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Market trends report
Among the millennials, second-hand luxury goods are increasingly becoming popular. As the second-hand luxury goods are becoming popular, the consumers are becoming active in smart spending by spending less on quality luxury goods. The second-hand luxury goods are not only popular in Korea, but also becoming popular around the world as well. The world’s second-hand luxury market is increasing 7 to 10 percent per year and is expected to overcome the sales of the first-hand market very soon.
The reasons for the second-hand market becoming more popular.
In the second -hand market, you are able to purchase the products that you may not be able to purchase in an official retail store. Such luxury goods as Gucci, Parada, and more can be purchased at an affordable price in second-hand markets than at an official store. In the second-hand market online, since you can see many various items all at once, you can find out what is trending very easily.
In the second-hand market, rather than solely selling previously owned luxury goods, there are sellers who are focused on directly selling brand news items as well. Through the second-hand market, the consumers can purchase new items at a lower price than the off-line stores, and because of such fact, at times consumers are more interested in purchasing luxury goods on the second-hand market, than an official store; also that fact that consumers can purchase the authentic second-hand luxury goods more safely at the approved and popular second-hand stores online than unreliable off-line second-hand sellers who claim his or her luxury goods are authentic.
The problems that most second-hand luxury markets are facing.
Even though the second-hand market is vastly growing, consumers cannot avoid the feelings of uncertainty. A reason for such uncertainty is because there are no specific guidelines for determining the authenticity of the second-hand luxury goods.
Some open markets provide such policy that if the luxury goods happen to be counterfeit, the vendor/seller of the specific luxury goods will compensate for the twice the price of the luxury goods. So many consumers believe in such policy and confident about purchasing the goods at those sites, however, such policy depends on the vendor/seller’s moral ethics, so if the vendor/seller refuses to communicate or avoids contact, the purchaser of the counterfeit items may not be compensated for the purchase. Also, in such cases, the second-hand open market that connected the vendor/seller with the consumer does not take responsibility for compensation either.
In addition, some second-hand open markets emphasize the fact that they have a professional for identifying the authenticity of luxury goods, but in such cases, only the part number of the goods are available for authenticity verification, so there is a limit to covering all goods. Based on such problems that open markets/second-hand markets are facing, could there be an open market platform that can prevent or fix such problems?
The difference between GUHADA and other open market platforms.
1. Detailed authenticity verification process to prevent a consumer from purchasing counterfeits.
The GUHADA platform, which is planned to be released in the second half of this year can solve such problems of consumers loss from purchasing counterfeit goods. GUHADA is working strenuously on developing a detailed authenticity verification process so that consumers can avoid purchasing counterfeit goods.
The verification process that GUHADA is working on will provide is composed of various systems, such as blockchain based data mutation prevention, blockchain based ownership approval, luxury goods seller confirmation, smart contract based authenticity guarantee, and luxury goods knowledge community with a blacklist (of the counterfeit sellers). Unlike GUHADA’s competitors who may offer insurance program for purchases of counterfeit goods or compensation for unknown damage, GUHADA is working on a detailed verification process to minimize the consumer inconvenience.
2. BI-tool for the Vendors/Sellers
GUHADA plans to become a reliable platform that consumers can trust. TEMCO is working on applying the Business Intelligence tool (BI-tool) for the first time on GUHADA platform.
The vendors/sellers can determine the inventory and data on demand in real-time and are also able to easily view the data all at once. Through such data. the vendors/sellers can extract detailed data such as revenue base on diverse level of consumers (age, demographics, location, etc.), refund history, purchasing times and period, etc. and come up with strategic business plans.
3. Formation of active luxury goods community
The consumers on GUHADA platform will not only be able to conduct transactions of luxury goods but also share their fashion trend online. The vendors/sellers can answer questions about the authenticity of luxury goods. GUHADA platform contributes rewards such activities, promoting the active participation of the users. Through such participation, an active community in GUHADA platform is expected.
In addition, to find out the active trends in luxury fashion, it can be found through GUHADA platform. The GUHADA community is expected to become a popular platform that shares various luxury goods related information. As a result, on GUHADA platform, consumers can enjoy shopping as well as share interesting knowledge about luxury goods (malling).
GUHADA, adding innovation to the luxury market.
GUHADA will add innovation to not only the second-hand market but also the luxury market as well. The consumers on GUHADA platform can purchase luxury goods without wondering whether the goods are counterfeit or not, and the vendors/sellers can use BI-tool to conveniently extract the needed data for making strategical business decisions, allowing GUHADA to become a platform for everyone. Furthermore, even for a person who is not interested in luxury goods at first, may become interested in the goods, through the active community in GUHADA platform.
GUHADA will become a platform that brings positive changes in the luxury market by providing various functions that are not seen in the most open market platforms for luxury goods. A positive change in the luxury markets is expected in the second half of this year by GUHADA, an e-commerce open market platform for luxury goods.
TEMCO: Innovative Supply Chain Data and E-Commerce Solution through Blockchain and Smart Contract Technology.
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