Some of you have always wondered where I stand of my opinion of StockX in the market and though as much as I like to make fun of it at times…I actually love them because from a business standpoint they have really propelled me in a positive way that have improved my business tremendously over the last year. In my opinion they garner a lot of negative publicity because of their published last sold prices are often met with a lot of anger from traditional sneakerheads that often think of “overpriced”. To be honest, what we believe is overpriced can vary from person to person and in my opinion is subjective based on who you ask. For example…a lot of people were hating on the platform because the last pair of sold Paris dunk hit another milestone of $50,000+ and some are just mad that the platform is such a cancer to the market. Well again…that depends who you ask…
I started selling on StockX about 1 year ago and my total sales with them as of today is just a bit over $500,000 USD. I don’t rely on them as my core business, but i have to say they create a different outlet for me to sell certain sneakers that I have difficulty selling to my core customers. With different outlets going hand in hand, this allows me as a business to efficiently channel different products at the best price possible. Ie. Certain products sell better on eBay and some sell better on StockX – so for me as a reseller, knowing which platform to use is actually very helpful and is also what differentiates me from a novice or experienced reseller. I actually gave StockX a try initially because I had a bunch of Off White Vapormaxes that were size 6 and 7 US that I could not move on my channel because most of my followers on Netmagnetism are men sizing of size 8 and up. Even if I had decreased the price to mark it at a discount, no one would be buying on my own site because I simply didn’t have the right buyers for them. However, StockX was a different story…those sizes actually ended up being quite profitable for me and at that time it changed my business around materially because it gave me a different outlet for selling. It gave me a reach to certain buyers I would never get.
Aside from a bigger buyer’s reach, one of the biggest underrated advantages of StockX is the low risk. No one ever talks about this but in my opinion this is one of the biggest reasons why I sometimes rather sell on StockX than through my own channel. As a seller, there is often a lot of risk involved when it comes to the logistic side of things. From the payment aspect you run the risk of chargebacks, which can be a big headache at times and I feel the pain sometimes when selling on eBay. Even though you did your part as a seller to ship and do everything right, the end buyer can be tricky and play games…so even if you pocket the money in your Paypal, sometimes you wouldn’t know until a few months later when the buyer decides to do a chargeback. As a seller, you don’t want this type of headache. You want to be able to look forward and devote your time in buying and selling and not dealing with problems from previous sales. Trust me, it’s not fun doing returns and with StockX there’s none of this monkey business. You make a sale…money hits bank and you don’t ever have to worry about it ever again. This is honestly one the reason why I believe their system is worth the entire 8% fee they charge me because it saves me time and time is money.
Shipping is the second risk that comes to mind when selling. This problem becomes a bigger problem when it comes to pricier items that are over couple hundred dollars because as a seller you are entirely responsible of the safe delivery to the buyer and if it it gets lost in transit you’re still liable. The big dilemma is for pricier items you are going to buy more insurance on the item, which can add up to your cost. Right now StockX is only charging $7.99 USD for shipping and that alone is much cheaper for me to ship to the west coast, which normally costs me double that before insurance. The best part is once I drop it off at UPS, my liability as a seller is done! It’s not my problem anymore, it’s StockX’s. This gives me the peace of mind that I have successfully made the sale and I can focus on other things and never have to worry about it. Yes, occasionally I get the failed verification from StockX which is annoying because sometimes they do pick on the smallest details, but honestly this only happens like 1 out of 200 packages I send and I’m certainly ok with this percentage.
All in all, I have nothing but good things to say about StockX. They used to be better in terms of buying, but I mainly use them strictly for selling. Take these for pine greens as an example. I paid $192 back in late 2018. Bought them, didn’t end up doing anything with them and ended up selling them back on StockX for $350. Even after costs, I still made a decent margin. StockX will continue to receive a lot of negativity from many market players, but if you play the game right…StockX will actually help you rather than destroy you.
I like StockX as a seller, as a buyer, not so much. What drove me away as a buyer is their new fee, which doesn’t even include the high sales tax in California. A $220 shoe becomes $260, cutting into my profit if I ever want to resell. Selling on StockX is easy and low risk. Like you mentioned, sometimes I am more than happy to pay the “extra” fee as a safe bet. Places like eBay are not charging seller fee’s but once you included the cost of shipping (I charge), you’re around StockX net profit anyway and still open to chargebacks or fraud. I was exclusive to StockX but started selling on GOAT now. Sometimes the 5 minutes to photograph the shoes is worth extra cash. On the other hand, being able to list shoes without photos and at any time like on StockX can make the difference in a quick flip.
agreed. StockX has slowly deferred a lot of resellers to buy on the platform because of the high fees, BUT most buyers on StockX are really looking for peace of mind buying and don’t mind paying extra. As re-sellers, buying usually actually happens outside of StockX because there are a lot of better priced items IF you know the product well.
I believe a shoe or anything for that matter is worth however much another person is willing to pay. I just laugh at the people saying some shoes are overpriced! It just comes down to supply and demand at the end of the day. Love these blog posts tho, very wise words keep it up!