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With nearly 8 million luxury watch listings created in 2020, eBay delivers additional payment features for watch transactions over $10,000
SAN JOSE, Calif., April 26, 2021 /PRNewswire/ -- eBay, one of the largest luxury watch marketplaces in the world, today announces the addition of escrow to marketplace payment offerings for luxury watches. This additional payment option allows buyers and sellers an added convenience via trusted third party Escrow.com, holding funds securely until the transaction is complete providing an additional level of protection. Benefiting both parties in the transaction process, escrow is now available to those buying and selling luxury watches over $10,000, expanding the payment options available to luxury watch enthusiasts to foster an even more seamless experience.
"We are changing the way people buy and sell luxury items on eBay," said Tirath Kamdar, General Manager of Luxury at eBay. "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."
There's been a tremendous surge in enthusiasm for high value collectibles as consumers expand their investment opportunities. eBay is constantly introducing platform and product enhancements to improve the buying and selling experience, creating a seamless process for transactions on premiere brands like Patek Phillippe, Richard Mille, Audemars Piguet, and Hublot, which were some of the most coveted luxury watches in 2020. After launching its Authenticity Guarantee service in September 2020, more than 7,000 luxury watches priced at $10K+ were sold on eBay. Now, with the introduction of escrow, eBay continues to make shopping and selling high value items like collectible timepieces convenient and simplified.
"As a long-time leader in the luxury watch space with more than 1.2M daily live listings, eBay offers an unmatched selection of timepieces -- from rare, vintage watches to new styles from top brands like Rolex, Omega, Tag Heuer and more," said Charis Márquez, Vice President of Fashion, eBay. "We've seen a tremendous uptick in interest for luxury watches this past year, with more than 22 million site searches for Cartier, and more than 15 million for Tag Heuer. Escrow joins Authenticity Guarantee as eBay's response to that growing appetite."
How It Works
Enhancing the secure payment suite by partnering with Escrow.com, the most licensed online escrow company, this multi-step enhancement offers the eBay community of buyers and sellers another way to securely transact on watches $10,000 or more, with no processing fees. The streamlined service requires minimal steps to ensure a swift transaction process:
Getting Started: At checkout, if a shopper decides to purchase a qualifying luxury watch using escrow, they will be directed from eBay to Escrow.com's website where they will receive step-by-step instructions for creating an account. Both buyers and sellers must have an account in order to send and receive payments; it is a one-time process and all data is privately shared between Escrow and the buyer or seller.
Transaction Process: The buyer funds an account via wire transfer or ACH electronic check, which is managed by Escrow.com as an intermediary. Funds are released by the third party to the seller once the item is received by the buyer in the condition described in the listing and terms of the transaction agreement are met to the satisfaction of both parties. They are protected against fraudulent customers through verification checks and payment being held by a third party in case of a return allowing sellers 5 days to inspect the merchandise and release funds to customers if the merchandise matches the original condition.
Progress Updates: Buyers and sellers can check the status of their transactions where payment is made via Escrow.com by visiting the "My eBay" drop down under "Order Details," or via Escrow.com where they can access a transaction summary page and view the progress of all active Escrow.com transactions.
Item Inspection and Returns: After receiving their watch from the authenticator, the buyer will have up to 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. In the event of a return, the watch is shipped back to the third party for verification and funds are then released to the customer if the merchandise matches the original condition.
Nearly eighty thousand new, pre-owned and vintage watches are marked with the Authenticity Guarantee badge on eBay.com, comprising an inventory of fine watches from brands like Rolex, Patek Philippe, Omega, Audemars Piguet and more. Each watch sold for $2,000 or more, marked with the Authenticity Guarantee badge on the listing, undergoes a rigorous third party inspection by Stoll & Co., the leading provider of watch repair services, ensuring the timepieces are authentic and as described. Escrow joins Authenticity Guarantee as another way eBay is evolving the buying and selling experience for eBay's community of luxury watch enthusiasts.
eBay Luxury Watches By the Numbers
eBay sold more than 196K luxury watches in 2020, and more than 597K watches over the past three years.
62% of eBay's luxury watches inventory comprises of pre-owned watches that contributes to 77% of luxury watches sales in 2020
There were over 165K daily live listings on average for luxury watches, which is 4% increase compared to 2019.
Rolex accounts for 41% of watch sales on eBay, and in 2020, Rolex sales increased by 4% compared to 2019.
Source: Sales data on eBay.com.
eBay Inc (NASDAQ: EBAY) is a global commerce leader including the Marketplace and Classifieds platforms. Collectively, we connect millions of buyers and sellers around the world, empowering people and creating opportunity for all. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.
Winner of the BBB Torch Award for Ethics for Silicon Valley, San Francisco and the Bay Area, Escrow.com is the leading provider of secure online payments and online transaction management for consumers and businesses on the Internet, having safely processed over US$4.5 billion in transactions. Founded by Fidelity in 1999, Escrow.com reduces the risk of fraud by acting as a trusted third party that collects, holds and disburses funds according to buyer and seller instructions. Escrow.com is a subsidiary of twelve-time Webby Award-winning Freelancer.com, the world's largest freelancing and crowdsourcing marketplace by number of users and jobs posted. Freelancer Limited is listed on the Australian Securities Exchange under the ticker ASX: FLN.
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SOURCE eBay Inc.