Are There Disadvantages Of Selling On Stockx In 2022
Of course, everything that has such beautiful advantages has to have disadvantages.
Some of the problems you may face while selling on StockX are:
- On StockX, there are high seller fees. Compared to other platforms, StockX charges a high seller fee. This can be costly for small businesses, especially when youre just starting as a reseller. While the fees do lower as you sell more, it is something to consider.
- Another disadvantage of selling on StockX in 2022 is the low bids. This can lower the market value of the item and lead to smaller profit margins.
- There is also the problem of shipping fees. StockX uses different providers. As such, the shipping fees can be higher than other platforms and may discourage buyers.
Where Do You Buy These Shoes To Resell
I like to buy older models either through eBay or Facebook groups and sneaker conventions.
For new shoes, youll go directly to the brands website and either press your luck right on the release time or you can utilize a sneaker bot to greatly increase your chances of securing a pair at retail price.
There are also authorized retailers that stock desired shoes, like FootLocker or Eastbay, but its best to go with lesser-known sites like Mr. Porter and END to increase your odds of getting the shoes at retail.
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Sell More Expensive Products To Reduce Selling Fees
The fees on StockX are not the same for every seller. The platform operates with a seller-level system, which means the more an individual sells, the lower the fee theyll be charged.
A seller with no experience on the platform will pay a 10% transaction fee, while a person who has sold at least 250 pairs of shoes for $30,000 will be charged only 8% for each transaction.
Focusing on buying and selling more expensive items will get a person to a level 5 selling status more quickly and make them significantly higher profits.
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How Does It All Work
Of course, the best way to guide you through the process of adding an item on StockX is with an example.
StockX considers unworn, brand-new sneakers to be in deadstock condition. If youre ready to sell such a pair on the site, these are the steps you need to take:
If you choose to sell your sneakers at the highest bid available, youll be prompted to verify the sale and make sure all the information is in order.
Its important to remember that when youre adding an item on StockX, be careful not to mix up child sizes with adult sizes. On the screen, the sneakers might look very similar, so StockX will ask you to double-check.
Here’s How It Works As A Seller:
You have an item let’s say a luxury bag or a pair of sneakers that you want to sell. Search the item on StockX and select the size you have. From there you, can sell it immediately for the highest current bid or submit an asking price and wait for someone to pay it. This feature is especially good if you have an item that you don’t need to sell right away and believe it will appreciate in value over time.
Once someone purchases your item, StockX will email you a pre-paid shipping label and packing slip to include in the box. You’ll have two business days to get the package sent out or StockX will charge you a small fee. Once StockX confirms that your item is authentic and in brand new condition for sneakers and streetwear or excellent pre-owned condition for watches and handbags, your funds will be released to you. StockX does take out a transaction fee starting at about 10%, but as your seller level increases, the percentage decreases. After that, StockX is responsible for delivering the package to the buyer.
In my opinion, the small transaction fee isn’t a deal-breaker. Realistically, StockX has to get paid, and it’s still a smaller amount than what eBay or a sneaker consignment shop would take.
The same way you can keep track of your purchases, you can also keep track of current, pending, and past sales. StockX provides you with details on your number of sales, how much revenue you’ve generated, and your authentication percentage.
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Whats The Secret To Stockx
StockX is the marketplace of choice for full-time professionals like Vernon Sizzle Simms, a former DJ turned full-time shoe reseller. He makes more than a million dollars on StockX every year.
Simms says reselling sneakers is more complicated than it looks, but theres potential for anyone, even teenage entrepreneurs, to launch a successful business on the platform.
When done right, sneakers are becoming one of the best things to flip for profit.
He shared his secrets for success getting started flipping items on StockX.
How Does Stockx Confirm A Sale
StockX pays attention to the products being sold every day. They check the products in two stages. There is no way to sell any fake or used products on this platform.
Verification: This is the first stage of checking any product in StockX. They verify the products regarding the invoice. Here, they check the condition, color, size, and level of the products. If the product matches the invoice including all information, it is sent to the next stage.
