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In today’s fast evolving global economy, gray market products are becoming as damaging and costly as counterfeits to a manufacturer, an acute concern that most brands encounter. While the importance of gray market varies by category, the impact is large. Gray market or parallel market is the trading of legitimate and genuine manufactured trademarked goods that are sold outside the manufacturers authorized trading channels. The gray market activity and counterfeit piracy theft have become serious concerns that affect almost every department within an enterprise. The most important reason for gray market to thrive is the manufacture maintained price differences that exist throughout the global markets. For various competitive reasons, manufacturers generally price the same product differently in various markets. Generally products find their way to the gray market when the company’s authorized channel releases your products to an unauthorized dealer, which consequently affects revenues and legitimate channels. While different techniques are needed for combating different forms of piracy, in every case, tightening the supply/value chain controls and processes is a critical to eliminating gray market leakage. The entire gray market sales process takes sales away from new products, thereby having a damaging effect on distributor loyalty. While the gray market activity spoils business relationships between manufacturers and their channel partners, eventually authorized distributors may reduce their business with certain manufacturers. There can also be considerable brand erosion as the products available in the Gray market may not have the necessary functionality, accessories, and features apart from support. This can lead to customer dissatisfaction towards the brand; create brand equity issues, quality, packaging, instruction manual, price, and safety concerns. With gray market activity being so prevalent, to curtail the impact it can have on the business organizations need to take proactive measures to address this problem. Today there are innovative grey market solutions to combat gray market sales and the product counterfeiting that takes place in these markets. In order to successfully tackle the gray market and its adverse effects service providers of brand protection solutions have introduced SaaS-based software having a propriety search capability. This helps companies to find out where and at what price their products are being sold. It also provides real-time monitoring for selling/listings goods, making use of advanced search agents that can successfully track detailed market inputs from various sources. Therefore to ensure brand protection and to combat gray market and its adverse effects, it is best to join hands with a reputed service provider. Read More About: enterprise risk management software, strategic brand management process, anti fraud software, online grey market, anti counterfeiting solutions
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enterprise risk management software, strategic brand management process, anti fraud software, online grey market, anti counterfeiting solutions,
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