Secoo Jointly Established 'AI Laboratory' with CAS, Empowering AI Authentication

BEIJING, June 19, 2019 /PRNewswire/ -- Secoo Group (NASDAQ: SECO) announced it has jointly established 'CAS X SECOO AI Laboratory' with the Institute of Computing Technology - Chinese Academy of Sciences (CAS). The two sides will take advantage of big data and artificial intelligence technology to develop an intelligent authentication system and smart content tagging system. Both teams will achieve win-win cooperation to address the rapid development of the luxury industry through e-commerce with the authentication experience of Secoo and the research and talent strength of CAS.

According to the McKinsey Report, the Chinese luxury market will reach 1.2 trillion RMB by 2025. In the meantime, the rise of the luxury resale market has also stimulated luxury consumption. US luxury reseller The RealReal has set IPO terms, to be valued at up to $1.6 billion. According to luxury experts and financial professionals, the luxury resale market will continue to experience rapid growth.

However, counterfeits remain an issue for the development of the luxury industry. Grey market sales, such as "daigou", continue to flood the market with counterfeit goods, and the luxury market lacks authentication standards and professional appraiser training.

AI Intelligent Authentication Increases Accuracy and Cost Reduction

Secoo, Asia's leading premium lifestyle omni-channel with online stores and offline experience centers, has established several authentication centers with dozens of experienced professional appraisers and has guaranteed their product authenticity for the past ten years (the same model used by The RealReal in the US). 

With the rapid rise of e-commerce, Secoo could use big data technology, deep learning and machine learning to realize AI intelligent authentication, which will bring down operational costs and increase authentication accuracy. Applying AI into Secoo's existing authentication system will offer consumers a fast, safe, and reliable authentication process. Also, the luxury industry will be using blockchain technology to authenticate product origins, and LVMH group has already launched its own blockchain technology to track their products origination. In 2018, Secoo also introduced blockchain technology to examine products' originality.

Partnered with CAS, Secoo Promotes the Industrial Revolution

The founder and CEO of Secoo Group, Mr. Richard Li, said, "We are very confident with CAS's advanced technology, understanding of big data and knowledge of AI application. We share the same goals on leveraging advanced technology to increase authentication accuracy. We hope that AI technology will not only change the authentication process and content tagging, but that it could also change the whole premium consumption ecosystem. With AI intelligent authentication, we will extend our authentication service to Secoo Group's social commerce, luxury resale business, cross border e-commerce, and an open platform authentication service."

CAS doctoral advisor and the director of 'CAS X SECOO AI Laboratory,' Cao Juan stated: "The AI and big data cooperation with leading luxury e-commerce platform Secoo is an important step for AI application. Our common goal is to improve industrial efficiency and accuracy through AI applications. The partnership will become a revolution for the luxury industry, transforming a traditional manual examination process to advanced intelligent technology."

The collaboration will not be limited to AI authentication and content identification. The Secoo X CAS "AI Laboratory" will continue to research new technologies on consumer insights, big data, and artificial intelligence. These innovations will help Secoo create new industry benchmarks and promote a technology revolution in the luxury industry.

SOURCE Secoo Group

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