One of the biggest problems with global commerce is the fact that counterfeit merchandise seems to have grabbed a significant portion of the world’s retail economy.
Did you know that counterfeited merchandise has rapidly risen to over a $1.7 trillion market? This figure represents a larger gross domestic product (GDP) than most of the countries in the world.
Anti-counterfeiting technology by HP isn’t anything new; HP has been creating products to reduce the amount of counterfeit items on the market for well over a decade. HP has taken its knowledge and experience to create a cloud based solution that will give consumers confidence when buying expensive retail items. Popular items that are commonly counterfeited are sports jerseys, toner cartridges and electronic items.
HP’s anti-counterfeiting cloud solution works by giving both businesses and consumers a way to track their items from the time they leave the factory. By creating a documented paper trail in the cloud, consumers can know for a fact that they are using a genuine device and not a cheap knockoff.
Manufacturers can use Big Data analytics provided by HP to pinpoint counterfeiting hotspots. When companies and consumers start finding products that cannot pass verification tactics, businesses can receive immediate alerts.
By implementing a sophisticated tracking system in the cloud, businesses can pinpoint the exact link in their supply chain that injected the fake goods. Counterfeiting is a much larger problem than most people think.
In fact, legitimate retailers make up 64% of the counterfeit merchandise sales in the world. This massive uptick in counterfeit goods has led retailers to a $200B loss in revenues worldwide. HP has specialized in providing anti-counterfeiting methods that businesses can use to ensure consumers get the products that they ordered. If you’d like to learn more, HP has published an infographic describing its anti-counterfeiting service.