency and documents, clothing, handbills, shoes, aircraft and automobile equipment, watches, accessories, etc. The use of counterfeit goods can even lead to death.
The distribution of the counterfeit goods causes disgrace to the company.
Since people look at the name of the company and buy the product, when the thing turns out to be counterfeit, a bad image for the company is created in people’s minds. As a result, people no longer trust the company, making no profit, and the economic downturn occurs.
- How do counterfeit products affect a company?
- Destroy the Reputation of the company:
Counterfeit products destroy the company’s reputation. When people don’t get any results from using a company’s products, people’s trust in that company is lost. When people come across the same thing at a lower price, they buy the less expensive product thinking it’s the original product, and then when they don’t get the right result as desired, it is natural for them to feel cheated.
- Ruin the Buyer’s relationship with the company:
Counterfeit goods ruin the Buyer’s relationship with the company. Some people who do not know they have used counterfeit goods in disguise of branded products, develop a maligned image of the brand in their minds. Moreover, they may also give negative reviews about the company online. In many cases, people want a refund. So, companies have to deal with frustrated customers.
- The company makes no profit:
When a company realizes that counterfeiters are attacking them, it is difficult for them to take action because it costs a lot of money to take action, and there are many hurdles. So, these incidents continue, and the company does not see any profit in the end.
- Why counterfeit products thrive:
- Counterfeiters sell products at a low price, so people are more attracted to counterfeit goods. Many people cannot afford the branded stuff. When they notice those branded products at such a low price, they immediately buy them. But they have no idea the product is counterfeit. The bitter truth is, “Cheap products attract more people.”
- Many people are not aware of counterfeit products. They blindly trust the product and use the same.
- There are many social media platforms where people want to show their lifestyles as rich and luxurious. Hence, they use counterfeit products as social status is equally important for people.
- Desire to have so many things is a common factor. This is one of the main reasons people are attracted to counterfeit products because counterfeit products are cheaper.
So, if there are so many issues with counterfeit products, do we have a way out of these Counterfeit products? The answer is yes. Let’s have a look.
- Private Agencies:
Many government acts are in place to deal with counterfeits. But sellers of counterfeit goods also find new ways to sell their products. So, many private agencies are present that will act against counterfeiters on the Brand’s behalf. InstaQuest Consulting Private Limited is one of the most effective Agencies that provides the facility to act against counterfeits. They provide services in counterfeit, trademark infringement Investigation, copyright, market research, E-commerce search, and many other things. They are highly proficient and help companies to protect their brands successfully.
- Government Acts:
In India, there are various acts against counterfeit products. Trademark Act, Copyright Act, Designs Act, Geographical Indications Act, Indian Penal Code, Information Technology Act have been put in place by the Indian government. With the aid of these laws, any such activities can be stopped without any hindrance.
- Public Awareness Through advertising:
Also, another way to stop counterfeiters is to communicate openly about them in front of people like through social media, which will increase awareness in the minds of the people. Reaching out to the public through various types of advertisements to beware of counterfeit sellers is another effective way to fight counterfeits. The company needs to reach out to its customers about how harmful it is to use counterfeit goods.
- Legal Action:
If counterfeit sellers are caught, legal action should be taken against them. No company should be afraid of legal action. The fear of a legal action is a deterrent in itself. The counterfeiters will be brought to justice if the real brands take legal action against counterfeiters.
- Being careful about every movement:
The company needs to keep an eye on the various online sites selling any product by using their name. Companies need to keep a close eye on how counterfeiters are promoting their products.
In this competitive era, many people think of their profits by destroying others’ lives. Counterfeiters are one of them. So, we all have to be vigilant against counterfeiters. The original Brand needs to take responsibility and make the people more aware of them. Everyone has a responsibility.
You can always take help from InstaQuest Consulting Private Limited to stop counterfeit products. So what are you waiting for? Let’s come together and make a beautiful, healthy world.