Sales of counterfeit goods has always been an issue on Alibaba’s (NYSE: BABA) online trading platform, Taobao, for quite some time now. Many trading groups has urged the Chinese e-commerce giant to take action against counterfeit goods.
After the criticisms, the US Trade Representatives wants to include Alibaba’s online trading platform onto the list of marketplaces that are well-known for marketing fake products. It was said the Chinese government is investigating fake goods sold online in the country.
Alibaba has been working passionately to overcome the selling of counterfeits on its platform but at the same time, the manufacturers’ follows a latest trend in which the pricing of the fake product is almost similar to prices of genuine goods. This makes it more difficult to remove fake goods through algorithms based on pricing, according to financial report Bidness.
Led by CEO and founder Jack Ma, the company will be working with International Anti-counterfeiting coalition, one of the world’s largest group known for tackling fakes goods. Ma genuinely believes that the company is more than capable of taking down fake goods with their technology on its online platform and claims that “We can solve the problem better than any government, any organization, and any person in the world.” Shares of Alibaba has continued to rise as the company has reached new 52week highs of $104.05.