Luxury resale platforms like the RealReal are seeing big sales growth as shoppers seek out preowned designer goods at discounted prices. The RealReal utilizes AI and machine learning to authenticate items quickly and efficiently, moving inventory at a rapid pace. This trend is driven by consumers seeking value and affordability in the luxury market, especially amidst economic downturn.
Luxury resale platforms like the RealReal are seeing big sales ever since shoppers decided to cut back on high-priced designer purchases,, to name a few—has recorded sales growth for three straight quarters now. In addition, the company revealed to the newspaper that it offloads the bulk of its wares within three months.
The reason the platform can move inventory so quickly is because it uses technology to speed up the authentication process. More specifically, the RealReal implements machine learning and AI to determine whether a watch, for example, is actually counterfeit. In addition, these technologies are able to write copy and accelerate the cataloging process, which was previously done by employees, and come up with real-time competitive comps for preowned pieces.
Luxury Goods Resale Market E-Commerce AI Consumer Behavior
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