How to eliminate counterfeiting for online retailers

Transparency is very important in supply chains, for brand and business owners to track counterfeits. Standards based traceability solution provides this visibility, helping companies to track the status of a particular product and to curb counterfeiting. This solution is the first of its kind and the most needed step towards creating a transparent atmosphere over the supply chains. It provides companies and brand owners the feasibility to track their product right from the source till the end user thus eliminating any chances of counterfeiting

Alarming figures of counterfeit products

The data related to counterfeit products are alarming. For example, according to the World Customs Organization (WCO), of the total globe trade, 7-9% consists of fake products. The existing supply chain network is unable to track and stop the counterfeit products resulting in such a rapid growth to counterfeiting. All sectors are impacted negatively due to this unethical practice and customers tend to lose the trust they have with brands as a result of counterfeit circulations.

It is estimated that the loss caused by counterfeit products in India is over Rs. 1 lakh crore annually. The counterfeiting happening in e-retailing is even more difficult to comprehend but the liability that they fall into due to this practise is huge as negative reviews from the customer side can hamper and damage their business completely

Loss of credibility for business owners and retailers

It is also difficult for consumers to distinguish between counterfeit and original products causing further drift between the e-retailer and the consumer. It is therefore very important for businesses to track and curb counterfeiting for maintaining their activities in a very ethical manner. 

This can be achieved by creating transparency, visibility and tracking throughout the supply chain right from manufacturing to sales. Digitization of business has helped in this process, brands and companies are more aware of their data and are able to track a particular product in the different stages of its supply chain movement.   

Ways in which the circulation of counterfeit products can be reduced

The digitization process has enabled the operations of any trading partner possible and they can share valuable information with regards to the product at any point of movement across the supply chain helping government and brand owners to take necessary action against counterfeiting 

Upgradation of supply chains according to global standards, empowers brand owners and product manufacturers to practise a standards based traceability solutions which can be operated upon by all trading partners giving them the freedom to share information in the same supply chain with no regards to the company size or technology adopted.

Standards-based traceability solution, will enable product recalls at a time of counterfeiting and increases the trust factor among consumers, helping businesses to increase their efficiency by eliminating mistakes.  Also Learn about E-Commerce Website features to boost business

Conclusion

Capturing the correct information and sharing it will eliminate the chances of counterfeiting ensuring a safe passage across the supply chain for products. There is a facility to cross check the authenticity of product movement across the supply chain with the available database online at any point. 

Maintaining a protected supply chain is a must not only to eliminate counterfeiting but also to develop strong bonds of trust among the different trading partners present in the supply chain to carry out businesses in a healthy and mutually profitable way.