Now that the holiday season is behind us, businesses are beginning to look forward to what is in store for 2014. One problem many businesses will encounter is counterfeiting. It is estimated that sales of counterfeit products on the Internet exceed $600 billion each year, and that number is expected to grow. The problems with counterfeit products are many, not the least of which are health hazards to consumers. In addition, there are issues with degradation to business goodwill and the obvious loss of sales.
Businesses need to be on the lookout for counterfeiters. Estimates project that one in five consumers purchase a counterfeit product each year. It is imperative that businesses pay attention to search terms involving their products, particularly when associated with words like “cheap,” “discount” or “outlet.” If such counterfeit products are discovered, businesses must act quickly and decisively to squash this illegal activity. There are many options available under the law that should be pursued. For more information on counterfeits, check out The Counterfeit Report.