- StockX started in 2015 after Dan Gilbert bought Campless from Josh Luber that was a secondary market of famous brands of shoes.
- Buying and selling is a breeze on StockX due to their robust authentication process.
- StockX has a much better listing process than its counterparts online
StockX is a “ stock market of things” where people can resell items such as sneakers, watches or designer handbags safely. It is comparatively safer due to the company’s process of authentication of the products before sending them to the buyer.
Josh Luber first found “Campless” before StockX in order to take advantage of a purposeful space created in the market by brands like Nike, where they make the most popular shoes in small amounts in order to lure more buyers. When the product runs out the popular sneaker can be sold in the secondary market like Campless to reach those who couldn’t buy it from the shelf.
StockX came into existence due to the partnership of Dan Gilbert, Josh Luber, Greg Schwartz and Chris Kaufman in 2015 after Dan Gilbert acquired Campless from Josh Luber. StockX now has five authentication centers where employees check shoes to discard the fake items. StockX also partners with celebrities to raise funding for charitable organizations.
How It Works
There are two ways to buy from StockX market, one way is to pay the entire price mentioned on the website and the other is to place a bid of your own and wait for it to be accepted. StockX is the middleman in this process and checks the products before sending it to the buyer. It is required to submit a credit card number or PayPal account before placing a bid in order to avoid non serious buyers from making meaningless offers.
StockX also has an option available for the buyers to select how long their bid can stay up. An email notification is sent to the buyer in case the item is sold. There are buyers who don’t want to wait for their bid to be accepted, the option of Buy Now is available if buyers want their choice of product immediately. Buyers also track their own product shipment via a tracker sent to their mailbox. This is a great option to place the responsibility of shipment on the seller instead of StockX.
It is faster to buy the product at the asked price, though the benefit of bidding includes generating the price a buyer thinks is fair, it is longer for the bid to get accepted or it can even get cancelled. Buyers also have a record of their shopping in their account so they can keep tabs on how much they are spending on rare Jordans.
As a seller the process of bidding can go in your favor if you have the knowledge of the market and believe your product can appreciate in value over time. As a seller you will have to List our product by selecting from the already established directory of StockX. The process is as follows:
- The search bar can help in finding your product where you put the model and size of the shoes you have
- In the list select the option that matches the shoes you own
- You can select whether you want to set a price or auction it via bidding
The product you want to sell will have to go through a rigorous authentication process, whether it is shoes, watches, streetwear or handbag, if the condition is authentic and new you will receive the funds. Bear in mind that StockX takes a 10% transaction fee on the items being sold through the platform.
Platforms like ebay have a stockpile of products like designer bags or branded shoes, it also has many obstacles such as fake brands and copies to watch out for. The authentication centres at StockX helps to weed out these hurdles and buyers can be sure they will receive a true product.
StockX Benefits and Drawbacks
You can find brands such as Apple watches, Rolex, brands like Nike, Supreme etc. but the process of bidding can decrease the market value for the seller. It is important as a seller to keep tabs on the trends in order to reap the most benefits in their business. The anonymous bidding is good in that one can protect their privacy as they buy or sell.
It is worth taking under consideration that there is a higher seller fee and it could challenge a small business. On the other hand the listing process is just a few clicks away instead of taking pictures and writing meta descriptions for your product.
Transactions and business is quite smooth on stockX compared to other online secondary markets. You can buy and sell easily because of the proper authentication setup and be sure that your product is in safe hands.