Why they won a Transforming Retail Award 2019: Entrupy
The winner of the Overall Innovation category in our Transforming Retail Awards was US-based Entrupy – currently working with several UK retailers. Product counterfeiting with its associated brand dilution is a global problem, it displaces billions in legitimate business activity, which then reduces tax revenues and contributes to criminality also exposing consumers to potentially dangerous and ineffective products.
Entrupy helps to fight the battle against counterfeit goods with its patented product authentication technology. Developed by a team of technologists and academics in the research labs of New York University, it is the only completely objective, scalable system for verifying the authenticity of high-value items. In 2018 alone, Entrupy authenticated nearly $50 million of merchandise.
But how does it work? The Entrupy authentication solution consists of a proprietary, handheld scanner and an accompanying app that guides the user through the process of collecting microscopic image samples from different areas of the item. These images are processed using customised deep learning algorithms that have been trained with Entrupy’s proprietary database either results in the item being certified as authentic or unidentified. Results are received almost instantly, accuracy is near 100%, and the company guarantees the veracity of its findings with the Entrupy Certificate of Authenticity, backed by a financial guarantee.
Currently, Entrupy is used to authenticate high-end luxury handbags and accessories (e.g., Louis Vuitton, Chanel), however additional categories affected by counterfeits are in the pipeline. By using Entrupy, these companies are demonstrating to their buyers that they are a trusted source and that they can be assured the products they are getting are genuine.
In addition to Entrupy’s role in preventing counterfeits from penetrating the market, the company is building the trust needed in commerce transactions that are increasingly impersonal. This is particularly imperative to the continued growth of the resale market, which is currently growing exponentially. There is only so much policing brands and authorities can do to prevent fake products from being sold online, Entrupy’s new technology forms an important new line of defence in the war against counterfeiting.