SAN JOSE, Calif., Sept. 8, 2020 /PRNewswire/ -- Today,
eBay, one of the largest luxury watch marketplaces in the
world, is launching "Authenticity Guarantee," a new
post-sale authentication service for all watches sold for
$2,000 or more in the U.S. Offering
meticulous inspection and verification by independent experts,
eBay's Authenticity Guarantee provides an extra layer
of trust and confidence for shoppers browsing the nearly eighty
thousand new, pre-owned and vintage watches marked with the
Authenticity Guarantee badge on eBay.com/LuxuryWatches. eBay
is also announcing new features and experiences, including
escrow payment on watches sold for $10,000 or more and unveiling "eBay
Channels," a new app experience. Additionally, the
marketplace is cutting seller fees as much as 35% for active
managed payments sellers on watches sold over $1,000 and offering a 30% discount off
final value fees for registered managed payment sellers on watches
sold over $2,000.
"For 25 years, watches have been one of the top-selling
categories on eBay thanks to the marketplace's unmatched selection
of luxury goods," said Tirath
Kamdar, General Manager of Luxury at eBay. "We know
trust is paramount among the watch community, and with Authenticity
Guarantee and adding escrow services for watches, eBay has evolved
to give watch customers exactly what they want – incredible
selection with an added layer of confidence through authenticity
verification by independent experts for their high-valued
purchases."
"eBay's Authenticity Guarantee verifies the authenticity of the
watch and confirms the watch is exactly as described in the
listing," said James Hendy,
General Manager of Authentication at eBay. "Leveraging a team
of independent experts, eBay's Authenticity Guarantee checks all
watches sold for $2,000 or more in
detail, with a multi-point inspection. Our number one goal is to
bring more trust to our marketplace for our entire eBay community,
making sure no one receives a fake watch."
Meet eBay Authenticity Guarantee
A longtime leader in
the luxury watch market, eBay houses one of the largest inventories
of new, vintage and pre-owned contemporary and fine watches in the
world - including brands like Rolex, Patek Philippe, Omega,
Audemars Piguet, Breitling and Panerai. Coupled with competitive
pricing and no buyer fees, shoppers can find the exact watch
they're looking for at the price they want. Here's an inside-look
at the new service:
- Incredible Selection of Authenticity Guarantee Badged
Items: Shop with confidence by browsing luxury watches
with the Authenticity Guarantee badge, which denotes the watch's
eligibility.1 After purchase and before being
shipped to the customer, the piece is routed to a third-party
authenticator for thorough assessment. Once verified, it is then
shipped via expedited, two-day shipping from the authenticator
facility to the customer with signature confirmation upon delivery.
eBay covers the cost of authentication, as well as the two-day,
secure shipping from the third-party authenticator facility to the
buyer.
- Multi-point Inspection and Authentication Card:
Upon receiving the watch, the independent authenticator confirms
the item is consistent with the listing title, description, and
images, then performs a multi-point physical authentication
inspection is performed, focusing on assessment of the crown,
bezel, dial, case, clasp/buckle, hands, end links and serial
number. Finally, a security tag is attached to the watch.
All watches verified as authentic come with an Authenticity
Guarantee card detailing information such as the brand, model,
reference number, movement type, case material, bracelet type, and
serial number, as applicable.
- Trusted Third-Party Authentication
Partners: eBay has partnered with leading industry
experts whose services and capabilities have been thoroughly
vetted. The independent authentication partners are leaders in
their industry, brand certified watchmakers and technicians with
years of experience using advanced technical equipment in a
state-of-the-art facility.
- Enhanced Seller Protections: eBay continuously
adds more protections for our community of sellers. With this new
service, not only is the marketplace attracting more buyers for our
seller community, but with intermediated returns, with the
additional step of third-party experts physically verifying each
item during the return process, sellers can sell with confidence
with peace of mind that in the case their watch is returned, it
will arrive back in the same condition.
New and Enhanced Luxury Watch Experience
Today, eBay
is announcing new features to deliver a more personalized and
innovative shopping experience for watch buyers and sellers. eBay
is adding the following enhancements, fundamentally changing the
luxury watch experience.
