- The US Trade Consultant has called out e-commerce site
IndiaMART for advertising ‘counterfeit goods’ on its system. - The problem of phony merchandise is not really surprising, as in the past India’s drug regulator had issued notices to e-commerce businesses like Amazon, Flipkart and IndiaMART for the exact same.
- IndiaMART’s inventory has also upset traders by not worthwhile any returns in the past a person 12 months.
It is not day to day that an Indian multi-billion greenback e-commerce system gets brazenly accused of promoting ‘counterfeit goods’ on its system, that as well by the US Trade Representative (USTR). But it just happened with IndiaMART.
IndiaMART, a publicly outlined e-commerce web site and cell application that connects consumers with suppliers, describes by itself as the world’s 2nd major online business-to-business market place.
The US Trade Representative on Thursday came out with a report ‘2021 Review of Infamous Markets for Counterfeiting and Piracy’ in which it identified 42 on the net and 35 physical markets about the globe that offer counterfeiting items or copyright piracy.
The report known as out four offline Indian marketplaces way too — Heera Panna in Mumbai, Kidderpore in Kolkata, Tank Street in Delhi and Palika Bazaar in Delhi.
It is said that replicate merchandise can allegedly be identified in huge volumes on IndiaMART, like counterfeit prescription drugs, electronics, and apparel.
Having said that, this is not a shocking allegation for the enterprise as in the earlier India’s drug regulator
has issued notices to e-commerce firms like Amazon, Flipkart and IndiaMART for selling counterfeit items.
Apparently, IndiaMART has a discover-and-takedown system, but end users say that it is burdensome to use and the process to take out the solution is gradual, as for every the USTR report. “The status of notices is not transparently communicated to appropriate holders,” said the report.
Company Insider has sent an electronic mail to IndiaMART searching for reviews on the report, but did not elicit any reaction until the time of publication.
Meanwhile, the company’s inventory has also dissatisfied investors by not offering any returns in the very last just one calendar year as the stock slumped 44%.
In the latest October to December quarter, the company claimed a 12% yr-on-calendar year drop in its net revenue at ₹702 crore.
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