The online giant, eBay, is launching “Authenticity Guarantee,” a new post-sale authentication service for all watches sold for $2,000 or more in the U.S.
As many enthusiasts know, an eBay watch can often be something of a gamble. That’s why buyers and sellers have been using platforms like Chrono24 and Watchfinder. As Watchfinder is owned by Richemont Group, it tends to give buyers spending over 10K more confidence.
Offering meticulous inspection and verification by independent experts, eBay’s Authenticity Guarantee provides an extra layer of trust and confidence for shoppers, with the Authenticity Guarantee badge.
eBay is also announcing an 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. Plus 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, so 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.”
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. 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. 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 selection. The new experience’s feed includes relevant articles, curated inventory, and spotlights top sellers. All of this will provide the chance for collectors to have an immersive journey in the areas they love.
- Reduced Seller Fees: Beginning September 9, eBay is announcing a reduction in seller fees for certain sellers in luxury watches, boosting its selection of luxury watches and fine timepieces for the marketplace.
- For sellers who are active in managed payments, the marketplace is lowering final value fees in the Watches category over $1,000. Managed payment sellers can save up to 35% in final value fees, 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.