If you are a sneakerhead, you have probably heard of StockX – a marketplace that allows consumers to buy and sell luxury goods.
While they specialize in designer sneakers, you’ll find a wide range of items on their marketplace, including other types of clothes and accessories. The advantage of using StockX over other resale platforms is that StockX is created with the consumer’s best interest in mind.
They have measures in place to ensure that buyers and sellers are paying appropriate prices for their shoes.
With so much buzz, you might be wondering –
Is StockX legit?
In this article, we will dive into the StockX experience, so you can be informed before you try it out.
What is StockX?
StockX is an online marketplace specifically for ‘new luxury’ items.
The site is sometimes referred to as “the stock market of things” and is similar to a stock market app.
They are most well-known for their sneaker selection and have quickly become an influential part of sneakerhead culture.
They are also a great place to find items from coveted brands like Supreme and Louis Vuitton. Instead of letting buyers and sellers negotiate the transactions themselves, their website uses data to track prices for each item and matches buyers and sellers anonymously.
We will talk more about this later on in the article…
StockX was founded in 2016, so its rise to success has been rapid.
It was founded by Josh Lubert, an IBM alum, and Dan Gilbert, a noted billionaire who founded Quicken Loans and is the owner of the Cleveland Cavaliers.
The company quickly attracted celebrity investors like Eminem and Mark Wahlberg. As the company has grown, they have partnered with major shoe companies like Nike, and they have also been featured in a variety of notable publications like The Wall Street Journal and Forbes.
This press alone would give you a good indication that StockX is a legitimate company, but the company takes it a step further, with very successful performance over the years, as well as measures in place to ensure that both buyers and sellers stay safe.
What can I buy and sell on StockX?
On StockX, you will find a huge selection of designer sneaker brands and deadstock shoes, and you can buy rare, limited edition models from other sneaker enthusiasts.
You’ll find plenty of options from brands like Adidas and Nike, and you can search for the exact model you are looking for, like deadstock Jordans.
There are three other categories on StockX besides sneakers – streetwear, handbags, and watches. Within each of these categories, you can search for products by brand.
How does StockX work?
StockX is a live marketplace, which means that the prices and selection of items are always fluctuating. StockX determines the going prices of each item by looking at historical data of bids and asks for the item.
It then sets an aggregate price for the item, which you can see on the profile.
You will also be able to see if the price of the item is going up or down.
Buying on StockX
Once you’ve browsed through StockX and found an item you are interested in, there are two ways to purchase.
The first is just to buy the item outright.
In this case, you will just pay the lowest asking price available for the item. The benefit of this is that you get the item right away – there’s no waiting around to find a seller to match your price point.
The other buying option involves a little more risk and patience.
In this situation, you’ll choose an item you are interested in and make a bid for the price that you deem appropriate. If a seller with that item sets an ask for the same price as your bid, you will be matched up, and you will automatically purchase the item.
The downside of this is that you don’t know how long it will be until a match happens, and there’s a possibility that you won’t find a matching price for the item.
However, the benefit of this strategy is that you may be able to get the item at a lower price than is currently posted if a seller agrees to it.
You can currently buy on StockX using USD, AUD, CAD, euros, and pounds. StockX is currently working to add more currencies to their system.
They currently ship to more than 200 countries around the world.
You can opt to pay with PayPal or a selection of major credit cards. A shipping fee will be added to your purchase, and you will need to pay duties and taxes as well.
Keep in mind that all bids and purchases on StockX are final, so you cannot return a product after you have purchased it.
You will earn buyer rewards the more you shop with StockX, which will count towards free shipping on future orders. US residents can also opt to use the Affirm program when they purchase an item.
This allows you to make multiple payments on expensive items over the course of several months.
You can only do this if you buy a product immediately – the option isn’t available for bids. Check out StockX latest gear.
Selling on StockX
If you are a seller on StockX, your process will be very similar to that of the buyers, except in reverse.
If the item you are selling already has some bids available, you can opt to sell immediately by accepting the highest bid.
This is a great option if you just want to sell your product immediately.
However, if you want to try and get a higher price for the item, you can opt to set an ask price for your item.
The advantages and disadvantages of this strategy are similar to the advantages and disadvantages of making a bid as a buyer. You may be able to get a higher price for the item by putting out an ask.
However, this also means that you may have to wait a while for the item to sell, and there is a chance that the item won’t sell at all.
Once your item has sold, you will have a shipping deadline to meet. You will need to make sure the product is appropriately packed to the StockX standards, and you will need to send it via UPS.
StockX will provide you with a shipping label that you can print out. Shipping deadlines range between two to five days, depending on the product. Once your item has sold and is verified authentic, you will receive your funds within one to three days.
You can opt to receive funds via PayPal or via an ACH transfer directly to your bank account. You will need to pay a selling fee when your item is purchased, which comes out of your payment. StockX selling fees start at 3%, but go down the more you sell with StockX.
StockX Authentication Process
One of the reasons that so many sneakerheads are turning to StockX these days is because of their authentication process.
In the past, when you bought luxury items online, you were always taking a gamble, because you were never sure if the item was actually real or if it was a knockoff.
StockX recognized a need for a marketplace that buyers and sellers could trust.
When a product is listed on StockX, they first verify it for color, size, and condition to make sure that the listing is accurate.
Then, they review the entire product for authenticity. They make sure both the material and the construction of the product are accurate, and they even review the authenticity of the packaging.
This ensures that all of the products you receive are totally authentic.
Advantages of Using StockX
There are many advantages to using StockX to buy and sell your sneakers and other luxury items.
One of the biggest advantages is the security that the StockX site provides. The entire process is very safe for both buyers and sellers, because the site fully authenticates every product. When both parties feel comfortable with the process, it runs much more smoothly.
Another advantage of using StockX to buy and sell your sneakers is that the entire site is very intuitive and easy to use.
Even if you are not particularly tech-savvy, you should easily be able to navigate to find the products you are looking to buy or sell.
It’s also just fun to browse through the products available and see how prices are fluctuating, particularly if you are a true sneakerhead.
Finally, both buyers and sellers really appreciate the anonymity of StockX.
Negotiating resales can be very awkward or frustrating on other websites, but with StockX, the anonymity makes it feel much more transactional and professional.
This is also great for new resellers, because they don’t have to waste time building up a good reputation as long as they have high quality shoes that consumers are interested in.
Overall, StockX has really changed the game for those who are reselling deadstock sneakers and other luxury goods.
The security and ease of use make it a must-visit for anyone interested in sneakers. Although there are fees associated with every transaction, many buyers and sellers find the user-friendliness of the site to be worth it.