eBay has finalized its acquisition of Certilogo, an AI-powered fashion and apparel digital ID and authentication company based in Milan. The transaction details remain undisclosed, but Certilogo CEO, Michele Casucci, will continue to helm the company.
You may also be interested in reading: Ecommerce in Mexico exceeds $600 billion pesos in authorized sales by 2022
Certilogo’s digital technology assists brands in managing their garments’ lifecycle and allows consumers to verify product authenticity and access trustworthy information. eBay’s purchase underscores its aim to enhance secondhand fashion authentication on its platform.
eBay VP, Charis Marquez, welcomed the innovative Certilogo team, stating that this acquisition would empower eBay to offer brands secure and versatile product solutions. Marquez further highlighted that brands would be better equipped to safeguard their customers from counterfeits and engage in recommerce with digital product passports.
eBay originally announced the purchase in May, emphasizing its commitment to the burgeoning pre-loved fashion sector. The company touted the acquisition as a measure to establish eBay as a trusted source for pre-owned apparel and fashion. The move is also expected to inspire customers to make more sustainable purchase decisions.
Certilogo CEO, Michele Casucci, welcomed the partnership with eBay, foreseeing opportunities for greater consumer and brand engagement with the circular economy. The Certilogo team will focus on incorporating their technology and infrastructure for a smooth transition towards a more sustainable future.
This latest move aligns with eBay’s efforts over the recent years to bolster its authentication and fraud detection mechanisms. Past acquisitions include Sneaker Con Digital’s authentication business in 2021 and AI-powered fraud detection company 3PM Shield.
You may be interested: High Hopes: Latin American fintechs’ unfinished business according to VCs
Why is it relevant for ecommerce startups?
- As for Latin America, ecommerce has become the preferred shopping channel for millions of consumers in the region. In 2022, the value of ecommerce in Mexico exceeded US$33 billion, making it the second largest online market in the region, second only to Brazil.
- In an exclusive interview for M4rketing Ecommerce, Raúl Bustamante, Head of Marketing and Communication at eBay, Latam, highlighted that “Currently, Mexico is within the top 10 export markets of eBay’s global emerging markets and is the largest in Latin America, so much so that the country’s share within eBay’s global emerging markets has grown by about 30% in recent years.”
- Looking ahead, e-commerce holds significant promise. Analysts from Statista project substantial growth in the online food segment, with revenues potentially doubling from US$330 billion in 2023 to US$620 billion in 2027. However, the revenues from this segment won’t come close to the three major categories.
|categoria de producto
|El sudeste de Asia
|tiempo de compras
|Brasil, México, Italia, España
Fuente: Web Retailer
We recommend: Use of fintech apps grows 54% in Latin America
To read the information in detail, visit: TechCrunch