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Protecting your Business from Counterfeit during COVID-19

Online spending has continually grown over the last 10 years. In 2019, 16% of all retail sales occurred online according to digitalcommerce360.1

As consumers have continued to shift their shopping habits from in person to online, social distancing has only accelerated this behavior.

Although consumers were initially afraid of catching the virus from items purchased online, the CDC reported that “there is likely very low risk of spread from products or packaging that are shipped over a period of days or weeks at ambient temperatures.”This new confidence in shipped products being safe resulted in April’s average online daily sales surging 39% higher than March’s averages3.

Online distribution channels leave brands at an increased risk of consumers purchasing counterfeit products or products from grey markets. Counterfeit products can hurt a consumer’s confidence in a brand’s quality while grey market products can erode margins and signals a loss of control within the targeted firm’s supply chain.

A report from Europol4 found that counterfeit healthcare products have surged during the COVID-19 crisis. Consumers who unknowingly purchase a counterfeit mask have a false sense of safety from the virus. This leads to threats of public safety and health.

The root causes for counterfeit and grey market products can vary greatly by company. It is critical to assess and develop individual solutions to mitigate these risks. Some common challenges that put companies at risk include lack of supply chain traceability, limited digital maturity, or inability to uniquely serialize products.

Whether you are in healthcare or cosmetics, retail or pharma, IAC Partners can help you overcome counterfeiting and grey markets through our proven 3 step approach.

  • Perform a supply chain health check: it is critical to identify any leakages or root causes and build a roadmap to recovery
  • Strengthen physical authentication: designing a robust counterfeiting solution secures your product’s integrity for the future
  • Develop an end-to-end digital track & trace system: secured traceability ensures any new counterfeit issue can be identified and resolved quickly

Our thorough and sound solution will restore consumer confidence in your brand in no time!

1 Digitalcommerce360
2 Bigcommerce
3 emarketer
4 Europol

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