With the evolving time & age the growth of counterfeiting has been increasing at exponential rate, which is not only hampering the brands but the same time its customers as well. As the problem of counterfeiting has surpassed the geographical boundaries and have avidly increased its customer base and is equally spread its roots in almost all the industries. Therefore, the one who knows it brand thoroughly is the brands themselves and thus have the prime responsibility to protect their brands from getting counterfeited and equally to maintain their customer base.
It is all in all the core responsibility of the brand owners if its customers are in any case buying counterfeited or fake goods. As the negative impact will be created if the customers knowingly or unknowingly tend to buy fake products, thus it will lead to dragging down the reputation of the brands, bring in financial damage, & deplete the customer trust.
With the on growing usage of internet and increasing scalability of ecommerce websites there have been a bifurcation that have been created among the ecommerce online sales platform. There are two types of consumers when it comes to online shopping – one who is the genuine buyer that sometimes get duped on fake purchases. In 2017 the total number of online counterfeiting has reached up to (approx..) 320 billion USD as per the analysis done by R Strategic. Therefore, the growth rate of online counterfeiting has been increasing at 15% - 16% in 2017.
On the other hand, the second type of consumers are the ones who willfully gets involved in purchasing of counterfeited goods. While for them the legitimacy of the product those not matter much to them but at the same time they are the ones who wants to spend their money on some specific brands. they are the ones who wants to have better deals at cost effective prices. At the same time, they are not the priority customers but they indirectly have a negative impact on the brands.
As per analysis there are about 322 million USD lost to online counterfeiting market. That mainly comprises of big brands from Louis Vuitton, Prada, Gucci and many more. The losses experienced in luxury goods have reached to 30 million USD.
As the number of losses total as well as mainly in the luxury market is growing with each passing year, the brand owners need to take effective steps with which the online counterfeiting can be curtailed as much as possible. A solution can be seen where brands can identify and remove through by keeping in check the online material available on various visible websites and by tailoring the results on search engines.
Therefore, the customer centric approach can be well effective in which they can identify the genuine customers and understanding the ways in which they are duped and from their drawing out a better strategy that will more effectively help them in building better protection strategy.
Another measure that can be taken is that in which a detailed study of SEO and online search engine analytics is been done through which even the small ways -the counterfeiters are promoted can be stopped and thus with this their visibility will automatically gets decreased and consumer will stop getting fooled by these counterfeiters.
With this the real time analytic will also be helpful in making better tracking of online counterfeiters. Although in this world of online counterfeiters that moves at excessively high speed- periodic tracking will only be helpful for are certain degree. Brand can better take initiatives in areas like Key performance indicators and all its indicators that will not only help in taking down the counterfeiters but it has been proven with this method work up to 80% - 85% in taking down the working of online counterfeiters.
In this ever-changing world the platform, technology and various practices will keep on changing time to time therefore one needs to be equally attentive to acquiring and mastering these changes as well.