Authentication: In this stage, the authority checks the authentication of the products. They check the condition of the product regarding the description. They check the product whether it is used or fake. Next, they check the materials of the products.
Finally, the strong team of StockX checks out the built quality of the things. If the products pass these two stages, the authority pays the sellers and ships the product to the buyers.
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How Do You Buy Sneakers On Stockx
Of course, this marketplace is also a great place to cop sneakers and find Grails, albeit at higher prices.
Buying is even easier than selling. Just click on the input field next to the red magnifying glass and then enter the item name. In our example, we take the Air Max 90 Off-White Black.
Here, you click on the shoe and get an overview of it. In the upper left corner, you can choose your size. If you already have an account and have set the size, it will be automatically added here.
Under the product, you will see a product description that includes basic data. At the bottom of the website, you can also see the price history of the item over time. You can see at a glance what percentage of the retail price is worth and what the average selling price is.
Then, you press the big green Buy button and you will see how the buying process works. Similar to the selling process, you can either make a purchase offer, or you can buy at the lowest price.
After the seller has sent the shoes to StockX and they have checked that they are not fake and in good condition, they will send you the shoes and you can relax because you know you will surely get an original.
To get to the purchase window, just press the green I Understand button.
Afterwards, you have to decide whether you want to buy the shoes immediately from the cheapest supplier or whether you would rather place a bid. If you create a new bid, you can set how long the bid will be valid under Bid Expiration.
How To Resell Sneakers On Stockx
- How to sell to source, list, ship, and sell sneakers on StockX
- How to manage your StockX Business
- How to successfully sell sneakers on StockX
- How to source shoes online, at outlets, and various other retail stores
- How to build your StockX Account
- How to earn money on StockX as quick and easy as possible
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How To Spot A Fake Stockx Receipt
Yes, sadly fake StockX receipts are forged as well. However, theyre pretty easy to spot, since the authentic receipts are printed nowadays with a thermal printer.
In other words, think about a label printer, if youve ever seen one. It is exactly that technology that is used to print the receipts. Weve attached a poorly-forged receipt, compared to the genuine receipt that StockX puts in their shipments:
As you can see, the format is totally different. While scammers can get creative when it comes to forging, I doubt someone will go the extra mile to replicate the thermal printer receipt.
Nonetheless, lets have a quick look at some flaws found on the ingenuine paper.
Well start with the upper left corner: the address for StockXs headquarters is wrong, since theyre located number 1046 and the right postal code is 48226.
Besides that, StockX does not ship their shoes from their headquarters, as they have multiple warehouses across the globe.
Alongside with the tell weve just explained, there seems to be a hand signature this will never happen, as weve analysed above the card that comes with every StockX shipment.
Weve noticed how not only the signature is printed, but that it also has to be from a laminated material.
Can You Sell Shoes On Stockx Before You Have Them
Absolutely. You can sell shoes on StockX before you have them. I have sold brands of shoes like Supreme and Nike on StockX before physically having them on hand.
A lot of people do this, that is why you will sometimes see other people posting their items on StockX the very day it dropped.
There is nothing wrong with posting stuff for sale even if you do not physically have the items yet. But there is a big catch, once a sale has been made you need to ship the item to StockX within a certain number of days or you could be penalized.
However, this is no cause for alarm if you are guaranteed that you will have the shoes on hand within the given deadline so as to be able to ship the item to be authenticated.
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Where To Sell Shoes For Cash Near You
In addition to online consignment shops, you might want to consider selling your shoes through local marketplaces. This can be a faster way to sell shoes, and you receive cash instantly instead of waiting for funds to transfer to your account.
Plus, theres no chance of you having to refund a customer because they didnt like the shoes.
Here are some of the best local places to sell shoes for cash.
Goat Can Store Your Inventory
Goat offers what they call Goat Storage. This is where resellers can send their inventory for Goat to hold until they are sold. This ensures that customers receive the sneakers faster while giving you more space for inventory.
Ideally, this should only be used once you have enough inventory and sales to warrant it. You dont want Goat to be the exclusive platform where you sell your sneakers. Your goal should be to build your own brand so that you can sell directly through your own platform.
