Ebay continues to establish itself as a go-to destination for luxury products, as it expands its authentication program to include new and pre-owned handbags. The online marketplace’s professional authentication service, which was successfully introduced for luxury watches and sneakers last year, will now cover handbags sold on the platform for over $500.
This expansion means that Ebay’s authentication program now covers three of its top-performing categories. The demand for luxury handbags on Ebay is evident, with an average of 1.41 million handbag listings and five handbags being sold every minute. In fact, in 2020 alone, Ebay sold over 2 million handbags in North America. The category has experienced significant growth, with purchases of luxury handbags from top designer brands rising by 31% year over year. Mini purses and clutches have also seen notable increases of 72% and 30% respectively since February.
The introduction of authentication for handbags is expected to further drive this progress. Ebay’s authentication program has already had a considerable impact on sneaker sales, which have been growing at a triple-digit year-over-year rate. The watch business also experienced accelerated growth, jumping from 16% to 38% in the first quarter. Charis Márquez, Ebay’s VP of fashion, explains that the Authenticity Guarantee has fundamentally changed how people buy and sell luxury items on the platform. Expanding the authentication program to include handbags will provide an additional layer of trust and confidence for both shoppers and sellers.
During the authentication process, sellers will ship purchased handbags directly to Ebay’s team of professional authenticators. These experts will thoroughly inspect the items to verify their authenticity. Once a handbag is verified, it will be affixed with an Ebay security tag and a unique Authenticity Guarantee card providing detailed information about the product. The program also includes verified returns, ensuring that sellers receive the exact item they initially shipped when a return is made.
With this expansion, Ebay is aiming to compete with dedicated luxury marketplaces like The RealReal and Poshmark for a larger share of the second-hand luxury market. As a result, shares of The RealReal dropped around 3% following Ebay’s announcement, and Poshmark experienced a 0.3% decrease in its stock.
By offering a professional authentication service for luxury handbags, Ebay is solidifying its position as a leading platform for buying and selling luxury products. With a focus on providing trust and confidence to both buyers and sellers, Ebay’s expanded authentication program is set to further enhance its reputation in the second-hand luxury market.
Useful Links:
1. Ebay Authenticity Program
2. The RealReal – Luxury Marketplace
