Counterfeits could turn a bright Black Friday bleak
Customers plan to spend money online this Black Friday, but take a dim view of e-commerce platforms that sell counterfeit items.
According to a national survey from brand intelligence platform Red Points, 65% of respondents are likely to spend more online for Black Friday in 2020 than in 2019, with plans to spend an average of $289. Seventy percent are planning on shopping at online marketplaces, such as Amazon and eBay.
However, online retailers need to take precautions against the potentially serious problem of counterfeit goods slipping past supply chain safeguards and being sold via their site on Black Friday. One-quarter (26%) of respondents have purchased counterfeits on Black Friday, and only 20% said they would use a counterfeit product after finding out it was fake.
Meanwhile, more than half of respondents claimed they would ask for a refund. And almost half of respondents who have bought fakes would write cautionary reviews about where they purchased it from.
Counterfeit products also threaten the integrity of brands, as 25% of respondents think removing counterfeits should be done by the brand. More than 40% of respondents would complain to the original brand if they purchased a counterfeit.
Other interesting findings about consumers’ Black Friday habits include:
• 28% of respondent say price is the most important factor in making online purchase decisions.
• 57% of respondents are looking to buy clothes and accessories, 25% tech and electronics and 22% toys and games.
“At a time when businesses are looking to recoup recent losses, ensuring brand protection will be essential to protecting retailers’ bottom line this holiday shopping season,” said Daniel Shapiro, VP of strategic partnerships and brand relationships, Red Point. “Many shoppers are feeling financial strain induced by the pandemic. As a result, consumers will be more budget-conscious this year, making it more likely they’ll turn to counterfeiters—which can be devastating for brands.”