In the age of the internet, the pre-loved and designer goods digital resale market has been something like the wild wild west. Unless sellers and buyers are working with authentication partners and trusted entities, oftentimes transactions are completed in best faith, with a lot of haggling, bidding, and negotiations in the process.
The team at Rebag, a digital platform for buying and selling pre-loved designer goods, are on the path to changing all that, by giving sellers and buyers market data on the dollar values of handbags, watches, accessories, and jewellery they're either looking to offload or acquire.
Here's how it works: Users who download the Rebag app can photograph their designer handbags, watches, accessories, and jewellery. The app is capable of recognizing 15,000 bags from the top 50 luxury brands in the world—boasting 90 per cent accuracy!—and the more people use the app, the smarter the app gets, hello magic of AI.
After answering some basic questions assessing the condition of the handbag, the app culls market data and generates two prices: one offer for cash payment (for users who choose to sell their bags directly to Rebag) and one for Rebag credit (to shop the store).
"Clair AI is the world's first image recognition technology for resale," Rebag CEO Charles Gorra said. "It took us about six years to build and millions of data points. The scanning function works very much like a QR code or a mobile banking deposit. Clair AI only needs one good front-facing picture of the bag."