Solution Of This Global Issue And The tips to reduce The Chances

In the year 2022, the counterfeiting industry has gained a profit of $3 trillion so far and there are more chances to grow in the coming years. 

The amazing fact about counterfeiters is that – they copy almost everything of the brand except a few. Sometimes, this may confuse the brand owner to identify the difference in the original and counterfeit goods. After becoming a global issue, entrepreneurs need to find alternatives, and maybe we have good news for you. 

To deal with counterfeiting, we have a solution that will combat this problem in an effective manner. The advantage of anti-counterfeiting is – this technology provides the benefit of authentication, anti-tamper, and track and trace. 

But here we are sharing the tips to avoid counterfeiting manually and it is the responsibility of the entrepreneurs to take care of the business and their related intellectual property from the initial stage. 

Here are the effective tips to deal with counterfeiting without using any technology 

• Understand people related to business 

The business couldn’t develop with the assistance of a single individual. It requires a team, partners, vendors, wholesalers, and the target audience. For a business owner, It is a fundamental priority to be aware of the people with whom you are employing in a business. When the business owner will feel safe, reliable, and satisfied while working with them then. The chances of falling into the pit of fraud/forgery get reduced. 

For a better connection, the owner must meet with people like vendors, wholesalers, and employees personally. Engage with them whenever you cross the path of each other and allow them to become a part of the business. 

• Monitor the activity 

For an owner, monitoring plays an important role to examine the activity behind its back. The performance of the whole supply chain and the reason for attaining. The failure and average performance, an owner can analyze through monitoring. These are small steps to cover the whole distance of the journey. The counterfeiting products are manufactured from the same place as the company’s other products but few stocks of the product are delivered secretly from the back door. 

So if a brand owner regularly monitors the whole activity then he will notice the missed stock from the company. The rise of counterfeiting initiates from the same place and if you are ignoring the essence of monitoring then it could lead to trouble. 

End-to-end track and trace by Blokchi are introduced due to this reason – the owner and customer can track and trace all the information from their end, related to the product with a single click of a finger. 

• Never underestimate the rules 

Every brand should respect the laws and regulations of the government and abide like a sincere child. To maintain harmony in the country, the government ordered the brands to follow it otherwise they need to pay for it. For example – Food and drug administration has issued rules and guidelines for product recall which are mandatory to follow by all kinds of brands. 

The U.S. Bureau of Engraving and Printing handles the matters to combat counterfeiting and approved a few laws. If you want to play safe then it is crucial to follow the rules assigned by the government. 

• Bring into use advanced technologies 

Technology is the mother of invention – from the rooms like computers to the development of pocket-friendly devices. Our country is the witness to almost all kinds of technologies and continues to bring more advancement to make daily work effortless for the people. For manufacturing-based companies, blockchain track transaction and Inventory Management system has changed the scenario. Customers can track the order from package tracking number and receive the information anytime and from anywhere. 

Take an example of anti-counterfeiting – this kind of technology impressed the customer and allows them to order from the same brand because of the quick, efficient, and productive work on hand.  

• Register the product with patent 

Patent acts as a protection for the intellectual brand property so that entrepreneurs can sell or manufacture the products after several years. With the help of patents, others couldn’t copy or manufacture the same products, and also could not even sell them in the market openly. Not every product is mandatory for a patent, there are few products that are required to own a patent. 

Wrapping Up – 

To combat the challenges in life and bring the best solution out of the way is the primary purpose of an entrepreneur. It is not easy for everyone, some people are born to be an entrepreneur.