In 2020 close to 8 million luxury watches were listed on eBay, of which 200,000 were sold. As consumers expand their investment opportunities, platforms like eBay are trying to enhance the consumer experience by launching programs like the Authenticity Guarantee program; where each watch priced over US$2,000 is physically checked by an expert. As the company intends to expand its offerings, they have now introduced an escrow service for luxury watches to enhance consumer trust in high-end digital shopping.
The option allows buyers and sellers an “added convenience” via a “trusted” third party, Escrow.com, which holds funds until the transaction is complete, eBay said Monday. The online marketplace will not charge processing fees on transactions and has set the minimum eligible price for luxury watches at US$10,000. The funds are only released to the seller once the buyer has received the watch in the condition described in the listing, and the terms of the transaction agreement are met to the satisfaction of both parties. The buyer will have up to seven days to inspect and examine the watch before accepting the item.
“We are changing the way people buy and sell luxury items on eBay,” said Tirath Kamdar, general manager of eBay’s luxury unit. “When it comes to high-value watches and other significant purchases, consumers expect additional assurances. eBay is committed to providing the best experience, from start to finish, and our new offerings will continue to deliver on that promise.”
Since launching Authenticity Guarantee last year, more than 7,000 luxury watches priced at US$10,000 or more, were sold. Currently nearly 80,000 new, pre-owned, and vintage watches, including those from some of the biggest brands in the world - Rolex, Omega, and Tag Heuer - are marked with the guarantee badge on eBay.com.