Tech Tuesdays: StockX Battles Counterfeits + IBM on Gen AI Use

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In this week’s tech news, StockX fights online crime while IBM says gen AI can be used in product development…

Stopping the Spread of Fake Sneakers

StockX, which describes itself as the “current culture marketplace,” issued a new report spotlighting the company’s latest verification metrics. This is the third annual report issued by the company, and is titled “Big Facts: The Verification Report 2024.”

StockX said the purpose of the report is to reveal the company’s proprietary review process, the most faked items by counterfeiters, and how it prevents substandard products from getting into the market. Scott Cutler, the chief executive officer of StockX, said not only is the company “persistently invested in fighting the proliferation of counterfeit products” but also among the only platforms in our space “that routinely provides this level of market data to our customers.”

“We know that trust is built on transparency and consistent experiences, and we’re passionate about delivering a best-in-class offering that empowers buyers and sellers to trade what they love,” Cutler added.

Regarding the top brands revealed as fakes, the StockX verification technology in the sneakers category, the number one product counterfeited was the Adidas Yeezy Boost 350 V2 Zebra, which was followed by the Adidas Campus 00s Core Black and the Jordan 4 Retro Black Cat (2020) in third. “Fear of God hoodies dominated the apparel category for the second year, with the Fear of God Essentials Hoodie Light Oatmeal taking the top spot,” authors of the report said. “Tried and true classics and popular staples topped the list for handbags, including black colorways of the Jacquemus Le Grand Bambino and Telfar Shopping Bag Medium as well as the Louis Vuitton Mini Bumbag Monogram.”

StockX said its verification process is core to the customer experience. “In the last year alone, StockX rejected over 400,000 products — collectively valued at nearly $85 million — because they did not meet the company’s verification standards,” the company said, adding that this represents an increase of around 100,000 products year over year.

“There are several reasons why products don’t make it through StockX’s verification process — those include things like sizing inconsistencies, missing accessories, box damage, signs of previous wear, or if the company suspects the item is fake,” the report noted.

New Applications for Gen AI

IBM’s Institute for Business Value just released a research paper on gen AI’s applications in new product development. Titled “Sharpening a Competitive Edge with Generative AI,” The report highlights gen AI’s “impact on improving go-to-market success rates, supply chain efficiency, and sustainable practices for consumer products companies,” the company said.

The institute found that 97 percent of companies polled use gen AI to augment knowledge search while 92 percent are using it to create analytical models. The survey also showed that 91 percent are using the technology to create custom product visualization and designs.

IBM found that gen AI can improve product development cycles by up to 30 percent. The report also found that 95 percent of consumer product companies are using gen AI to augment knowledge search internally and externally. And 89 percent are using the technology to generate demand forecasting from structured and unstructured data, and 81 percent are using it to summarize complex documents. The report also found that 48 percent of executives polled indicated said gen AI is expected to lower forecast error by 20 percent and reduce inventory carrying costs by 24 percent.

Bamboo Rose Upgrade

Bamboo Rose has enhanced its platform with the addition of Supplier Relationship Management (SRM) capabilities, the company said adding that the integration “aims to improve the way retailers manage their suppliers by providing a more collaborative and streamlined workflow.”

The new integration comes as retailers and brands focus on improving workflow efficiencies across the value chain.

Previously, retailers and brands faced challenges with data transparency, communication inefficiencies, and difficulty keeping suppliers up-to-date. Bamboo Rose’s SRM features address these issues by offering real-time dashboards, improved communication tools and a knowledge base for suppliers and vendors.

The new SRM features also supports better compliance, brand strategy alignment and quicker response times to regulation and policy changes. This fosters a more connected and innovative relationship between retailers and suppliers, ultimately leading to better product quality and fulfillment.

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