Tackling the Trust Factor in the Secondary Market
Start-ups are developing online platforms to buy and sell pre-owned luxury watches, using AI to verify authenticity and provide pricing transparency. The secondary market for watches is estimated to be $25-30 billion annually and is expected to grow.
Online start-ups are transforming the secondary market for luxury watches by developing platforms that use AI to verify authenticity and provide pricing transparency. Bezel, an online marketplace, recently announced $1 billion in listings. The secondary market is estimated to be $25-30 billion annually, with sales expected to eclipse those of new watches in the next decade. Start-ups like Reklaim are using machine-learning and AI to identify and track pre-owned watches, providing retailers with authentic products. The lack of brand-endorsed options in the pre-owned watch category has created an opportunity for newcomers. With the help of AI, these start-ups are making the market more structured and trustworthy.
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