With the emergence of QR code-based product authentication, many brands and companies combat counterfeit products so that customers can quickly know which product is authentic or not.
Counterfeit goods are a global problem that has affected many brands and companies worldwide.
Many have become a significant concern as it threatens product innovation and revenue and result in a loss of consumer loyalty.
While companies use many tools and software to address counterfeit products, QR codes generated in the best QR code generator play a vital part in solving this problem.
But is it indispensable to invest in these tools?
Definitely, yes, and here’s why.
In the jewelry products themselves, 71% of consumers would choose a jewel for its traceability and product authentication, as reported by the “Sustainable Luxury Consumer Report.”
That said, counterfeiting is a major concern for both brands and consumers that must be dealt with intelligent and advanced tools like QR codes.
- Impact of rising counterfeit products
- What is a QR code, and how to use a QR code in product authentication?
- Create your bulk QR code for product authentication using the best QR code generator
- Process before creating your QR codes for product authentication
- How to create your bulk anti-counterfeit QR code using the best bulk QR code generator
- Benefits of QR codes in product authentication
- Brands using QR codes in counterfeit-proofing products
- Generate QR codes in product authentication now with the best QR code generator
Impact of rising counterfeit products
The trade of counterfeit and pirated goods is increasing alarmingly despite the relative slowdown in overall world trade.
According to the Organisation for Economic Cooperation and Development (OECD) and the EUIPO in their report, “Illicit trade: trends in trade in counterfeit and pirated goods,” based on last year’s world seizure data of counterfeit and pirated goods that attempts to measure the scale of the problem.
Based on their findings, the international trade in counterfeit and pirated products could have amounted to as much as $509 billion last year, estimated to be 3.3% of world trade – up from $461 billion to this day, representing 2.5% of world trade.