Counterfeit goods bring to mind fake designer purses emblazoned with the interlocking C’s or G’s sold on Canal Street in New York or along Santee Alley in Los Angeles. At this point, a one or two bag purchase may seem innocent. Unfortunately, the costs are much more significant. In fact, these reduce brand value and even fund terrorism and human trafficing. Currently, the counterfeit market is worth $1.2 and $1.5 trillion, according to PYMNTS.
Counterfeit is Not a “Fake” Concern
2017 saw a spike in counterfeit goods, and US Customs seized 34,143 shipments of counterfeit goods, reported Sourcing Journal Online. The problem is that now it’s not only those choosing to purchase products in a back alley who are getting the off-brand merchandise. Now, the e-commerce marketplace makes it easier to dupe customers paying full price for what they believe is the real thing.
Goat and Entrupy Introduce Algorithms
Retailers who are racing to find ways to combat this problem are now turning to technology to help fight. Artificial intelligence is looking to be the next solution. Rackedgoes into detail, stating that companies Goat, a platform for luxury sneaker resellers, and Entrupy, a luxury handbag authenticator, are leading the charge.
With their own “anti-counterfeit algorithms,” they compare products with an extensive database of designer goods. More so, they can spot the “tiniest of inconsistencies,” that the human eye and human error may not detect. Entrupy’s technology can scan and photograph the item at 250 times magnification.
As of now, Entrupy and Goat are not available to the public and only do B2B. Although, they are dedicated to the fight against counterfeit goods and protecting both brands and consumers in the process.
Hundreds of domestic and international exhibitors will be showcasing their unique products and brand story at our Apparel Textile Sourcing shows. Don’t miss out, register for free for an upcoming show:
May 28th-30th, 2019- Apparel Textile Sourcing Miami
August 19th-21st, 2019 –ApparelTextile Sourcing Canada
September 11th-13th, 2019 –Apparel Textile Sourcing Germany