Luxury resale markets are transforming profoundly by integrating artificial intelligence (AI) technologies, revolutionizing how collectors authenticate, price, and trade high-end goods. From watches to fine wines, sneakers, and handbags, AI is increasingly becoming a cornerstone in streamlining processes and enhancing user experiences across various sectors.
Entrupy, a pioneering startup in the authentication domain, has set a new standard in ensuring the authenticity of luxury goods. By harnessing the power of AI, Entrupy swiftly verifies the genuineness of handbags, accessories, and sneakers, combating the pervasive issue of counterfeits plaguing the industry.
With a meticulous approach to data collection and analysis, Entrupy boasts an impressive accuracy rate of 99.1%, instilling confidence among consumers and retailers alike. By bridging the gap between brands and the secondary market, Entrupy’s innovative solution adds a layer of transparency and trust, mitigating the risks associated with counterfeit products.
AI-powered pricing
EveryWatch and Arbit are pioneering AI-driven platforms reshaping the pricing dynamics in luxury watch and sneaker markets. EveryWatch, founded by Giovanni Prigigallo, addresses the longstanding challenge of pricing ambiguity faced by watch collectors. By leveraging AI algorithms trained on extensive historical auction data, EveryWatch offers subscribers comprehensive insights into the median auction values and latest sale prices of coveted timepieces from renowned brands like Rolex, Cartier, and Omega. This data-driven approach empowers collectors to make informed decisions, fostering greater transparency and efficiency in the watch market.
Similarly, Venita Cooper’s Arbit is revolutionizing the sneaker resale landscape by providing users with accurate pricing guidance based on AI-driven algorithms. Arbit’s predictive pricing platform offers valuable insights into the fair market value and future price trends of sought-after sneaker models from leading brands such as Jordan, Nike, and Adidas in a market characterized by volatility and speculation. With plans to expand into the luxury handbag market, Arbit is poised to disrupt traditional pricing models and empower sneaker enthusiasts with actionable market intelligence.
Enhanced user experience
eWibe and Poshmark are in charge of enhancing user experiences through AI-driven solutions tailored to the fine wine and fashion resale markets, respectively. Carlo Arrigoni’s eWibe leverages AI chatbot technology to guide investors in building their wine portfolios, offering personalized recommendations based on individual preferences and risk tolerance. By harnessing its platform’s vast wealth of data, eWibe streamlines the investment process and empowers users to make informed decisions in the lucrative world of fine wines.
Meanwhile, Poshmark’s innovative Posh Lens feature utilizes AI-based capabilities to identify brands and styles in uploaded photos, enhancing the discoverability of listings and facilitating seamless transactions between buyers and sellers. With a vast database of over 100 million listings, Poshmark continues to refine its AI technology to deliver a more immersive and authentic shopping experience for its users. Founder and CEO Manish Chandra envisions a future where generative AI can further revolutionize the fashion industry by automating listing creation and styling processes, ushering in a new era of efficiency and convenience for online shoppers.