October 20, 2022
There are plenty of places to find sneakers and luxury goods online. General shopping sites provide a few options, but it’s on dedicated selling platforms or peer-to-peer markets where you’ll find the more exciting pieces for sale. The problem is reliability – when you’re using these platforms and markets, how can you be sure you are going to get what you paid for? And on the flip side, how can you sell your own goods safely?
StockX advertises itself as a reliable and trustworthy option – somewhere that sellers and buyers can complete transactions with confidence. But is this really the case? Is StockX really the right answer for buyers and sellers in this market? Let’s take a look at this in more detail.
What Is StockX?
StockX is an online platform intended to help sellers of sneakers, handbags, and luxury goods connect with interested buyers – and vice versa. So far, so similar to what you’ve heard before, but StockX is designed to be different. The team behind the platform are sneaker and luxury goods aficionados themselves, and they know all about the frustration and anxiety associated with shopping online for these kinds of high-value items. StockX is intended to be the antidote to this.
The key point of differentiation with this platform is the authentication element. The seller needs to send their item to the StockX team, ready for authentication, and then the team will send this item to the buyer. Funds are only exchanged once this crucial authentication step is completed, which means there is no danger of the buyer receiving a dodgy item or being defrauded by unscrupulous sellers. There is no direct link between the seller and the buyer at all, which means anyone and everyone can buy and sell items across an anonymous network without having to compromise their address or other sensitive information.
All of this makes StockX very interesting indeed. There are so many people out there who love sneakers and luxury goods – who live and breathe this market, just like you do. There are far fewer scammers and malicious traders out there, and yet it is these fraudsters who give online selling a bad name. With StockX, we can hopefully move toward a safer, more positive market, where the latter category is eradicated and the former receives the support it deserves.
How Does StockX Work?
Understanding how StockX works for you as a user depends wholly on what you plan to do with the platform – whether you want to buy sneakers or sell them. Learn more about this below.
How StockX Works for Sellers
How do you sell shoes or other items on StockX? The process is actually pretty simple.
- To begin with, search the StockX database and find the item you wish to sell.
- Add the specific size of the item you want to sell, and then list it.
- Someone may already have bid for this item, and you can simply sell to them at the highest bidding price if you want a quick, easy, but fair sale.
- If you believe the item is worth more than the current bidding price – or may exceed this price over time – you can set a reserve price and wait until someone meets this. In other words, you can retain control over your own price as a seller.
- The StockX platform provides you with selling and pricing data to help you decide on how much to sell your item for.
- Once the sale is confirmed, you will need to authenticate the item with StockX before it can be shipped. This is all part of the reliable and trustworthy community StockX is trying to create.
- Use the StockX platform to print your packaging labels, and then send the item through to StockX for authentication. After authentication is complete, you will receive the money from your sale.
- StockX themselves will send the product to your customer. You don’t have to worry about this.
- Your sale will be recorded in the selling history area of your account, helping you to keep track of your sales and to build your profile on StockX.
Selling on StockX: Frequently Asked Questions
What percentage does StockX take?
StockX acts as an intermediary between buyers and sellers, which means they aren’t selling products directly and have to generate revenue another way. This revenue is provided by a transaction fee that StockX applies to each sale. The fee will vary depending on the item you want to sell, but the amount is fairly small compared with the charges imposed by other platforms, such as eBay.
How to cancel a StockX sale?
You won’t be able to cancel your sale on the StockX platform if you have already accepted the bid from the buyer. Once you have accepted the bid, you will be expected to complete the transaction and send your item to StockX for authentication and shipping. If you have not accepted a bid yet, you will be able to withdraw the item from sale without difficulty.
If you do accept a bid but wish to cancel anyway, you will be hit with a penalty. As StockX does not permit you to cancel this kind of transaction, you will be considered to be in breach of the platform’s rules if you do not send the item on time (usually within two working days) or at all. Penalties can be high, and repeated breaches may result in account suspension.
Where does StockX authenticate sneakers and other luxury goods?
StockX is based in the United Kingdom and in the Netherlands, with international offices in London, UK, and in Eindhoven, NL. However, authentication for American-based transactions occurs in its stateside facilities. These are found in the Corktown neighborhood of Detroit, Michigan, as well as in Moonachie, New Jersey, and in Tempe, Arizona.
If you are selling an item in the USA, it will be authenticated at one of these facilities. StockX will inform you where to send your item once the transaction is verified and the bid accepted.
