Is StockX a let marketplace for everyone? The possible answer is yes; StockX only sells and accepts authentic items only. The procedure is simple, and in this review, we will cover everything in detail from the seller to the buyer.
A sneaker reseller or a buyer, you play an important part in the sneaker business. Currently, the sneaker industry stands at 6 US billion, and they focus on growing by 25% before 2025. This is the reason why secondary market places have risen. They are taking over the economy by storm. StockX is among the few trusted secondary markets. According to NPD reports, StockX is on the rise. The platform has managed a share of 29% among the footwear sold through online sites.
So, is StockX legit? And why has it gained such popularity? Let’s find out more about it in this review.
What is StockX
Before we go into details, we should understand what StockX is, and as earlier stated, this is a secondary market platform from where you can buy or sell your sneakers. The platform was founded in 2015 in Detroit, Michigan, by well-known people Josh Luber, Dan Gilbert, Chris, and Greg Schwartz. It started as a stock market of things.
Currently, the marketplace has over 1k employees in over 197 countries. While they specialize in selling sneakers, they also sell luxury items. It was reported in 2020 that StockX was recommended by roughly 71% of the sneakerheads in the reselling industry. There is more about this platform but for now, let’s see how they charge their customers.
About StockX Fees
Any online marketplaces dealing with resell and buying of collectibles have hidden charges. And so is the StockX. This platform charges both buyer and seller, and we are going to find out this. The fee charged depends on your location or country of residence.
First, buyers pay various fees while making a purchase. The processing fee varies from 3% to 5%, and the shipping fee is fixed at $13.95 for most products. However, the sales tax varies. We will explain a bit for you to understand even more. The processing fee will carry services from preparation to verification and depends on the location of the buyer and the kind of item.
Additionally, the shipping charges depend on your location and the item you are purchasing. For instance, buyers living in the US are charged $13.95 as a shipping fee for footwear and electronics, while trading cards are shipped for only $5. The fee is high on particular items or when you live overseas.
Secondly, the seller incurs the fee as well. The transaction fee is 10%, the shipping fee is zero only for US residents, payment processing costs 3%, while the cancellation fee is higher, either 15% of the total sales price or a flat rate of $15. The fee is charged on the selling price of the item. The seller pays the cancelation fee only when they fail to mail the items before the deadline or if their item does not pass the quality inspection.
Generally, we can conclude that the seller pays most charges while the buyer pays shipping costs.
How Does StockX Work
As the sneaker industry grows, reselling sneakers has become an excellent way of making money. Small sneakerheads and businesses or retailers can use StockX to capture a resale market. This guide will detail how the StockX works for both the buyer and the seller.
1. How It Works for a Buyer
StockX has thousands of items and sneakers that buyers can browse. Once you spot your desired item on the listing, you can immediately buy at the current price or submit a bid with a lower price. The buyer then waits for the seller to accept the offer at a given price. However, before you place your bid, you must link a payment method first. They only debit your account when the seller accepts your bid. This helps reduce meaningless offers that are mainly made from frackers.
When they confirm the purchase, the seller must ship the item at StockX for authentication within two business days. We loved the fact that the seller is always responsible for timely shipping. On arrival at the store, the item is verified and marked with a green tag.
StockX then ships the item to the buyer. You can always track your item status online. You should receive your order within 12 business days. The purchase is final; thus, there is no return nor exchange. The only situation where a refund does not apply is when you purchase using a Rakuten account.
2. How It Works for a Seller
If you are a seller, you might have an item like a pair of sneakers to sell on StockX. The procedure is different but simple. You can sell your authentic item without paying a listing fee. Sign up for an account and get ready. Search for the type of item you want to sell and list the size. When creating the price, you can select sell now for the highest bidder option or asking price. If you wish to dispose of your item immediately, then selling now is the best option.
Otherwise, the platform lists the item available to the buyers. There are two options here; you can accept a bid that comes with the highest price or equally wait for a buyer willing to pay for the asking price. Some sellers don’t want to sell their items right away; this feature favours them because they believe items might appreciate value over a certain period.
On StockX, it is still possible to sell bulk quantities of the same sneaker. You can list your item to remain active for a maximum of two months while using the asking price. The minimum selling price is set at $25. Other charges accompany the price.
When the buyer purchases the item you listed, the StockX immediately messages you. They send you a prepaid shipping label together with a packing slip that should also be included in the box. The seller only has 2 businesses to send the package back to the store with the item. It is not a free service, and they charge a small fee.
Most orders are shipped via UPS at local stores. StockX authenticates and verifies your item as being in a brand new and excellent pre-owned condition. After verification, they release your funds to your account. The service provider takes a transaction fee of roughly 10%. These transaction fees reduce as the seller level keeps increasing.
Therefore, StockX delivers or ships the item to the buyer. The transaction fee is not a problem. The process is simple and offers the seller an opportunity to track their current and pending sales. They also provide the authentication percentage and the revenue you have generated.
We can affirm that StockX is 100% legit with minimal possibility of encountering scams while buying or selling collectibles online. While sellers have an easy time, buyers enjoy numerous advantages like authentication, anonymous bidding, quick access to product information, and no worry about refund or chargebacks. However, it has some drawbacks like high seller fees, low bids, and shipping fees for buyers. We still recommend it. They guarantee their customers.
In the resale market, this platform is a fool-proof way to sell or buy authentic items. Rest assured that transacting on StockX is smooth whether you are a newcomer, sneakerhead, or fashion expert. So, if you want to invest extra assets, buy and sell collectibles on StockX and make profits.