- Escrow Payment: eBay is introducing escrow
payment for high value watches to elevate the purchasing process
for its buyer and seller communities. In partnership with
Escrow.com, the most licensed online escrow company, the new escrow
payment experience provides an additional layer of trust when
buying and selling luxury watches by ensuring the entire experience
proceeds safely and securely for both parties. The buyer is
protected as they have the opportunity to inspect the item before
payment is released, while the seller is protected by being able to
track the transaction at every stage, ensuring payment is received.
The feature will begin rolling out in the fall and will be
available on all eligible listings from all U.S. sellers by the end
of the year.
Here's how it works:
-
- Together with Escrow.com, buyers will pay using escrow services
on watches sold for $10,000 or more
on eBay.
- Escrow.com facilitates transactions by keeping the payment in a
secure escrow account which is only released when all of the terms
of an agreement are met. The buyer will have seven days to inspect
and examine the watch, before accepting the item. Once accepted, or
if the seven-day inspection period has passed, returns will not be
available.
- For sellers, there is no risk of charge-backs or escrow
processing fees.
- eBay Channels: Users can now enjoy
eBay Channels, a new content-led experience on the latest versions
of eBay's iOS and Android apps. The experience, targeted to luxury
watch enthusiasts, connects them with inspiration from the luxury
watch world and eBay's incredible selection. The new experience's
feed includes relevant articles, curated inventory, and spotlights
top sellers in the field. All of this will provide the chance for
collectors to have an immersive journey in the areas they love and
to engage with the best that our marketplace has to offer.
- Reduced Seller Fees: Beginning September 9, eBay is announcing a reduction in
seller fees for certain sellers in luxury watches, boosting its
wide selection of luxury watches and fine timepieces for the
marketplace's millions of shoppers. For sellers who are active in
managed payments, the marketplace is lowering final value
fees in the Watches category for watches sold over
$1,000. Managed payment sellers can
save up to 35% in final value fees as compared to the final
value fees they previously paid.
Sellers who sign-up for managed payments, but are not yet active,
qualify for a 30% discount on final value fees on watches
sold over $2,000. The reduction
applies to auction and fixed price listings on the U.S. site. Full
details on reduced seller fees will be shared tomorrow. Learn more
on September 9 at
www.eBay.com/sellerupdate.
From the casual watch enthusiast to the avid timepiece
collector, buyers and sellers can shop and sell with confidence.
For more information on Authenticity Guarantee, visit
www.eBay.com/buyauthentic and www.eBay.com/sellauthentic. To shop
luxury watches, check out www.eBay.com/luxurywatches and follow
@eBay on Instagram, Twitter, YouTube and Facebook.
eBay Luxury Watches By the Numbers
- eBay sold over 2 million watches in 2019 with nearly
8 million watches sold over the past three years.
- 54% of eBay's watches vertical is comprised of
pre-owned inventory, and there has been over a 60% increase
for pre-owned in eBay's watch category from 2019 - August 2020.
- There are over 165,000 daily live listings on average
for luxury watches, and since 2019, there has been a 10%
increase in average daily live listings for luxury watches
- Rolex accounts for 40% of luxury watch sales on eBay,
and since 2019, Rolex sales have increased 60% on eBay's
marketplace.
Source: Sales data on eBay.com.
About eBay
eBay Inc (NASDAQ: EBAY) is a global
commerce leader including the Marketplace and Classifieds
platforms. Collectively, we connect millions of buyers and sellers
around the world, empowering people and creating opportunity for
all. Founded in 1995 in San Jose,
California, eBay is one of the world's largest and most
vibrant marketplaces for discovering great value and unique
selection. For more information about the company and its global
portfolio of online brands, visit
www.ebayinc.com.
1 Currently, watches listed in the
primary category of wristwatches and sold for $2,000.00 USD or more in the U.S. are eligible
for Authenticity Guarantee. In addition, Auction items in the
wristwatch category that are expected to sell above $2,000.00 USD are also included in the program.
Smart watches, watch parts, and accessories are not eligible for
authentication. Items specified as customized will not be
authenticated. Customized is defined as original brand parts that
have been replaced with non-brand parts, or parts not original to
the model or era, or components that are modified from the original
design. See eBay's Terms & Conditions for more details.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/ebay-launches-authentication-on-all-watches-sold-for-2-000-or-more-in-the-us-with-new-service-authenticity-guarantee-301125281.html
SOURCE eBay Inc.