How to Sell on StockX? Secrets for Success – ThinkWithNiche
As the sneaker resale industry continues to turn common people into millionaires, many want to get in on the action by selling on StockX. It appears to be a wise decision, given that the market is expected to reach new highs in the coming years.
However, a growing field of eager sellers is making this ecosystem more competitive by the day, leaving many wondering how to make money on StockX. Don't worry! I will guide you through the process of how to sell on StockX. #TWN
As the resale market expands, it is proving to be a lucrative way to make money. Small businesses can begin to capture some of the resale markets by using websites such as StockX for buying and selling. StockX is a great platform for selling sneakers, clothing, handbags, watches, and other collectibles.
This guide will walk you through the process of selling on StockX, including how to set up an account and the advantages and disadvantages of doing so.
What is StockX?
StockX is a resale market for authentic sneakers at its core (i.e., collectible sneakers). Buyers can find sneakers for less than the retail price, making them a more appealing purchase, especially for serious sneakerheads!
StockX is a simple way for a small business to get into the market. It also sells handbags, watches, streetwear, and other collectibles, so there are plenty of options for diversification.
How Does StockX Work?
The most important thing to keep in mind is that StockX is essentially a middleman. They check a product's authenticity before sending it to the buyer.
It is beneficial because it protects buyers from seeing counterfeit goods, and it also benefits sellers. Sellers gain access to a fantastic sneaker resale market based on trust.
On StockX, buying and selling is a fairly simple concept. You will create a listing for your product if you are a seller. You can list a product for sale or set an asking price for bidding, similar to auction sites like eBay. Buyers can look through listings, place bids, or buy sneakers and other collectibles directly.
When you sell a product, you will ship it to StockX for authentication before sending it to the buyer.
A Brief History of StockX: A Buying and Selling Platform for Collectibles
StockX was founded in 2015 and launched in February of the following year. Josh Luber, Greg Schwartz, and Chris Kaufman were among the original founders. Luber founded the early iteration of Campless, a rare sneaker website. Dan Gilbert, the founder of Quicken and owner of the Cleveland Cavaliers, acquired Campless, which evolved into StockX.
StockX has grown rapidly despite its origins as a platform for sneakerhands. The business has expanded into other collectibles and designer items. StockX's market value is currently around 3.8 billion dollars following its most recent round of funding.
Selling on StockX: The Easy Process!
The question might seem tricky, but the answer is not!
It's simple to sell collectibles like sneakers, handbags, and watches on StockX. As a seller, you must first create an account and then post your listings. A reseller can post items with a fixed price or set them up for bidding.
A user can either buy now or place a bid. Alternatively, they can make a 'Ask.' This means you set a price and allow users to bid on it. Once the item has been sold, you must ship it to StockX for authentication within 2 business days. StockX will ship the item and release funds once it has been authenticated.
1. Making an Account
When creating an account, you have four registration options:
- Traditional email sign up
- Apple ID sign up
- Google account sign up
- Facebook account sign up
You must enter basic information, a location, and a payment method. To get started, you must first verify your email address.
2. Listing a Product
To list your sneakers or other products, you'll need to know the brand and model.
How to add a product to StockX?
- Enter the make and model of the sneaker into the search bar at the top of your screen.
- Choose your sneaker from the drop-down menu and enter the size you're selling.
- You can then specify whether you want it to be a direct buy or a bidding auction.
It's critical to be competitive when it comes to setting the asking price. There is an option to view all bids and all asks, which will give you an idea of how to price.
3. The Bidding Process
The bidding process is similar to making an offer on something you want to buy. Buyers may place a bid on an item. You can accept bids manually, or if the buyer has the highest bid and it matches the seller's ask price, the transaction is automatic. So, if you list a particular sneaker at $140 and someone bids $140 on it, you have an automatic sale.
4. StockX Seller Fees
Sellers must pay a fee to sell on the platform. The initial transaction fee is 9.5 percent. The fee, however, decreases as you sell more.
5. Shipping the Items for Authentication
Shipping costs are borne by the buyer, and sold items must first be sent for authentication. Following your purchase, you will be sent a UPS shipping label. Pack your item as securely as possible, insert the invoice, and affix the label. StockX is in charge of authenticating the item and delivering it to your buyer.
6. How does Payment Work on StockX?
Sellers are paid after the items are shipped for authentication. You can accept payment via PayPal, electronic ACH transfer to a bank account, Venmo, or debit. You will not be paid if your item does not meet the condition guidelines, is a forgery, is not as described, or is not shipped on time. You will be charged a $15 penalty or a 15 percent fee on the transaction.
Advantages of Selling on StockX
Selling can be fairly simple once you've mastered the bid and ask system, and there's a reason why it's so popular among buyers and sellers.
Authentication: Knowing the item is genuine and receiving the stamp of approval is a significant benefit for both buyers and sellers. Authentication occurs whenever an item is bought or sold on StockX. It gives buyers and sellers more confidence in their purchases.
Anonymous Listing and Bidding: It's a fair market with anonymous listing and bidding. There is no bribery, competition, or price reductions. Instead of having that information publicly displayed, you can protect your privacy by buying and selling as needed.
Quick Product Info and Listing: Listing is simple, and there is no need for extensive research. The platform populates information about sneakers, saving you time. There's no need to take photos or write descriptions; simply list your sneakers and await bids.
No Chargebacks: You don't have to worry about refunds or chargebacks because of the authentication process. Once it is delivered to StockX, they will take care of the rest. You won't have to deal with a lot of paperwork, which is a plus.
Disadvantages of Selling on StockX
High Seller Fees: StockX has a high seller fee when compared to other platforms. This can be expensive for small businesses, especially if you're just getting started as a reseller. While the fees do decrease as you sell more, it is something to think about.
Low Bids: Low bids can reduce the market value of the shoe, resulting in lower profit margins.
Shipping Fees: Because StockX uses multiple providers, shipping fees may be higher than on other platforms, discouraging buyers.
eBay: Possibly the most popular of all, you can sell products at a fixed price or open them up for bidding.
GOAT.com: It is a website that sells both used and new sneakers.
Poshmark: A website where you can sell shoes, clothes, handbags, and watches. Users have the option of purchasing at a fixed price or making an offer and bargaining.
ThredUp: is a buying and selling platform for thrift stores and consignment stores. Ship your products to them, and they will sell them for you.
Depop: List your items on your profile, and users can buy directly from you or message you to negotiate pricing.
Grailed: A sneaker and clothing marketplace.
Sole Exchange: It is a marketplace dedicated solely to sneakers.
Sole Supremacy: Another marketplace dedicated solely to sneakers.
Stadium Goods: A dedicated market for sneakers, clothing, and accessories.
Kixify: It is a marketplace for both new and used sneakers.
Each of these platforms has its own set of processes and product offerings. Some platforms only feature sneakers, whereas others emphasize clothing. Furthermore, not many stores have the same mix of sneakers and other items that StockX does. Many do not provide similar authentication services, so now is a good time to learn about resale rights. The buyer is unsure whether they will receive a genuine or counterfeit product. When compared to buying on StockX, there will be less trust involved for sellers, which may result in lower bids if on another platform.
Also Read: MEESHO and The Story Behind It
How long does StockX take to ship/deliver?
StockX strives to complete all orders within 7-12 business days (excluding weekends and holidays), but most orders are completed much sooner. Shipping times are determined by how quickly the seller sends the item to us for authentication.
How to cancel StockX order?
If you don't want to fill out the form, you can send an email to StockX (email@example.com) explaining your situation and asking them to cancel an order.
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