Counterfeit goods make up around 2.5% of all global imports to the US—which is somewhere in the ballpark of half a trillion dollars. In 2017, US Customs seized more than 34,000 shipments of counterfeit goods—an 8% increase from 2016—and yet in the US, the resale business is a $17 billion dollar industry and a $20 billion industry in Europe. But according to the Anti-Counterfeiting Manager at the International Trademark Association, shoppers who buy knock-off goods to look expensive for less are actually helping fund the same people involved in human trafficking and terrorism.

To keep these numbers from rising, resale retailers are working hard to get away from knock-off goods that not only disappoint customers but also fund the bad guys—so, of course, technology is here help. 

Today discussing the business of resale retail, artificial intelligence, and luxury goods verification are Vidyuth Srinvasan, CEO of luxury handbag verification app, Entrupy, Liz Wolff, founder of Cure Thrift Shop. On the phone from Hong Kong is Sarah Fung Founder of Hula, a pre-owned designer womenswear online marketplace, and also via phone is Ryan Smith, Senior Director of Online Operations at ShopGoodwill.com.

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