Since eBay’s inception more than 20 years ago, the online marketplace has drawn sellers and shoppers who have created a new pastime many described as an addiction.
EBay has expanded its collection of luxury goods to an unmatched selection of brands, styles, and pre-owned inventory, including Fine Jewelry, Watches, and rare and designer Handbags.
Today eBay is a Fine Jewelry and Watch powerhouse with exposure to a total of 180 million active buyers. Although eBay does not break down specific categories, the company notes that jewelry is one of the biggest contributors to the overall fashion business, moving 50,000 jewelry items every single 24-hour cycle. That’s more than 2,000 pieces sold per hour, including one watch purchased every 5 seconds and one diamond ring sold every minute.
To further eliminate risk in consumers’ minds, last November eBay expanded its eBay AuthenticateTM service beyond handbags and watches into luxury jewelry. Shoppers are offered more than 45,000 high-end diamond and gemstone jewelry authentication by third-party professionals and labeled “Authenticity Verified.” The expansion was created in response to the overwhelming demand from the eBay watch authentication that had launched earlier that year. If that doesn’t provide enough trust for you, eBay also offers a money-back guarantee on virtually all goods sold on the site.
Nearly ninety percent of goods sold on eBay are transacted at a fixed price, no bidding required, while the remaining 10 percent are done in an auction format. And the company is putting greater resources behind the luxury marketplace.
EBay is also experiencing demand for fine jewelry much like traditional retailers. For example, Instagram, the red carpet, and fashion runways are influencing fine jewelry trends much like they do the industry at large. And so, coin pendants, oversized chain necklaces, statement earrings, logo jewels, and hoop earrings are some of the top jewelry items on the marketplace. Meanwhile, bridal jewelry trends are ranging from simple diamond solitaires to colored stones, including nontraditional moissanite diamonds.
Of course, brand names continue to drive sales. “We continue to focus on the luxury market within Jewelry and Watches through ongoing luxury events for shoppers to get their hands on coveted brands like Cartier, Tiffany & Co., Rolex, Omega, and more,” said eBay’s Erica Haikara, category manager of jewelry. “Additionally, we have amazing dedicated luxury pages for women and men featuring an incredible breadth of assortment with the best of web pricing.”
EBay caters to both the casual seller as well as companies, with five different business models and goals: starter, basic, premium, anchor, and enterprise.
“For brands in particular…we partner with them to host special online sales events,” the company stated. “We also offer brands a wide variety of solutions for advertising. We don’t own inventory or have our own private labels, so we are able to collaborate with brands more freely.”