Every day, a new online market is introduced on the web. What makes the difference is what each of them can be able to offer in the long run and how effective its marketing procedures are.
Known mostly for the resale of original sneakers, StockX is an online market. For a small business venture, StockX is an easy platform to enter the market.
It also offers other items such as handbags, watches, streetwear, and other collectibles, so there are lots of opportunities to diversify.
If you have been looking out for where to sell your items, StockX could serve as a good guide for you.
In this article, we would be discussing how you can sell on StockX in 2023, why you should sell on StockX, and of course, what StockX is in the first place.
Keep reading!
Table of contents
About StockX
StockX is not like any e-commerce website you know. It is a marketplace with online flesh for buying and selling limited-edition sneakers, watches, handbags, and streetwear.
Buyers place bids, sellers place Asks, and when a Bid and Ask meet, the transaction happens automatically – across a true market price.
The marketplace is so user-friendly that both buyers and sellers can see how much an item on the market was sold for in the past and what is currently the lowest ask.
Because of this transparency, users can shop for the items they love smarter than ever before.
This is also one of the reasons why StockX is way above most other marketplaces-it’s transparency.
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How Does StockX Buying and Selling Work?
Even though the StockX website is completely anonymous, all buyers and sellers meet in one place.
Buyers don’t have to do hours of research on a seller’s history and rating, and sellers don’t have to take photos or write witty descriptions of the items they are selling.
StockX handles all of these. The platform works as a middleman, authenticating the originality of the product before it is sent out to the buyer.
This is a lot of advantage because as a buyer, it saves you from seeing fake goods and even having to verify whether the limited edition is real or not.
On the platform, buying and selling are also made super simple. As a buyer, all you need is to browse through listings, enter bids or directly purchase sneakers and other collectibles with limited editions.
Once a product is sold, the product is shipped to StockX to complete an authentication process before it’s sent to the buyer.
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Why Should You Sell on StockX in 2023?
Of course, everyone wants shopping made easy. Everyone wants to be able to go online and shop for limited editions of products without the fear of being scammed.
StockX is a platform that has provided this service. Some of the reasons why you should consider selling on StockX are:
- The StockX platform is easy to use. You would not have to go through the stress of trying to figure it out. Once you get a hang of the bid and ask the system, you would be ready to start buying and selling. Its ease of use is one of the reasons why it’s so popular among users.
- StockX has the authentication process. Knowing the item, you are about to buy is real and getting the stamp of approval is a big advantage for buyers and sellers. It takes away the fear of being scammed and the stress of having to check whether the product is original or not. Authentication takes place any time an item is bought or sold on StockX. It gives buyers and sellers more confidence in what they’re buying.
- On StockX, there is anonymous listing and bidding. With this feature, the market is fair. There’s no bribing, competition, or asking to lower prices. You can protect your privacy and buy and sell as needed, rather than having that information publicly displayed.
- On StockX, there is also quick product info and listing. Listing is easy, and you don’t need to do lots of research. Information about sneakers is populated within the platform, saving you time. No need to take photos or write descriptions, just list your sneakers and wait for bids.
- There are no chargebacks on StockX. Due to the authentication process, you don’t need to worry about refunds or chargebacks. Once the is shipped to StockX, they take care of everything from there. You won’t have to deal with a lot of admin, which is nice.
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Are there Disadvantages Of Selling on Stockx in 2023?
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 you’re 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 2023 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.
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How Long Does it Take to Sell on StockX?
“StockX strives to complete all orders within 7-12 business days.”
The way it works is that the seller first has to ship to StockX for authentication.
Sellers have two business days to ship the product and the rest of the shipping time depends on the carrier.
How To Sell On StockX In 2023
Selling on StockX is a very easy process. There are two options you can take to sell on StockX.
You can:
1. Place An Ask
The first step you should take to sell on StockX is to place and ask. If you have the lowest Ask, buyers who place a matching bid will automatically buy from you.
If someone lists a lower Ask than you, they will get the sale, however, your Ask is still active and could be accepted if it becomes the lowest ask again.
Once your Ask meets a Bid, the transaction is captured automatically.
