What you need to know about buying on StockX

By
Valeriy Odintsov
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What you need to know about buying on StockX
Izzy Gibson / Unsplash

StockX is an innovative auction-type platform for buying and selling sneakers, apparel, and accessories. In six years, StockX has grown from a niche bookmark in the sneakerhead browser to a company worth more than $1 billion. In addition to collectible shoes, you’ll find clothing from brands like Supreme, KITH, BAPE, G-Shock, Rolex, and Omega watches, and designer bags from Gucci, Louis Vuitton, and Chanel.

StockX allows you to bring together buyers and sellers of specific models of sneakers, clothing, accessories, and other collectibles in one place. The price of each item is formed from supply and demand. For example, pairs of sizes that aren’t very popular are usually priced lower than the most popular ones. StockX has pairs of different brands and years, so you can often find even something that you dreamed of several years ago, but didn’t have time to buy in your time. And it’s not just about special editions or collaborations. Let’s take a closer look at how StockX works.

How was StockX created?

To answer this question, you have to go back to 2015. At that time, there were few opportunities to sell the coveted pair of sneakers. Selling platforms were outdated, useless, and, most importantly, easy to hack.

Sneaker pricing expert Josh Luber was frustrated by the lack of simplicity and transparency in the resale industry, as was venture capitalist Dan Gilbert, who watched his son try to sell shoes on eBay without much success. The pair saw an opportunity to apply the principles of the stock market to the resale market. Then, together with businessman Greg Schwartz, they founded StockX.

The service became famous mainly because of its reliability and convenience. There are also other factors. For example, among the company’s investors are such famous personalities as Eminem and Tim Armstrong, and information about StockX is covered in the most popular portals. In addition, the platform often concludes partnership agreements with brands for the sale of exclusive goods.

With all of this in mind, you don’t have to worry about the fact that buying shoes at StockX won’t be safe. After all, they have a decent reputation.

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How does StockX work?

StockX is built more like a stock market than an auction website. There are no bidding wars, no shoddy shots, and no fake stuff here. There’s only the product, the offered price, and the opportunity to sell/buy.

Each item’s page has complete information about it: retail price, release date, a rotating 3D photo, and the number of units sold. The seller places the product and the buyer can either pay a fixed price right away or assign their bid (in which case the transaction takes place after one of the sellers agrees to the offered price). StockX itself stands as an intermediary between the two.

What’s more, all sneakers you buy through StockX are first sent from resellers to the StockX authentication center for verification. Employees check the condition of the sneakers and their authenticity, so buying on StockX is completely safe.

If all is in order, the sneakers are given a special green seal, then they are packaged and shipped to your address. If not, the pair will be sent back and your money will be refunded. By the way, shipping doesn’t take long. If everything is good, the sneakers will arrive at you in a week.

What are the basic principles of the StockX platform?

Three fundamental principles allow the market to function successfully: anonymity, transparency, and authenticity.

When you buy sneakers on StockX, you will never know who the seller is. You still won’t have to deal with him, just as he won’t have to deal with you. All issues that arise between the parties, StockX takes care of. For example, every shoe gets a tamper-proof green seal marked “Verified authentic”, so the buyer can’t say he got the wrong shoe. However, if he does claim otherwise, it will be the platform, not the seller, who will deal with the refund.

The website provides publicly available data on how much and when the model you’re interested in was purchased for, what the lowest price was, and vice versa. There you can also find market trend indicators that will help you determine the rising/decreasing value of your chosen item. This will allow you to choose the best time to buy.

A huge role in the life of any company is its reputation. To create an atmosphere of trust among customers, StockX checks the authenticity of each shoe sold before it’s shipped. Employees make sure that a pair is new and corresponds to the specified size and model. If not, the buyer will get their money back immediately. And if you’re not happy with something, you can always cancel your order on StockX.

How to place an order on StockX

Sign up for the service using your Facebook or Twitter account. Fill in all of your information right away in the account settings to make it easier for you to pay. If you want to place an order on StockX, you have to follow these steps:

  • In the search box, enter the name of the pair you’re interested in and select the desired sneakers in the search results.
  • Select your size at the top left.
    • If your size is marked “BID” instead of price, it means that no one is selling sneakers in that size at the moment. However, you can bid if you’re willing to wait for the right seller to come along.
  • After choosing a size, click on the “Buy” or “Bid” button (if you’re not satisfied with the current offer). By the way, to the left of the current price, you can see how much this pair cost the last buyer and view price statistics.
  • Finally, edit shipping and payment information if necessary, and confirm that your order is correct.

Once you have completed these steps, you will be able to place an order on StockX. After confirming your purchase, the seller will have two business days to send the sneakers to StockX for authentication. Throughout the process, you will be able to track the status of your order on your profile page. In addition, if you have changed your shipping address, you can easily edit it. The process is no more complicated than changing your shipping address on eBay.

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How does payment on StockX work

Sellers receive payment after the item is shipped for authentication. Due to the fact that the website carefully monitors the quality of transactions and the absence of fraud – it’s very difficult to cancel an order if you have already made a purchase. If your item doesn’t meet the terms, is a fake, doesn’t match the description, or isn’t shipped on time, you won’t receive payment. You will be charged a $15 fine or a 15% commission on the transaction amount.

StockX is easy to use because it has many perks, including tabs that allow you to be more organized. You will have a sales tab that shows your current order, pending orders, and history. All available Ask prices in the “Current” section are highlighted in color to indicate the current position of your Ask at the time it’s requested.

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