Reebonz is a Singapore-based eCommerce platform for selling designer products such as handbags, shoes, and apparel. With a focus on the Asia-Pacific region, Reebonz carries over 1000 brands, has 6 million users, and sells both new (B2C) and used (consumer-to-consumer) products.
After announcing the signing of an MoU in Spring of 2019, luxury product platform Reebonz finally announced the progress on their PoC with VeChain. Reebonz is providing digital certificates with their products, making it easy to track and verify goods sold on the platform.
Reebonz has long been considered an innovative platform in the region, attracting customers with both online and offline stores, and providing high-quality products in an industry sorely lacking trust. In 2018, they sold US$88 million in luxury goods, making them one of the biggest platforms in the region.
“Building trust with our customers is one of our core values. Using cutting edge technologies and innovative measures, we hope to provide the first of its kind tracking and authentication tools for luxury products in Asia. We have evolved to a customer centric model, allowing anyone to buy and sell their luxury products through us in a seamless way. We are excited to use the blockchain technology and work with VeChain to solve one of the key global issues impacting our industry. The authentication of pre-owned luxury items using the blockchain is just one of many high impact innovations Reebonz is pioneering to improve the luxury shopping experience for customers across Asia Pacific.”
Reebonz’s CEO and co-founder, Samuel Lim
How does the solution work?
Luxury bag consumers are faced with a conundrum: expensive prices and high-build quality means that new purchases are a long-term commitment. Reebonz created their own consumer-to-consumer (C2C) market to allow users to easily buy and sell products, improving the resale value and increasing the frequency of transactions on the platform.
To ensure the authenticity, Reebonz tokenized the products, issuing a certificate that accompanies the purchase. This is important because Reebonz offers a sell-back guarantee, where users have the option of returning their purchases for credit towards future items, even after using it.
Within the Reebonz mobile app, users will be able to scan QR codes on the certificates directly, learning about the history of the product. Back in November, 50,000 products were tokenized as part of the initial PoC. Reebonz has plans to expand that aggressively as they move towards the first decentralized C2C luxury product platform verified by blockchain.
Reebonz, supported by VeChain GM Sarah Nabaa, presented their solution to Microsoft’s clients at a blockchain networking event sponsored by PwC in November.
Read the official announcement here: Reebonz.com
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