StockX is an auction-type platform that brings together buyers and sellers of certain models of sneakers, clothing, accessories, and other collectibles in one place. The price of each individual item is formed from supply and demand. For example, pairs of not very popular sizes, have the price usually lower than the most popular.
StockX has pairs of different brands and different years, so you can often find even something that you dreamed of several years ago, but didn’t have time to buy in your time. However, is it possible to sell such old shoes on StockX, especially if they already look used? How to understand whether to sell your sneakers if they have served you long enough, but look like they just came off the shelf.
Is StockX a reliable marketplace for sellers
It may seem that StockX is just another online retailer. But that’s not entirely true. A product can become cheaper or more expensive based on various external factors. To put it simply, you can imagine that sneakers are stocks which value will fluctuate depending on the decisions of companies or world news.
Otherwise, the service works like a typical marketplace. The site features several thousand models of sneakers and branded clothing. Anyone can not only buy but also sell, that is, act as a reseller. Once the user purchases the shoes, they are sent to the company’s headquarters in Detroit. There, service specialists check the quality of the product and then send it to the final addressee. Fakes are the biggest problem in the sneaker market, which is why the company’s employees undergo 90 days of training.
Josh Luber admitted that at first, the inspection failed to reveal four fakes and sent them to the buyers, with whom they then had to settle conflicts.
Often, however, resellers themselves are afraid to sell fakes. The platform immediately bans a seller who is caught selling such sneakers.
Every day through StockX people buys goods for $ 2 million. The website visited not only those who want to buy the latest model of some sneakers but also those who want to make money on their resale (for this reason, the service gives loans at 10-30% per annum). The StockX ecosystem forces users to treat shoes as securities because a bad investment can hit the budget hard.
Is it possible to sell worn shoes on StockX
And yet, many resellers encounter a problem when StockX prohibits sellers from putting worn shoes on sale. Unfortunately, you can only sell on StockX if they’re brand new or deadstock. That is, the maximum that is allowed is if you have worn the shoes a couple of times. They should look as if they have just been taken out of the original box. Plus, the box should be sure to be a tag with the size of the shoes, accessories such as laces, etc.
However, if you have a pair of Jordans from your college days or some Adidas Stan Smiths that have been sitting in the back of your closet for years, there are ways to make money off them and turn a profit.
As already mentioned, before sending the buyer the goods, the team StockX checks not only the authenticity of the shoes but also their appearance. And if it’s a pair that is super-rare and was on sale 10-20 years ago, you must take into account discoloration, yellowing, and lack of structural integrity. If the latter is present, there’s a high chance that the pair will not be authenticated.
Is there a downside to selling on StockX
Of course, anything that has such great virtues must also have disadvantages. Here are some of the problems you may encounter when selling on StockX:
- StockX charges high commissions from sellers. Compared to other platforms, StockX charges a high merchant fee. This can be costly for small businesses, especially if you are just starting out as a reseller. Although the fees go down as you sell more, this is something to consider.
- Another disadvantage of selling on StockX in 2022 is the low rates. This can lower the market value of the item and lead to lower profit margins.
- There’s also the problem of paying for shipping. StockX uses different suppliers. Thus, shipping costs may be higher than on other platforms and may discourage buyers.
How long does it take to sell on StockX
“StockX strives to fulfill all orders within seven to 12 business days.” It works like this: the seller must first send the item to StockX for authentication. Sellers have two business days to ship the item, and the rest of the shipping time depends on the carrier.
How to properly sell shoes on StockX
Selling on StockX is a very simple process. There are two options for selling on StockX. You can:
The first step you must take to sell on StockX is to post and ask. If you have the lowest ask, buyers who bid accordingly will automatically buy from you.
If someone specifies a lower ask than you, they will get a sale, but your ask is still active and can be accepted if it becomes the lowest ask again. Once your ask matches the bid, the transaction is automatically committed.
If you don’t want to wait, simply select “Sell Now” on the item page to sell the item immediately for the highest price.
You’ll receive payment once your item is shipped and verified by StockX. To sell on StockX, you need to take certain steps:
- Creating an account. There are four ways to set up a StockX account. They are-
- Traditional email registration
- Facebook account registration
- Google registration account
- Apple ID registration.
- The registration process will require you to add basic information, location, and payment method. You will need to confirm your email address to get started.
- Product placement. This entails adding qualities to your product, including name and model. Doing so,
- Use the search bar at the top of the screen to enter the make and model of sneakers.
- Select your sneakers from the options that appear and enter the size you are selling.
- You can then choose whether to set it up as a direct purchase or for bidding.
- Bidding process. The bidding process is like bidding on what you are going to buy. Buyers can bid on an item. You can accept bids manually, or if the buyer offers the highest bid and it matches the seller’s selling price, it’s an automatic transaction.
- Sending items for authentication. Shipping costs are paid by the buyer, and items sold must first be shipped for authentication. After your purchase, you will receive a UPS shipping label. Pack the item as securely as possible, put a shipping label inside, and attach the label. StockX verifies the authenticity of the item and delivers it to your buyer.
How does payment on StockX work
Sellers receive payment after items have been shipped for authentication. You can choose to receive payment via PayPal, wire transfer to your bank account, or debit. Due to the fact that the website carefully monitors the quality of transactions and that there’s no fraud – it’s very difficult to cancel an order if you have already made the purchase.
If your item does not meet the terms, is a fake, does not match the description, or is not shipped on time, you will not receive payment. You will be charged a $15 fine or a fee equal to 15% of the transaction amount.
Selling on StockX in 2022 is easy. In addition to being easy to use, it’s also user-friendly and has tabs to keep you organized. You will have a sales tab showing your current order, pending orders, and history. All available Ask prices in the “Current” section are color-coded to indicate your Ask’s current position during its request period.