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eBay notches double digit growth in luxury watches as transactions top $100 billion

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eBay’s Authenticity Guarantee for luxury watches, which launched last year in the United States, was described as a key highlight of a record year for the auction and marketplace platform in its 2020 accounts.

Authenticity Guarantee covers watches sold for more than $2,000 and sees each piece undergo a physical check by experts on its way from a seller to a buyer.

The service has already been extended to Japan, and the corporation is promising additional markets will roll out this year.

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“In the US, the new experience is driving material growth. The company’s luxury watch category experienced a double-digit increase from Q3 to Q4,” eBay’s full year report describes.

Full year revenue for eBay rose to $10.3 billion, up 19%. Gross Merchandise Volume, eBay’s measurement for the total value of transactions, increased by 17% to $100 billion.

The greatest acceleration was in the fourth quarter, where revenue jumped by 28% and GMV rose 21%.

“I am proud eBay was able to be there for our buyers, sellers and community, especially in the face of a global pandemic,” said Jamie Iannone, CEO at eBay.

“We finished the year with strong financial results, but what inspires me most is the support we’ve been able to extend to small businesses — providing them with tools, resources and access to millions of buyers globally. We will continue to invest in product and technology in order to deliver the best marketplace in the world for our customers.”

 

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