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AI Authenticates Luxury: The RealReal's Athena Revolution
21 Jan
Summary
- AI program Athena processes 27% of items for authentication.
- Athena cuts item listing time by up to 50%.
- AI integration is expected to save the company millions of dollars.
The RealReal has implemented an AI program named Athena to enhance its authentication, pricing, and description processes. By late September, Athena was handling 27% of incoming items, with projections to increase this significantly.
This advanced technology focuses on identifying authentic luxury goods, a critical task for a company processing millions of items annually. Initial efforts concentrated on less complex brands, but Athena's capabilities are expanding.
Athena's primary impact is accelerating the sales cycle, potentially halving the time it takes to list an item. This efficiency is crucial for seller satisfaction and faster inventory movement.
The AI also contributes to cost savings by reducing the need for extensive manual labor as the company scales its operations.
Furthermore, Athena aids in risk assessment by assigning counterfeiting scores, optimizing the workflow between automated listing and manual authentication, especially for high-value items like Birkin bags.
