There could be an 'explosion' in goods sold via the grey and black markets in the event of a no-deal Brexit, according to a British retail expert.
in 2012, even though it did not have an official presence in the country — the Indian sellers were likely to have bought legitimate items in bulk to be able to sell them at marked-down prices. In the long term, the grey market, though legal, could damage a brand's image or stop people buying products at their full price, Whelan said.
"Grey market sellers also affect authorized retailers. It's easy to find 'grey' items on the internet, so shoppers may assume that the grey market price is the best price for an item. If shopping in store and armed with this knowledge, the retailer may be forced to offer a huge discount to meet online prices or walk away from a sale," Whelan told CNBC.
"With the risk of an insurgence of 'fake' products through grey or black markets, retailers in the UK could adopt a similar strategy toTmall uses the blockchain to trace the origins of imported luxury goods to make sure fake products do not appear for sale. It collects together manufacturing and supply chain information to give goods an individual code so customers can see where their purchases have come from.
Whelan said that small and medium-sized businesses would be most affected by a no deal, because of factors such as warehouse availability. "Public and business readiness is low and will decrease to lower levels because of the absence of a clear decision on the form of the EU exit," she added.
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