20 September 2019CopyrightSaman Javed

Brands should add social media to their IP protection strategies: MarkMonitor

Almost two thirds (59%) of consumers believe it is a brand owner’s responsibility to keep them safe from counterfeiters, a new report suggests.

The report, published by MarkMonitor on Wednesday, September 18, surveyed 2,603 consumers from five countries in a bid to gauge consumer opinions on online shopping through social media.

The participants came from the UK, US, France, Germany and Italy.

The report found that 31% of participants had unwittingly bought a fake item online, and 23% of those had purchased the product via social media.

In addition, 63% of consumers say they don’t believe enough is being done by brands, online marketplaces and social media platforms to protect them from counterfeiters, fraud and cyber criminals.

Chrissie Jamieson, vice president of marketing at MarkMonitor, said the research highlights that regardless of where they shop online, “consumers are still being targeted by counterfeiters and are looking to brands and social media platforms to safeguard them”.

According to the report, “reputation is everything”. This was highlighted by the finding that the participants valued brand name above all else when it came to shopping on social media, with 55% of respondents making purchasing decisions based on brand reputation.

Jamieson urged companies to ensure they incorporate social media platforms in their brand protection strategies.

“Many social media platforms already have mechanisms in place to guard against the sale of the counterfeits and are constantly improving ways to detect and report fakes, but it’s clear that consumers feel more needs to be done by all stakeholders moving forward,” she said.

This story was first published on TBO.

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