Amazon announced its partnership with private sectors in an effort to put an end to counterfeiters that are thriving off the mega-corporation's platform. With the Anti-Counterfeiting Exchange (ACX), Amazon can assure to the buyers the safety and good quality of every product that they purchase on its online marketplace. It will also force those online sellers selling counterfeited products to close shop.
ACX to Provide an 'Industry-Wide' Solution to Stop Counterfeiting Activities on Amazon
Text goes here. According to a press release from Amazon, the Ant-Counterfeiting Exchange enables their registered online sellers to report their knowledge about counterfeiters in the platform. These counterfeiters often try to make a deal with online sellers so that the latter will sell their products in their stores.
"By sharing information about these counterfeiters, ACX participants can identify and stop perpetrators more quickly than they would in the absence of this collaborative data sharing," Amazon stated. The industry standards and safety practices apply with the ACX program, allowing participants to share and receive information in anonymity with the help of a third-party database.
Amazon explained that the essence of the ACX is to stop the activities of counterfieters in the marketplace right away when a participating online seller spotted one and reported it through ACX. Other sellers notified through the exchange that certain entities are confirmed to be counterfeiters can mark them down so that they will remember not to do business with these individuals.
Amazon's vice president of Selling Partner Services, Dharmesh Mehta, said that the ACX aims to get the customer's confidence in their products and to let the brands know that they are protected in the platform against counterfeiting.
"By leading the way in creating an industry-wide solution to share information about known counterfeiters, we are excited to have helped improve the industry's collective ability to fight counterfeit crime, providing consumers and rights owners with greater peace of mind," Meta added.
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ACX is the Latest of Amazon's Efforts to Crackdown on Counterfeiting
Over the last few years, Amazon has become evidently more determined to put an end to the counterfeiters that plagued its platform. According to reports, Amazon's effort to take down counterfeiters has led to the identification and disposal of six million counterfeited products worldwide last year, doubling the number from 2021. This shows that the company's increased efforts indeed worked, although counterfeiters have been working hard as well to maintain the businesses that they have with Amazon sellers.
Another proof of Amazon's determination to remove the counterfeiters from the marketplace is the $1.2-billion investment for the programs that would address the issue at hand. This is 30% bigger than the investment made by Amazon for the same reason.
As of last year, around 58% of the products being sold on Amazon are coming from third-party sellers. Unfortunately, the counterfeiters have been eyeing on third-party entities to sell their products, which explains the millions of dollars worth of counterfeits that are in circulation.
