Rebag Adds Artificial Intelligence Tool to Accurately Price Goods
Grace Mahas — February 22, 2021 — Luxury
References: rebag & bizjournals
Rebag, the popular luxury resale platform, recently added an artificial intelligence tool that will instantly price most luxury handbags on the platfrom. The software will leverage six years of data alongside image recognition technology to identify and price handbags.
"From now on, anyone can scan and access the resale value of a handbag instantly, without any prior industry knowledge,” said Charles Gorra, founder and CEO of Rebag. “Ultimately, we believe that accessible resale data points will redefine behaviors and move the luxury industry from a consumption mindset towards an investment one."
To use the software, users must simply download the app, scan the time, and await a nearly instant price quote. Consumers who accept the offer will receive a free shipping label to mail their item to the brand.
Image Credit: Rebag
"From now on, anyone can scan and access the resale value of a handbag instantly, without any prior industry knowledge,” said Charles Gorra, founder and CEO of Rebag. “Ultimately, we believe that accessible resale data points will redefine behaviors and move the luxury industry from a consumption mindset towards an investment one."
To use the software, users must simply download the app, scan the time, and await a nearly instant price quote. Consumers who accept the offer will receive a free shipping label to mail their item to the brand.
Image Credit: Rebag
Trend Themes
1. AI-powered Pricing - AI-powered pricing tools will become increasingly popular in the resale industry to provide fast and accurate pricing for luxury goods.
2. Image Recognition - Image recognition technology will be a game-changer in the luxury resale market, allowing for real-time identification and pricing of items.
3. Resale Industry Disruption - AI-enabled resale platforms have the potential to disrupt the traditional luxury goods industry and redefine consumer behavior towards investment-based purchasing.
Industry Implications
1. Luxury Goods Resale - Luxury goods resale platforms will benefit from implementing AI-powered tools to streamline and revolutionize the pricing process.
2. E-commerce - E-commerce businesses in the luxury goods industry can utilize image recognition technology and AI-powered pricing to improve their customer experience and increase sales revenue.
3. Artificial Intelligence - The implementation of AI in the luxury resale market will change the landscape of the industry and provide new opportunities for innovation and growth.
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