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.
The new eBay service 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. 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.
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.
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.
“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.”
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.