Fight Against Fake
In today's world, every industry, regardless of its nature, scale, or geographical location, faces the threat of counterfeiting. This problem is particularly prevalent in industries with high demand and the potential for substantial profits.
Addressing this critical issue is Acviss Technologies, a company founded in 2020 with a visionary goal of eliminating fake products from the world. Acviss is a multi-layered technology platform that uses real-time analytics, blockchain algorithms, computer vision, and machine learning to provide a unique, non-clonable identity for products on a non-tamper, holographic label as well as detect, track and report all kinds of counterfeiting and intellectual property violations.
According to Vikas Jain, Founder and CEO of Acviss, counterfeiting poses a significant challenge in various sectors, including consumer goods, pharmaceuticals, fashion, technology, and electronics. Counterfeit products can not only endanger the health and safety of consumers but also lead to financial losses. For instance, fake drugs may lack proper ingredients or correct dosages, resulting in severe health problems. Similarly, counterfeit electronics may fail to meet safety standards, leading to potential hazards like fires or explosions. Even fake automobile parts can compromise vehicle safety and performance due to their inferior quality compared to genuine components. To protect against such risks, consumers should be cautious, buy from reputable retailers, and verify authenticity codes. A
Global Threat
The global counterfeit industry market is substantial, valued at $140 billion in 2022 and projected to reach $472 billion by 2032, at a compound annual growth rate (CAGR) of 12.9 per cent. Factors contributing to this growth include the increasing demand for counterfeit goods in developing countries, the rising popularity of online shopping, and advancements in counterfeiting technology. The market is dominated by North America, followed by the Asia Pacific region. Acviss achieved a revenue of Rs 5.4 crore in fiscal year 2023, and it aspires to reach a turnover of Rs 10 crore in the current fiscal year.
Financial Burden of Fakes
Jain emphasises the severe consequences that counterfeiting can inflict on brands, such as financial losses, damage to reputation, risks to consumer safety, and legal and enforcement expenses. In the fashion industry alone, counterfeiting causes losses of over $50 billion annually. Moreover, counterfeit products can pose serious safety hazards to consumers, as demonstrated by incidents involving fake automotive parts in India. Brands often need to invest in legal actions to combat counterfeiters, resulting in additional financial burdens. Looking ahead, Acviss plans to raise funds to expand its market presence, explore new territories, enhance its product offerings, and accelerate research and development initiatives.
