Rebag is providing new funds management capabilities to sellers.
A leading luxury resale retailer is making it easier for sellers on its platform to collect and track payments.
Rebag is introducing Rebag Wallet, a tool that centralizes seller payouts, known as Seller Funds, as well as any additional Rebag proceeds. The company is also launching Premium Payouts, a new offering designed to reward sellers who keep Seller Funds in their Rebag Wallets for one or more months.
Once Rebag fully processes a seller transaction, Seller Funds, along with any available credit or rewards points, will be stored in a new section of a user's online account called Wallet. By looking in their Wallet, users can determine the dollar amount available to be put towards a purchase.
The complementary Premium Payouts rewards sellers who keep their Seller Funds in their Wallet. Seller Funds will automatically increase by 1% per month for up to 12 months. This means a seller who sells an item to Rebag for $5,000 would see that amount increase to $5,635 in 12 months; or they could choose to withdraw their funds at any interval in between without fees.
As an additional incentive, any time a seller puts their Seller Funds towards a Rebag purchase, they will receive a 10% spending bonus. As a result, a seller who sells an item, leaves their Seller Funds in their Wallet for the full 12 months, and then puts the funds toward a Rebag purchase will see their spending power increase to 24% more than the original offer. For example, proceeds from a $5,000 sale would be worth $6,200 at Rebag in 12 months.
Rebag opens up new offerings In the past year, Rebag has launched an array of new features and services. In addition to the Rebag Rewards program, these include a service called Auction. Every week, Rebag lists over 2,000 new items in two Rebag Auction cycles.
In addition, the Rebag Trade feature, which is an extension of the Rebag Clair artificial intelligence (AI)-based pricing tool, allows customers to buy and sell items in a single, combined transaction. Other notable moves by Rebag include a partnership with Moda Operandi, featuring a digital trunkshow giving Rebag customers exclusive access to more than 115 styles.
"We heard the requests from our seller community to find innovative ways to maximize their payouts, especially in the current macroeconomic environment," said Rebag CEO & Founder Charles Gorra. "We are so excited to pioneer the launch of these ground-breaking tools that not only incentivize our sellers but also promote a more circular economy. In addition to Rebag Wallet, both Premium Payouts and Spending Bonus will enhance brand loyalty by significantly rewarding clients who remain within the Rebag ecosystem long term and reinvest their payouts. We continue to be at the forefront of the intersection of tech and resale, and we hope these new features emphasize to our customers just how much we value them."