Shoes and electronics are two of the most often imitated products that consumers and brands should look out for.
San Francisco, CA (PRWEB) April 01, 2014
All great businesses have strong brand identities and customers that value their products. However, the growing counterfeiting industry poses a threat to all brands who want to protect their identity and customer base. Counterfeiting is costing retailers in the United States $200 million each year and retailers globally are missing out on $500 billion in annual sales.
Counterfeiting decreases brand value by providing consumers with inferior goods that mimic branded products. Many consumers are willing to buy cheaper imitations, but they are generally poor quality. Shoes and electronics are two of the most often imitated products that consumers and brands should look out for. If consumers believe they are buying an authentic product, this can negatively impact their perception of the brand and decrease the likelihood of a future purchase.
Since much of counterfeit sales occur online and the eCommerce industry anticipates $1.5 trillion in sales this year, it is crucial for brands and manufacturers to understand the impact of counterfeiting at this time. As eCommerce grows, so does counterfeiting because illegal manufacturers have low barriers to entry and face few legal consequences. While 7% of goods are counterfeit, only 1% of imports are seized by customs agencies around the world.
Established brands are losing sales to counterfeit products, but it doesn't have to be that way. WisePricer offers insight on ways that brands can protect themselves, such as monitoring reseller prices, partnering with government agencies or joining forces with other brands. Arie Shpanya, CEO of WisePricer explains, “monitoring who is selling your products and what they are charging is a way to protect your brand. This method can identify unauthorized resellers and potential counterfeit goods.”
To view the full infographic, visit http://wisepricer.com/infographic-counterfeit.
WisePricer is a full-featured pricing and merchandising platform that monitors, analyzes and reprices retail products in real-time. With automated repricing and easy sync, WisePricer enables retailers to boost profit margins and revenue, price with confidence, and improve merchandising through powering the development of a sound pricing strategy.
WiseMapper is an easy-to-use service that lets manufacturers preserve their brand by monitoring product pricing across thousands of online retailers. See who’s selling your products and for how much. Utilizing the same advanced product tracking technology that has made WisePricer an industry leader, WiseMapper provides manufacturers with updated data daily and the most accurate product information possible.
For more information on WisePricer and WiseMapper, please visit wisepricer.com/wisemapper.