Fake Luxury Watches Are Pouring into The Market, And Your Favourite Sites Aren’t Doing Enough
The luxury goods industry is one of the fastest-growing industries in India. Today, luxury goods are selling a lot easier than ever because of the growth in online sales. There is a massive increase in the number of buying and selling luxury fake goods since online sales have grown.
Precisely, the watch industry is one of the most susceptible to counterfeit watches. In the past, they were relatively easy to identify, but today consumers are more vulnerable than ever before due to the emergence of “Super Fakes” that make them trickier to detect.
Buying Luxury Watches Online? Do not Refrain from Knock-Offs
It’s no secret that many shoppers are looking for the best deals on luxury goods. But when it comes to luxury timepieces, buyers should always tread with caution. There are some incredibly low prices for Rolex watches and Apple Watches with Air Pods being sold online, but it is likely that these are counterfeit products. Not only does this mean you are not getting a genuine product, but you are also not paying the appropriate taxes to the government.
Counterfeit products do not just affect high-end brands,
they also impact the economy. In addition to costing
luxury companies’ sales, these fake watches also mean
less revenue for the government as taxes are not being paid.
Ultimately, shoppers who want a genuine luxury timepiece should invest in an authorized retailer. Buying from one of these retailers ensures that you are getting a genuine product and that taxes are paid. Be sure to take all necessary precautions to ensure you are buying an authentic product and avoid being scammed.
Posting Counterfeit Products: The Emerging Cultural Issues India Faces with Influencer Marketing
In India, there has been a staggering increase in the number of counterfeit products being promoted by the country’s social media influencers. It is quite alarming to see that influencers are being allowed to promote these products with impunity. This is not only a violation of the laws related to counterfeit products, but can also put the safety of consumers at risk as these products are not subject to quality control. Furthermore, such activities can lead to a loss of revenue for the brands associated with these products, thereby affecting the country’s economy.
Counterfeit Watches Study Uncovers How Consumers Buy Illegal Replicas Online
Many fake watches are bought online, though some customers don’t realize they’re getting fakes and others do it on purpose. Some watch companies do not see consumers who buy counterfeit versions as part of their target market; thus, their loss of sales is not considered. Brands who feel they have lost business as a result of a negative perception of their brand in the eyes of potential customers owing to the illegal activity of counterfeit watches must address those who think they are purchasing the real deal.
According to a recent report by Smart Protection, the number of fake watches being offered online is significantly increasing in the watch sector. Nearly half of those questioned admitted to knowing about buying such fakes. Most people who chose to purchase a knockoff watch did so because of the cheaper price, while another 22% said they couldn’t afford the original item. Fashion-conscious people want to be seen wearing high-end watch brands.
However, they noted that there are many people who take satisfaction in possessing a genuine watch, but they also expressed sympathy for others who have been duped by fakes. Even though just 50% of those surveyed claim to have been duped into buying a fake watch, 87% of those polled are aware that they are available online.
India’s Counterfeit Goods Trade: A Looming Disaster
The luxury fake watches counterfeit market has become an alarming issue in India, with a recent report by mint media estimating that the country has lost out on at least ₹1 trillion in revenue due to this problem. This financial loss is magnified globally, as the estimated loss reaches nearly $3 trillion. With the rise of e-commerce and greater internet penetration, counterfeit goods have become easily accessible, with their sellers relying on unaware consumers to make profits.
Counterfeiting goods not only damage the Indian economy but also inhibits business growth, undermines consumer confidence, and harms legitimate manufacturers. Thus, the authorities must take quick and effective steps to combat this issue and protect the interests of those involved.
A solution to spot and combat luxury fake products
Now more than ever, online counterfeits and brands knock around are becoming an issue for businesses across the globe. Replica watches are made by artisans and counterfeiters who have mastered the ultra-complex design of genuine products. These products are now made to such a high standard that industry experts often have trouble distinguishing genuine products from fakes. The best replicas of Swiss watches on the market even have a high-precision Swiss-style mechanical movement, as well as intricate details in the appearance of these watches. Considering that illegal sales of fake watches account for 6% of the Swiss watch industry’s exports and the Federation of the Swiss watch industry states that 30 million original watches are produced in the legal industry every year, this scale of the problem is alarming. It is essential to act now to address any counterfeit-related issues brands may have.
At tracesci, we provide a blockchain-based platform to help safeguard the brand against counterfeit and brand-related misuse. Our platform helps to save time, money, and resources in the fight against counterfeits, allowing them to better manage the time in which they address this issue.
tracesci is a software application that allows luxury watch brands to remove counterfeit products from their supply chains. The software is trained to only “go after the bad guys”, so once fakes have been removed, brands can use its extensive intelligence to follow the parcel end-to-end and use the information for enforcement activity with local authorities to shut down global counterfeiters.
Time saved through our platform can be used in more productive areas. Increased visibility into brand distribution channels, accurate tracking of products, and utilization of the latest blockchain-based tooling and analytics are just a few of the features offered by our platform that help brands save time. Time is a precious commodity, so do not waste it. Take the time to address the issue of counterfeit head-on with tracesci. Our platform is here to help global brands be it luxury brands or a startup to gain transparency across the supply chain and increase the effectiveness in the fight against counterfeit and brand misuse online.
Curious to know more about our award-winning track & trace solution?
Click here to know more: https://www.tracesci.in