The RealReal is constantly updating its operations in an effort to prevent and remove counterfeit products from its website, founder and CEO Julie Wainwright told CNBC Tuesday.
that all products listed on the site are real. The RealReal has built its brand on the premise that its authentication procedures keep fake products off the platform, and that every product is authenticated.
The industry does not have a standard for authentication of luxury goods and determining the authenticity of a product is increasingly difficult as counterfeiters get better at producing knockoffs. "We use a combination of data, technology and humans to drive the authentication process and it is hard," she said. "There's no doubt about it. It is hard. It is hard."
"Now and what we're moving to is things are authenticated, a photo is taken, [AI] extracts all the attributes" and writes product descriptions for the website, Wainwright said.
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