When you get bored with one of the luxury bag collections, you will sell it to friends, relatives, other people, or come back to the store where you bought it.
You will receive payment based on the agreement with the buyer in a conventional manner. It could be, the transaction is more expensive or cheaper than the original price.
However, when you go to Rebag, the luxury handbag resale retail chain that is spread over several places in California, Florida and New York, you will have a whole new experience in defining your luxury bag.
Yes, starting early February, Rebag has taken advantage of revolutionary image recognition technology that can identify and price luxury bags in seconds. His name is Clair AI.
With this technology, which was introduced by Rebag for the first time in October 2019, you – and the shop – will easily know the condition of the bag and the appropriate resale price.
Clair AI is smart enough and able to recognize the condition of more than 50 bag brands. The most recognizable luxury bag brands include Louis Vuitton, Chanel, Christian Dior, Prada, Saint Laurent, Gucci, and Chloe.
Clair AI can pinpoint a great price for a luxury bag it wants to resell because its software is powered by machine learning, bigdata, and the millions of image references Rebag has collected over six years.
Thanks to Clair AI technology, between sellers and buyers will get prices that are honest, sure, fair and transparent. But, if you don’t have time to go to the Rebag store, to take advantage of this technology, you can simply download the application on your smartphone.
By scanning your luxury bag, Clair AI — whose name is taken from the acronym for Comprehensive Luxury Appraisal Index for Resale — will instantly identify the brand, model, bag style and price instantly.
“Clair AI will change the luxury goods resale industry forever,” said Charles Gorra, Founder and CEO of Rebag, in New York, as stated in his official statement, Wednesday (3/2) last week.
From now on, Gorra continued, anyone can scan and access the resale value of handbags instantly without prior industry knowledge.
A similar technology, namely IR, is already being used more widely by other industries, especially automotive. This technology is used by automotive manufacturers to enable autonomous vehicles to automatically detect roads and conditions.
Kelley Blue Book, a vehicle valuation company under the auspices of Cox Enterprises based in Irvine, California, uses the same technology, called CarLabs.ai, to check the condition of the car and find out what the current price is.
The problem is, rich people buy luxury bags to enhance their self-image as well as to invest. The question is, is this technology capable of calculating history, scarcity, or perhaps the increase in investment value that it should count?
“Because, usually luxury bags are getting more and more expensive, especially rare bags,” said Jeffrey Bahar, Group Deputy CEO of Spire Research and Consulting, a global business research and consulting firm based in Tokyo, Tuesday (9/2).
In addition, IR technology is revolutionary, but it also provides space for everyone to check the price of a product a friend or relative is carrying. “For owners of bags that are not too expensive, maybe he will not like it,” continued Bahar.
What is clear, IR technology is increasingly being used because of its many benefits. MarketsandMarkets, a global market research firm based in Pune, India, said the IR market value for the global retail industry in 2020 will reach US $ 1.4 billion and is expected to increase to US $ 3.7 billion by 2025.
The market value of IR technology of that size will certainly be contributed by so many retailers, automotive manufacturers, and others around the world. Rebag with Clair AI and Kelley Blue Book with CarLabs.ai are just two of the many drivers of its growth going forward.