Luxury products are always highly popular in terms of second hand sales for a number of reasons. For instance, luxury products tend to be quite durable and are therefore ideal for long term use. The most popular luxury products that are sold on a second hand basis include watches, handbags, sneakers and so on. The value of some of these products even increases with each sale.
Despite the popularity of second hand luxury products, it is hard to deny that there are few major downsides.
Let’s take a look at the issues in the luxury second hand goods market and how the Authlink platform helps in curbing them.
The top issues faced by customers in the second hand luxury goods market
There are a range of problems that customers of second hand luxury products face compared to when they buy new products. The following are the ones that the blockchain-driven Authlink platform can resolve.
1. It is difficult to verify product authenticity:
Keeping counterfeiting issues at bay in the second hand goods market is not simple. There have been a number of cases in which customers have become victimized by sales of fake luxury products. Such issues make people vary in purchasing used luxury products.
As a solution, Authlink makes the authenticity of second hand luxury products digitally verifiable. Within a few minutes, customers can use their smartphone and verify that the second hand product they are about to purchase is genuine.
2. There are sometimes no official documents available:
Some second hand products are sold without any sort of papers from the brand originally selling the product. However, such documents are essential to manage the products and resell them if necessary. This is further considered to be a downside of keeping paper documents for valuable products as they are easily lost or forged.
On the Authlink platform, customers can go paperless and manage the documents of their valuable products online. The seller can transfer these documents securely through the platform in a highly convenient and efficient manner. This helps in preserving the papers of second hand luxury products in the long run and protects them from getting tampered with at any point.
3. It is challenging to trace product provenance:
Tracking product provenance is a great way for customers to connect with and understand their valuable products better. However, this is not easy at all when second hand luxury goods are involved.
Authlink helps customers track the provenance of their newly purchased products back to the source. For instance, if a customer purchases a pair of sneakers, he/she can get all the relevant information including where the raw materials were sourced from.
4. Verifying and establishing proof of ownership gets difficult:
For expensive product purchases, it is always crucial to establish ownership and ensure that no foul play is involved during the sale. This is where Authlink comes in. The platform makes it possible for customers to take digital ownership of their second hand luxury purchases, and even transfer it later if required.
Overcome the challenges better with Authlink
All in all, the Authlink platform is revolutionizing the second hand luxury goods market through a range of digitally enabled services. Schedule a demo of the Authlink platform or sign up for the beta version today to find out more about how it works.