How to sell on Stockx? So you are at the right place where you will get to know the complete guide to becoming a seller, along with some tactics to achieve success on this platform.
Nowadays, the resale market is growing continuously, where ordinary people become millionaires. Without a doubt, Stockx is the best platform for small businesses to begin selling, as well as a resale market. This platform allows you to sell all types of collectibles, but it is best known for selling sneakers. It is an excellent way to make money online.
Moreover, you get a lot of benefits as a buyer, so you don’t get any bogus items. As per usual, due to the platform’s policy, they ship the item after authentication. So, there is no second point to say that it is a wise choice for buyers and sellers. Hence, move to the next section to see the details about selling an item and start your vendor without wasting time.
An Overview of Stockx
Fundamentally, Stockx is a resale market for authentic, collectible sneakers, where buyers can get the sneakers at the suggested price by enticing buyers to buy them primarily for a serious sneakerhead.
Thus, Stockx is a simple platform to enter the market for small business endeavors. It presents not only sneakers but also other items like watches, handbags, streetwear, and other collectibles. Therefore, you can easily sell your item on Stockx. So, there are many chances to broaden your horizons.
Do You Want to Know How Stockx Works?
The critical point to remember about Stockx is that it works as a middleman. It means they check the product’s validation before delivering it to the buyer.
Undoubtedly, it is a beneficial platform as it protects buyers from seeing fake items. Moreover, this rule is also beneficial for sellers. Sellers will get access to a fantastic sneaker resale market based on trust. However, the fees are not the same for all the sellers on Stockx. The platform functions according to the seller-level system. That means the more the person sells, the lower the fee they will be charged.
Nevertheless, buying and selling on Stockx is a pretty simple process. You can make a listing of your items as a seller where you can list a product for sale now and set an asking price for bidding like on auction sites such as eBay. Then, buyers, through listings, put in bids or buy sneakers and other collectibles directly.
However, before shipping the product to the buyer, you have to send it to Stockx for verification. Then, it is Stockx’s responsibility to properly ship the item to the buyer.
A Scheme to Sell an Item Successfully on Stockx
Here are some of the tactics to get success, meaning more profit and popularity on Stockx according to the successful venture of this platform:
- It is generally better to look for the style number of a shoe than to promptly see a shoe. You can see the style codes under the shoe’s tongue or on the shoebox. A shoe’s style number will expose more info, like the release date and model. By typing this number in the search bar, you will accelerate the procedure of calculating profits.
- According to Simms, the best retailer of shoes on Stockx, set some discounts or rewards to reduce costs for the employee. Moreover, sellers who regularly shop from the same retailers can participate in customer reward programs where they can get gifts or vouchers that can be used as a deposit for their next purchase.
- Try to focus on buying and selling more costly items. This will get the person up to level 5 more quickly and make considerable higher profits.
Isn’t It Cool to Sell on Stockx & Expand the Venture?
Yes! As mentioned above, selling collectibles on stockx like sneakers, watches, and handbags is pretty cool and straightforward. Hence, you must create your account and place your listings as a seller. After that, place an item with a fixed price or set it up for bidding.
On the other hand, they can also use the option of asking where a user can either buy or place a bid. It means that you set a price and permit users to bid on it. When the item is sold, you must ship it to Stockx within two business days for verification. Stockx will deliver the item and release funds after verification.
1. Make an Account First!
Initially, on the Stocks website, signs up for the account. As a buyer, you have four options to log in to the website by these accounts:
- Traditional email sign up
- Google account
- Facebook account
- Apple ID
Then verify your email address to get started by providing the basic info like location and payment method.
2. Create a Product List to sell on Stockx
Now, create a list by making a model of your sneakers or other products. To do a list, see the below points:
- On top of your screen, by using the search bar, enter the making and model of the sneaker.
- Choose your sneaker from the available options and enter the size you are selling.
- Then, you can opt for it to be set as a direct buy or forbidding.
It is the key to being competitive when seething the price to bid. Hence, there is also an option that you can look at all bids and Asks, which gives you an idea of how to decide on a product price.
3. The Bidding Procedure
The bidding procedure is creating an offer on what you mean to buy. Buyers can put forward a bid on an item. Then, you can accept the bids by hand or if the buyer has a maximum bid and it goes up with a seller’s Ask price. Hence, it is an automatic transaction.
Therefore, if you make a price of a specific sneaker at $140 and anyone has placed a $140 bid on it. You have an automatic sale.
4. Setting a Stockx Seller Fees
Sellers have to charge a fee for selling on the platform. Early transactions are charged at 9.5%. Though, the fee gradually lowers as you sell further.
5. Verification of an Item to Sell On Stockx
The buyer pays the shipping charges but sold items will have to send for verification first. Then you will get a UPS shipping label after placing a purchase. Make sure to pack your item as securely as possible, put in the invoice, and attach the label. After that, Stockx is responsible for validating the item and sending it to your buyer.
Do You Know About the Payment Method on Stockx?
Sellers get paid when the items are sent for verification. Then, you may opt for the payment option, whether by PayPal, electronic ACH transfer to a bank account, Venmo, or debit. Hence, you will not get remunerated if your item does not meet the required conditions, is fake, or is not shipped on time.
According to the world-famous shoe seller of Stockx, Vernon Simms, who was previously a DJ, among all the reasons, one of the main reasons for killing a business before it even gets started is by trying to put up bogus sale kicks.
Moreover, you have to pay a penalty of $15 or an equal fee of 15% of the transaction if you fail to complete the sale. So, avoid this behavior; otherwise, you may be claimed as a fake or cheater and get penalized.
Advantages of Selling on Stockx
Selling will become relatively easy when you get used to the bidding and asking system. Therefore, it is too famous among buyers and sellers. So let’s see some of its advantages as a seller:
- Verifying the reality of the item and the approval stamp on it is a significant advantage for buyers and sellers. This plus point gives more confidence to buyers and sellers that what they are purchasing. Thus, authentication takes place anytime on an item, whether bought or sold on Stockx.
- Providing an unspecified listing and bidding makes a fair market. Because there is no bribing, bargaining, or competitive custom on this platform while listing and bidding. So, you can easily protect your privacy by buying and selling as needed on Stockx but not displaying the information publicly.
- The additional point is that the listing is accessible, where you don’t need to do a lot of research about the sneakers. The platform provides you with all the information about the sneakers, which saves your time. Just list your sneakers and wait for bids. You don’t need to take photos or write long descriptions as it is quite boring to do this.
- After the validation process, you don’t need to concern yourself with the refunds or charge backs. Once the item is shipped to Stockx, they take care of the whole thing from there. You will not have to deal with much admin, which is nice.
The Drawbacks to Sell on Stockx
There are some advantages to any platform but also a few disadvantages too. So, let’s see some of the cons:
- Stockx charges high seller fees as compared to other platforms. That’s why it can be more expensive for small businesses, especially when you have just started as a reseller. But the other key point is that the fees become lower as you sell more; you may consider this platform.
- The low bid becomes the reason for lowering the market value of the shoe, which leads to lower profit margins.
- The shipping costs can be higher than on other platforms, as Stockx uses different providers that discourage buyers.
Hopefully, now you have complete knowledge of how to start a business on the world’s best platform. Furthermore, the advantages and disadvantages of selling on Stockx with some successful strategies are discussed. Still, if you want further information and want to share your views, you can leave a message in the comment box.