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2. Sell Now
If you don’t want to wait, simply select “Sell Now” on the product page to sell the item immediately at the highest Bid.
You’ll receive your payout once your item is shipped and verified by StockX.
To sell on StockX, there are certain steps you need to take.
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Step 1- Creating an Account.
There are four ways you could set up your account on StockX. They are-
- Traditional email sign up
- Facebook account sign up
- Google account sign up
- Apple ID sign up
In the signup process, you will need to add basic information, location, and payment method. You will need to verify your email address to get started.
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Step 2- Listing a Product
This entails adding the qualities of your product, including the name and model. In doing this,
- Use the search bar on top of your screen to enter the make and model of the sneaker.
- Select your sneaker from the options that appear and enter the size you’re selling.
- You can then choose whether to set it as a direct buy or for bidding.
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Step 3- The Bidding Process
The bidding process is like making an offer on what you intend to buy. Buyers can submit a bid on an item.
You can manually accept bids, or if the buyer has the highest bid and it matches up with a seller’s ask price, it’s an automatic transaction.
Step 4- Shipping the Items For Authentication
Shipping rates are paid by the buyer and sold items will first have to be sent for authentication.
After purchase, you will receive a UPS shipping label.
Pack up your item as safely as possible, place the invoice inside, and affix the label. StockX handles authenticating the item and getting the product to your buyer.
How does Payment Work on StockX?
Sellers receive payment once the items have been shipped for authentication. You can choose to receive payment through PayPal, electronic ACH transfer to a bank account, Venmo, or debit.
If your item does not meet the condition guidelines, is fake, not as described, or is not shipped in time, you will not get paid.
You will be charged a $15 penalty or a fee equal to 15% of the transaction.
Conclusion
Selling on StockX in 2023 is easy. In addition to its ease of use, it is also user-friendly and has tabs to keep you organized.
You would have a selling tab, showing you your current order, pending orders, and your history. All available Ask prices under the Current section are color-coded to indicate the current standing of your Ask throughout its asking period.
Green numbers indicate that the ask is the lowest asking price. Red numbers indicate that the ask is not the lowest asking price.
While Black numbers indicate that the ask is equal to the lowest asking price or is no longer active. If you want to buy and sell without a lot of stress, StockX is a great option.
FAQ’s
Once a product is sold and shipped to StockX, sellers receive their payment via four methods including Paypal, Venmo, debit, and. However, a 9.5% transaction fee is deducted, which lowers as you sell more. Shipping costs are paid for by the buyer.
There is no cost to list products but a transaction fee of 9.5% will be charged if the product sells.
If you’re serious about selling sneakers and apparel, and you know you have products that can appeal to sneakerheads and collectors, go for it. Buyers have complete trust thanks to the authentication process, and it has good profit potential.
If you unknowingly sell fake shoes and it is discovered in authentication, StockX charges 15% of the sales price of $13.95 for shipping them back, whichever costs more.
Yes. The Process of Selling on StockX. Selling collectibles such as sneakers, handbags, and watches on StockX is easy. As a seller, you will first need to set up an account and post your listings. A reseller can either post goods with a fixed price or set them up for bidding.
Yes. StockX provides an easy platform for resellers and customers to use.
For all StockX sales, there is a 3% payment processing fee, as well as a transaction fee that is determined by your Seller Level following the StockX Seller Program.
No. As a Seller, your shipping cost is deducted from your total payout. Once a transaction is complete, you will receive a shipping label in your “My Account” section of the site. You are responsible for packaging and dropping it off with the shipping carrier on the label provided to you.
References
- https://StockX.com/help/articles/What-is-an-Ask-and-how-do-I-sell-on-StockX#:~:text=There%20are%20two%20ways%20to,high%20on%20the%20product%20page.
- https://smallbiztrends.com/2021/05/how-to-sell-on-StockX.html
- https://sixfiguresneakerhead.com/tips/reselling/StockX-review/
- https://www.google.com/search?q=How+do+I+sell+StockX+for+the+first+time%3F&sa=X&ved=2ahUKEwj4_s_WxuH1AhVlCGMBHeSWAbcQzmd6BAgVEAU
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