How StockX Works for Buyers
How do you buy shoes and other items from StockX? Just like with the selling process, the buying procedure is simple and straightforward. It’s also designed to be trustworthy and open – two elements that are very important for any buyers who want to avoid getting scammed, which is all of us!
- To get started, head to the StockX site and search for the items you want to buy – you’ll find sneakers, handbags, and other luxury items in the database.
- Select the size and color of the item you want to purchase, and look for any other key features you are seeking.
- Use the platform to discover the common selling price for the item you wish to purchase. Some sellers may list items at higher price points because they believe this is how much the item will be worth – it’s up to you to decide if you want to spend this much.
- Place your bid for the item – if this is the highest bid for an item in the current market, you will win the auction and the item will be shipped to you.
- You will receive a notification if your bid is successful. It’s over to the seller and the StockX team from here, so there’s nothing else you need to do.
- The seller will deliver the item to the StockX team for authentication. This means you don’t have to worry about receiving a fake item, or a product that is not as the seller described it.
- Only after authentication is completed will the money be transferred to the seller and the item shipped to you. If the item does not pass the authentication process, you will be refunded without any hassle.
- All that’s left is to receive your item – this might take a little longer than with a standard seller, as the authentication process adds some delay. However, we believe this authentication is a crucial part of what makes StockX different, as it helps you to avoid getting scammed or tricked as a buyer.
- Your transaction data is recorded in your buying history, so you can keep track of your purchases and analyze which direction the market is traveling in.
Buying from StockX: Frequently Asked Questions
What is the return policy for StockX?
You won’t be able to return your order from StockX if you are unhappy with it, or if you have accidentally ordered the wrong thing. The marketplace is anonymous and distributed, with sellers and buyers connecting only through StockX themselves. The StockX team authenticates each item before it is shipped, providing peace of mind for buyers, but they do not permit items to be returned after the authentication checks are complete.
It may be possible to appeal the authentication decision if you feel that StockX has made a mistake and you have been sent an unacceptable item. However, this will be handled on a case-by-case basis. If you don’t want to keep what you have received, it is easy to relist and sell the item via the platform.
What if the seller doesn’t ship on StockX?
On StockX, the seller will only ship to StockX themselves, ahead of authentication. The item will be shipped to you from StockX, and nothing is posted directly from the seller to you, or vice versa. This means there is no danger that the item will not be shipped to you, or that there will be any other trickery or delay. If the seller does not ship to StockX when they are supposed to, or if the item fails authentication, your money is refunded to you.
How do I cancel a pending StockX order?
The buyer cannot cancel a StockX order once their bid has already been accepted by the seller. Cancellations can only be made before the point of acceptance, when the transaction is still in the bidding phase. At this point, it is easy to cancel the order simply by withdrawing your bid.
The idea of the StockX platform is to provide protection and reliability to everyone involved in the transaction. While the authentication process protects the buyer, the returns and cancellation policy ensures that sellers can list their products with confidence. Once the order is processed and received, you can always relist the item for sale if you find you no longer want it.
The Verdict: Is StockX the Right Choice for Buying and Selling Sneakers?
Before you decide whether or not StockX is right for you, it’s helpful to take a look at a few of the platform’s pros and cons.
The Advantages of StockX
- Both buyers and sellers are protected when they use StockX to complete transactions – reliability is one of the key tenets of the platform.
- There is plenty of data available to both buyers and sellers, helping them to make informed choices when it comes to bidding on products and setting prices.
- The platform is designed to be easy and intuitive to use, essentially ensuring that all users can navigate StockX with ease and without worry.
The Disadvantages of StockX
- StockX can be a little slower than other forms of selling simply because of the authentication process. While the StockX team requires that sellers send items to them for authentication quickly, there is still a small delay in the shipping process.
- There are additional fees applied to selling on StockX, simply to provide revenue to the platform.
- Some buyers and sellers may not like the anonymity of the platform, and may prefer to deal directly with other buyers/sellers.
If you are a professional dealer in sneakers and luxury items, you may prefer to operate independently, dealing with buyers yourself and avoiding the fees and potential penalties imposed by StockX. However, if you prefer to buy and sell more casually – or if you simply don’t want the hassle of marketing your own products and chasing up transactions – StockX is great.
Choosing a selling and buying platform is always a personal process, but the protections and safeguards offered by StockX certainly make this an attractive option. Especially for those who might have been burned by dishonest or fraudulent users on other platforms.