EBay Launches Luxury Consignment
EBay is making a bigger play for the luxury consignment sector where The RealReal has worked on cornering the market.
The marketplace on Tuesday launched a new consignment service allowing users to delegate the responsibilities of managing a luxury listing to some of the platform’s top sellers. Ebay believes this fee-based offering will eliminate some of the barriers consumers face when considering selling their high-end goods and establish itself as a serious player in luxury resale.
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The consignment service is now taking designer handbags, and eBay plans to open it up to watches and jewelry next year.
“Our top priority is to respond to the ever-evolving needs of our customers, and continuously delight shoppers and sellers,” Tirath Kamdar, global GM of luxury at eBay, said. “Launching a consignment service builds on the momentum of offerings like Authenticity Guarantee and Certified by Brand, giving our customers more trusted ways to buy and sell on the marketplace.”
The market for pre-owned premium goods is heating up. Last year’s estimated value of just under $243 billion is seen rising to nearly $370 billion by 2030, according to Research and Markets.
Ebay is launching the service with a partnership with Linda’s Stuff founder Linda Lightman, who has consigned premium goods on the platform more more than two decades and sold 4 million items and counting.
“Over the past 23 years, what was once a hobby has grown beyond my expectations. From its humble beginnings, Linda’s Stuff has flourished into a multi-million-dollar business on eBay,” Lightman said. “I’m thrilled to be a partner in launching eBay’s consignment offering, and to bring an even more extensive collection of luxury items to eBay’s global community of shoppers.”
Lightman will be in charge of all new listings to ensure they’re “as compelling as possible” and that every handbag has a “competitive value.” Consumers can consign new and used handbags from brands such as Chanel, Louis Vuitton and Hermes. Eligible items listed for over $500 or more will show the eBay Authenticity Guarantee checkmark and undergo the platform’s authentication process after checkout is complete.
Sellers using the consignment program fill out an intake form asking their location and the value of their item. Items are dispatched with an insured prepaid shipping label. Consigners, such as Lightman and others to follow, handle photography and pricing and receive a “percentage of the sale,” which varies based on the final selling price. The commission runs 60 percent for items under $1,000, 75 percent for products between $1,000-$5,000, and 80 percent for anything over $5,000.
New or pre-owned good-condition items must come from an eligible brand, including Alexander McQueen, Balenciaga, Bottega Veneta, Celine, Gucci, Valentino and more.
Earlier this year, eBay rolled out the “Certified by Brand” program, which provides brands and brand-authorized sellers access to both the platform’s millions of active buyers and customer insights.
“With nearly 28 years of history as a global commerce leader, eBay continues to deliver the best selection of inventory to our audience of 132 million users. Introducing eBay consignment signals our continued dedication to increasing trust while providing a seamless experience for buying and selling luxury online,” Kamdar said. “Partnering with a leading seller of luxury goods with more than 20 years of consignment experience, eBay’s service offers unrivaled expertise for the consignment process for luxury handbags, providing an end-to-end process with competitive rates for consignors.”
