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=== Gray market === [[Grey market]] arbitrage is the sale of goods purchased through informal channels to earn the difference in price.<ref name=":0">Lu, Y; Foropon, Cyril RH VIAFID ORCID Logo ; Wang, D; Xu, S , Journal of Enterprise Information Management; Bradford ,2020 , Arbitrage in gray markets and its impact on supply chain decisions , vol.34 , no.1, pp.382-8. </ref> Excessive gray market arbitrage will lead to arbitrage behaviors in formal channels, which will reduce returns due to factors such as price confusion, and may even cause prices to plummet in severe cases.
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