Ebay is making a strategic move to enhance its presence in the second-hand luxury watch market by introducing plans to streamline the process of verifying the authenticity of timepieces sold on its platform. James Hendy, head of Ebay’s luxury goods authentication service, has revealed that the company has exciting developments in the works for luxury watch buyers and sellers, set to be implemented by the end of 2019.
While the growth of new watch sales has been relatively slow, the demand for used luxury watches has been on the rise, particularly among younger consumers who are increasingly comfortable making high-value purchases online. This significant trend has not escaped the notice of major industry players, as evidenced by Richemont’s recent acquisition of the second-hand platform Watchfinder.co.uk.
Ebay has observed a marked increase in the volume of transactions involving second-hand luxury watches, with projections indicating that sales could surpass $1 billion in 2018. This places Ebay in direct competition with Chrono24, a German rival projecting transaction volumes of around 1.3 billion euros. To ensure that only authentic luxury watches are sold on its platform, Ebay expanded its Authenticate program to include luxury watches, enabling approved professional sellers like Watchbox to list timepieces with a certified “authenticity verified” tag.
In the upcoming first quarter of 2019, Ebay is planning to introduce new features that will enable consumers to easily sell their luxury watches online, with authentication services slated to cover all consumer-to-consumer transactions by the latter half of the year. Despite the traditional reluctance of Swiss luxury watch brands to embrace online sales, Ebay is exploring potential collaborations with these prestigious brands as it seeks to tap into a market estimated to be valued at approximately $20 billion when jewelry sales are taken into account.
According to a report by Bain & Company, the luxury watch market is experiencing rapid growth, with younger consumers playing a significant role by demonstrating a growing comfort level when it comes to purchasing high-end products online. Major watch manufacturers such as Richemont and Audemars Piguet are taking note of this trend and beginning to explore opportunities in the burgeoning secondary market.
James Hendy has expressed his belief that in the near future, the primary and secondary markets for luxury watches will converge, allowing brands to directly engage with customers through platforms like Ebay. As the online market for luxury watches continues to expand, Ebay is solidifying its position as a key player in the industry, providing both buyers and sellers with a secure and trustworthy platform for buying and selling genuine luxury timepieces.
For more information on luxury watch authentication and sales on Ebay, visit Ebay’s Authenticity Guarantee. If you’re interested in exploring the latest luxury watch offerings on the platform, check out Ebay’s Watches, Parts & Accessories section.
