A Crucial Experience Sparks Innovation
Vidyuth Srinivasan’s personal encounter with counterfeit motorcycle batteries fueled his determination to combat fraud in the fashion industry. Inspired by a desire to prevent others from falling victim to counterfeit scams, Srinivasan embarked on a journey that led to the creation of Entrupy in 2016. This New York-based company harnesses the power of artificial intelligence (A.I.) to revolutionize fashion and apparel authentication, unveiling hidden distinctions between genuine items and their imitations.
Empowering Authenticity in a Counterfeit-Prone Landscape
Entrupy’s innovative technology addresses a pressing global concern, as counterfeit markets reach a staggering value of $1.9 trillion, according to a report by Frontier Economics. The rise of counterfeit scams poses a significant challenge for businesses, especially those sourcing from individual consigners. Such businesses, including consignment and pawn shops, face heightened risks of unknowingly dealing with counterfeit items that are becoming increasingly difficult to distinguish.
The Dawn of A.I.-Driven Authentication
Entrupy’s A.I.-powered authentication service relies on an extensive database of over one million fashion items, spanning vintage pieces dating back to the 1920s to contemporary designs. This comprehensive dataset allows the technology to discern nuanced differences imperceptible to the untrained eye, such as stitch consistency, logo detailing, and hardware finishes. By tracking these subtle differentiators throughout an item’s lifecycle, Entrupy prevents counterfeit infiltration, ensuring the authenticity of fashion and apparel.
Seamless Application and Benefits
Initially focusing on luxury handbags from brands like Hermès and Louis Vuitton, Entrupy has expanded its offerings to encompass various clothing and apparel categories. The company’s technology offers a multi-faceted approach, not only verifying the legitimacy of items but also curbing return fraud with a sophisticated digital fingerprinting system. This system enables sellers to monitor items from purchase to return, effectively creating a provenance timeline that enhances product confidence for both sellers and buyers.
Elevating Confidence and Growth
Entrupy’s impact has been profound, boasting over 2,000 retailers across 69 countries as satisfied users. The company claims to have verified over $1 billion worth of customer inventory, leading to remarkable savings of over $100 million for its customers in 2023. Users also report approximately 25 percent growth in sales over a span of three years, attesting to Entrupy’s role in bolstering business success.
Pioneering Beyond Fashion
With an eye on the future, Srinivasan envisions Entrupy’s potential in various sectors beyond fashion, including art, food, and pharmaceuticals. The company’s commitment to scalability and standardization positions it as a trailblazer in the quest for authenticity, echoing Srinivasan’s determination to prevent the proliferation of fake products even in unexpected domains like rice and eggs.
As Entrupy continues to redefine authenticity through cutting-edge A.I. technology, its influence extends far beyond the realm of retail, contributing to a world where consumers can confidently trust the products they purchase.
By Impact Lab