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Does Selling On Stockx Count As Income
As of 2022, StockX will file income reports for anyone who makes more than $600 a year on the platform.
This is a change from how reselling platforms dealt with taxes in the past, which was essentially an honor system.
Previously, tax information was only collected for sellers who made at least $20,000 in more than 200 transactions.
Those who file their tax return in 2022 and dont report StockX earnings over $600 could be audited by the IRS and forced to pay additional taxes and penalties.
Thats one thing thats going to draw some people back, speculated Simms. Some people dont like taxes, and they dont like paying them. But thats just how it is, and theres no way to run from it.
Shipping supply costs, transportation costs, membership fees and even home office expenses can be recorded for tax deductions, so its essential to keep track of all money spent to operate a sneaker reselling business.
Keep track of everything, added Simms.
How Does Stockx Bidding Work
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The Marketplace To Buy/sell Sneakers
StockX has set the standard for what a shoe costs in todays market. StockX is also the gold standard in customer service and doing their best to help the individuals involved in each purchase. COVID hurt a ton of companies and shipping was all over the place for everyone but StockX fought through the problems and are doing much better. I have never gotten a single fake from them and they have fixed 99% of the problems I have had. There was one glitch in the system where they said I didnt ship my shoes when I did so the sale I made was cancelled and my shoes were shipped back to me but that was because UPS didnt log my shipment in the computer so it wasnt even StockXs fault. I have done tens of thousands worth of buying/selling with StockX and everything has been great. I use StockX more than ANY other platform to buy and sell shoes. I only wish they took less money from my sales but that is my ONLY complaint that I have and I wouldnt even call it a complaint. It is what it is and I try to plan for it when I sell my items… it would be nice to have more opportunities to have less fees taken out. Other than fees, I have ZERO complaints and I have nothing but great things to say about StockX. I wouldnt have the collection I have today without them and I would have the supplemental income I have today without them. Thank you StockX for making all of this possible.- Gregory I –
A Review Of Buying Shoes On Stockxcom
New users come onto StockX and are often initially confused, because instead of just seeing one price like youd see in just about every other store, there are 3 different prices that sometimes vary widely in values.
Here are the 3 different prices that youll see above a shoe on StockX, and what each of them mean:
This is the last sale that happened for the pair of shoes youre looking at. Next to this number, youll see if the price has gone up or down compared to the previous sale.
This number shows you a number thats often below market value. Its the price that a prospective buyer put out there for sellers to let them know that theyll buy shoes immediately at this price.
After putting out a bid or Buy request, the buyer is bound to fulfill their promise to immediately purchase the shoe at the price.
StockX shows the lowest price on the market and its size.
Often slightly above or at market value, the Sell or Ask is how much the seller is hoping to get for their kicks. Theyre bound by this number to sell immediately at this pricepoint.
StockX will show the highest number out there along with the size that goes along with it.
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Alternatively Ignore The Hype
If youre looking to buy rare and desirable shoes on StockX, get in line outside of the unaffordable recent releases, some of the most covetable styles on the platform reach truly astounding prices. Youve got the Yeezy Red Octobers, which go for several thousand pounds, Morrison says. The Chanel x Pharrell collaboration shoes go for between Â£5,000 and Â£10,000. The Nike SB Paris Dunks go for Â£10,000. And the Nike Air MAG self-lacing shoes from Back To The Future? They can go for Â£30,000.
If those numbers make you break out in a cold sweat, dont worry a buyer who doesnt care about hype can actually see a lot of success on StockX. Theres benefit in waiting until something goes cold, Morrison explains. I go through the website looking for old or interesting pairs that people arent thinking about, but that I know that Id love to wear and didnt get back then. Ive gotten so many great deals on truly iconic shoes, because theyve gone under-the-radar.
Can You Only Sell Deadstock On Stockx
On StockX, new or used sneakers are only permitted for sale. Additionally, shoes that customers tried only once or more can also be purchased on Stockx. They have stated that you will see this in their conditions of sale. If youve ever wondered whether you can get the worn shoes you want on StockX, youve come to the right place.
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