Reselling might not be very popular while shopping but it plays a very important role in the $6 billion sneaker industry. StockX is an online secondary sneaker marketplace that brings sellers and buyers together with an auction-like system. Here, third-party sellers sell sneakers, streetwear, watches, and designer purses. The main role of StockX is like the middlemen that help sellers meet potential buyers. Since StockX is working as a middleman it is very important to justify the legitimacy of the platform. So, today I will provide an in-depth review of StockX, how it works and whether it is a legit platform or not. Let’s find out!
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What Is StockX?
StockX.com is an online marketplace that allows people to buy and sell sneakers. This shopping portal was established in 2015 by Dan Gilbert, Josh Luber, Greg Schwartz, and Chris Kaufman as The Stock Market of Things. Seven years from the establishment, now StockX has around 1,000 employees across 197 countries and territories. In StockX you can resell sneakers, watches, handbags, and even electronics like PlayStation 5 or Nintendo Switch. Here the buyers can place a bid on an item and once the seller accepts the bid, the sale is final. StockX ensures the transaction, similar to websites like eBay.com. StockX uses a real-time marketplace model similar to the stock market.
Company Information Of StockX
|Owner(s):||Dan Gilbert, Josh Luber, Greg Schwartz, and Chris Kaufman|
|Customer Service Contact:||[email protected]|
How Does StockX Work?
StockX is considered as world’s first stock market for things. This platform operates on a bid-ask system. So, if you are looking for streetwear or sneakers, or collectibles then the StockX will be the right platform. If you want to buy something then find the item and see what the buyer has asked. Now you have to offer a bid. When the seller accepts a bid, the sale takes place. When you make the payment, the seller will be instructed to ship directly to StockX. Then StockX will authenticate the item and then delivered it directly to your doorstep. On the other hand, if you want to sell on StockX then you have to list the product for sale or sell immediately at the highest bid. If someone buys your product then you have to ship the product to StockX within two business days where they’ll authenticate it. If your product passes the test then it’ll be shipped to the buyer. If for any reason, the shipment got canceled then the product will head straight back to you.
How Does The StockX Authentication Process Work?
StockX has six authentication centers around the world and each center goes through a rigorous, multi-step verification procedure to authenticate the product. Moreover, StockX only allows deadstock items on their marketplace; it means you can only sell products that are brand new and never worn. StockX also analyzes the material construction with checklists of 100+ data points. StockX also uses machine learning to help the authenticators check every minor detail. So, the authentication process of StockX ensures a 99.95% accuracy rate.
Shipping Policy Of StockX
Usually, StockX completes all the orders within 7 to 12 business days. In most cases, the products are shipped sooner than the stated time. However, the exact shipping time can vary depending on how quickly the seller sends the items to be authenticated as well as the destination of the buyer. While buying a product on StockX, you have to pay the shipping fees. The shipping cost will be shown to you while you place your bid or make your purchase. Usually, the shipping cost varies depending on the address where the product will be shipped. For example, if you purchase sneakers in the U.S., it will cost USD 13.95 for shipping. StockX.com ships all around the world so there are many different shipping costs.
Can You Cancel An Order On StockX?
According to many customers, reviews order cancelation is the main negative side of StockX. This is because, when the sale has happened, you can’t cancel your bid. The main reason for this rule is to stop people from buying and selling things without maintaining their side of the deal. It makes the StockX platform real, active, and dependable. However, there are ways you can cancel a sale on StockX. If for a special reason, you are not able to fulfill your purchase or sale then you can contact StockX directly and explain the reason to them. If the StockX authority finds your reason valid then they will allow you to cancel the sale.
How To Buy On StockX?
There are two ways you can buy products on StockX. You can either place a bid for the product or you can buy the product immediately for the buy it now price. In StockX the bid is valid for 30 days. If your bid is accepted, your card will be charged immediately. You can keep track of the active bids in your account under the “buying” tab. Once the payment is completed, the seller will then ship the item directly to StockX for verification. Then StockX will verify the product. If the product is 100% authentic then StockX will ship the product to your shipping address. Finally, you will receive the product within 7-10 business days from the shipping date.
Payment Options Of StockX
StockX is a global marketplace and it supports various payment methods. However, depending on the region the supported payment method might vary in StockX. Below is a list of payment methods accepted by StockX –
- All Regions
- All major credit cards include Visa, MasterCard, American Express, JCB, UnionPay, and Discover.
- Debit and gift cards backed by major credit card brands are also accepted.
- North America, the EU, and the UK
- Apple Pay
- Google Pay
- The US Only
- China Only
- WeChat Pay
Is StockX Legit Or A Scam?
StockX is a 100% legitimate shopping platform from where you can buy 100% original and authentic products. StockX was established in 2016 and according to WSJ currently, this company is valued at $3.8 billion! StockX has over 1,000 employees, six authentication centers, and it operates in almost 200 countries. So, StockX is a real deal.
Finally, StockX is not like a traditional e-commerce platform and if you don’t know much about bidding then do enough research before transacting on the platform. However, there is no question about the legitimacy of this platform so you can shop tension free at StockX.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.