Can retailers combat consumer desire for counterfeits?

by MR Magazine Staff

For some shoppers, buying fake goods can be about as good as the real thing.  It’s not clear how big the global counterfeit market is, but research suggests it costs American retailers a sizeable amount of lost revenue. Per a 2018 report from the U.S. Government Accountability Office, the Customs and Border Patrol seized an estimated $1.38 billion worth of knockoff merchandise in fiscal year 2016 alone. Counterfeit sales were a problem long before digital marketplaces emerged. Now, online sales of fake merchandise have become a growing problem for retailers. While some consumers mistakenly purchase knockoff merchandise, a notable number of consumers find it perfectly fine to buy fake goods and have done so on purpose, multiple experts told Retail Dive. To combat online counterfeit sales, retailers face the problem of addressing not only the appeal of affordable knockoffs but also the rise of third-party sellers on online marketplaces. And they’ll likely need international law enforcement agencies’ help to effectively do so. Read more at Retail Dive.