Counterfeit electronics is rapidly becoming a serious problem. With a global market worth trillions of dollars, it is a magnet for criminals. The implications for brands couldn’t be more serious: loss of revenues, damaged reputations and potential lawsuits – after all, it can be hard to prove it wasn’t your product that malfunctioned.
The shroud of online retail makes it even easier for counterfeiters to sell their goods, without giving the consumer the ability to see them in person or know for sure if they’re coming from a trusted source. online retailers account for 60% of fake electrical goods, and 15% of consumers bought counterfeit electronics via social media alone. The statistics are astonishing. But the risks and threats—to both a company’s brand and the consumer at large—are equally terrifying. For a brand, revenues are held at higher risk and prices escalate as a result of these counterfeit products.
Faulty, substandard goods mean brand degradation, which in turn impacts sales. For consumers, there are serious safety risks. For consumers, counterfeits are not merely irritating when they don’t work as advertised, they can also cause accidents, sometimes, even a life-threatening injury. The industry in fake electronics can result in job losses too.
Consumer electronics is a multi-trillion dollars industry. The modern world is flooded with products powered by electronics – from smartphones and computers to major household appliances like washing machines. And with ever-more consumers, it’s becoming easier for counterfeiters to make, promote and sell fake electronic products. At brandsandfakes, we know how to protect electronic brands.
Brands and Fakes has aligned the capabilities of the service delivery eco system with the industry verticals, so that the Brands under various industry verticals and sub verticals are able to get services from expertise in their specific domains.