As the coronavirus crisis continues to intensify, shoppers continue to turn to e-commerce, even for the basics, in order to lower the risk of contracting the virus. A recent study from Red Points found that 60.4% of consumers said they have increased online shopping versus shopping in-store, ultimately making consumers more vulnerable to the rise in counterfeit goods running rampant online.
The estimated size of the counterfeit market is staggering. Even before the global pandemic, the market was estimated to become a $4.2 trillion industry by 2022, with global damage from illegitimate goods exceeding $323 billion.
To understand the entire brand infringement threat, brands need a comprehensive approach that goes beyond just monitoring.