Companies like Rebag and Fashionphile use a combination of artificial and human intelligence to price items in a category that's always changing.
) — competing for our business, ensuring that the price is right has never been more important.
The stakes are particularly high for sites like Fashionphile and Rebag that pay sellers upfront, as opposed to those operating on a consignment or peer-to-peer model. If a bag doesn't sell at the initial price, they discount it until it does, and if that final sale price is less than they paid for it, they eat the loss.
"We look at the market holistically — primary and secondary market — but we have so much of our own data now because people sell to us, try to get quotes from us, as opposed to a consignment or peer-to-peer model," says Rebag CEO Elizabeth Layne.Of course, there's more to a bag's resale value than its most obvious features. That's where things get complicated.
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