The counterfeiting practices start small with a low volume of a replicated product served in the marketplace. It becomes almost impossible for the brands to detect these illicit happenings that have started creating their negative image. The brand’s reputation comes at stake whenever a consumer receives a counterfeited product that is not meeting their expectations. Brands just can’t afford to commit the mistake of taking their counterfeiters lightly.
Counterfeiting problems are a serious issue for modern brands because they damage their reputation with different methods. Fighting this issue requires foresight and constant planning. They need to invest in anti-counterfeiting solutions that can deliver maximum protection to their business operations.
The damaging effects of Counterfeiting practices on your brand
The more popularity your brand will gain in the market, it creates further chances of getting prone to the acts of the cheap counterfeiters. It is the biggest threat to the brand owners as they conduct proper research, technologies, and detailed observation to copy your products or services. The propensity of damage is beyond measure. Here is the list:
- Erode Consumer Confidence
The counterfeiting practices impact consumer buying behavior negatively. The main consideration of the consumers is to get an authentic and quality product. If the duplicated version of the product reaches the market and the consumers recognize that it is not performing as per the quality. They may blame the brand and reduce their confidence in them. Loss of Consumer Trust is the major setback as the reputation is destroyed up to a certain amount. According to the study:
66% of the consumers became unsatisfied after unintentionally purchasing counterfeit goods, due to which they lost trust in buying from the brand again, where 34% of the consumers were less likely to buy from the brand’s website if its products were suspected to be counterfeiting online.
Hurting the sentiments of the consumer can have a long-term impact on your brand’s functioning. It’s important to choose LetsVeriFy anti-counterfeiting solutions to make your customer experience better with original products.
- Increase the Cost of Operation
Your brand may have to incur an additional cost in terms of loss of market sales, revenue. Counterfeited products create more damage than you think. Previously customers were able to recognize the actual products, but with the emergence of online marketing, it becomes nearly impossible for them to identify the authenticity of the brands. It gives a green signal to the counterfeiters to steal your ideas, created extensively by doing research and development. You will lose some portion of your sales every time a customer is offered your lookalike product at a lower price.
- Hampers the business relation
Counterfeiting practices, not just damage customer relations. Its reach is beyond your expectations. It further creates strained relations among your distributors, retailers, and other business persons working with you as they lose trust in the business proceedings. They also have a responsibility to serve the best to the consumers. If any of their operations create susceptibilities, they will be held liable for it.
- Brand Product Reputation Damage
Word of mouth is the most powerful marketing aspect that should work in favor of a brand. If the consumers will receive the counterfeited products, word can spread that the real product is not up to the mark. Nothing works as worse as the negative reviews of the customers. It damages the reputation in the best possible way as the product authenticity becomes a question.
The impact of counterfeiting on the image of your brand can be long-lasting. You have to ensure that immediate action is taken before it starts taking a toll on your reputation. LetsVeriFy Anti Counterfeiting Solutions provides the ultimate protection to your brand. Take a strong stand against these illicit practices that are dangerous for your business and consumer’s trust.