Dive Brief:
- Continuing its rollout of tech features, Rebag has launched Rebag Wallet, a tool that houses sellers' payouts and Rebag proceeds, the company announced on Wednesday.
- After Rebag processes sellers' transactions, they can access their funds in the wallet account. When they use their seller funds to buy goods on Rebag, the company will give them a 10% spending bonus, according to the announcement.
- The company will pay out 1% in interest per month for up to 12 months on the seller funds stored within the wallet.
Dive Insight:
Rebag has been introducing new tech tools to service its luxury resale customers over the past few years. In 2019, the company unveiled its Comprehensive Luxury Appraisal Index for Resale tool, also known as Clair, enabling shoppers to assess the value of resale items across 50 brands.
The resale platform continued to enhance its tech tools last year and this year. In February 2021, the company released Clair AI, which uses artificial intelligence to recognize images and price out luxury goods. And earlier this year, the company introduced its Rebag Auction tool, which lets shoppers bid on high-end goods from brands like Hermès and Louis Vuitton.
Meanwhile, other companies have been creating digital wallet tools for merchants on their platforms. In July, Amazon added a digital wallet service for merchants on its platform, which is free except for currency conversions or international transfer fees.
The launch of Rebag's digital wallet comes as digital wallets are expected to grow among consumers. A Morning Consult report found that under two-thirds of consumers had to use a digital wallet in June. Of the users who have a digital wallet, only 7% use it daily and 15% use it several times per week.
