1/13/2023 0 Comments Notion pricingBut in order to be global, you need to have a global presence. “In February 2016, the whole business was US-based, with dollar transactions routed via Detroit. “We want to tap key countries and cities in Europe” The site’s presence in Paris had a twofold objective: to rub shoulders with the fashion and streetwear labels taking part in the fashion week, and establish a direct contact with potential buyers and sellers. A StockX truck also made the rounds during the recent Paris men's fashion week, to meet Parisian influencers. and Club75, and a selection of rare sneaker models at a venue in the Marais district. In Paris, StockX organised an event in collaboration with Sarah Andelman, showcasing exclusive t-shirts by BornxRaised, F.A.M.T. Thanks to the latest funding round, it will be able to hire some 500 more in the coming months. The business has grown so much that StockX now employs 820 people. After it has been verified, it is delivered to the buyer, and the seller is paid. Once a sale has been initiated, the product is sent to StockX for authentication. StockX earns a commission on each sale, one that varies depending on several criteria. Customers found faster response times and more realistic prices, this is why the company has grown so quickly.” What made the difference was that the customer experience is better. Our design team succeeded in creating a site that's accessible. The challenge was to set up this idea with a website and then teach 14-year-old kids to use it. We need to promote it constantly, via our brand and SEO strategy, through digital marketing and also customer service. “It’s the best model, but it’s very hard to explain. In order to set a market price that is as accurate as possible, StockX must attract both buyers and sellers. We simply apply to sneakers and handbags the same principle that has been applied to minerals or natural gas for decades,” added Luber.ĭata and analytics are at the heart of the concept. The idea was to set up a marketplace where products could be traded like on the stock market. And you can only buy Nike shares on the New York Stock Exchange. Instead, if you buy one Nike share, it has a price. When a product goes on sale on Ebay, some bids come out at $300, others at $400. And what’s crucial is to ascertain the real market price of the product in question. “The question is how to establish this connection. We put buyers and sellers of a specific product - whether sneakers, streetwear, handbags or watches - in touch with one another,” said Luber. Instead, we’re more of an evolution of Ebay. When people talk about stock markets, the majority of them think investment. Because StockX plans to expand beyond its native USA. Josh Luber, StockX’s co-founder with Greg Schwartz and Dan Gilbert, the owner of the Cleveland Cavaliers NBA team, took advantage of a visit to Paris to talk to about StockX’s ‘stock market of things’ concept, its impact on retail trade, and to give more details on the company’s growth drivers. A concept which enabled StockX to steal a march on competitors like Stadium Goods or Goat. But above all, StockX pioneered an innovative concept: it prices the products it sells based on what it defines as a “true market price,” like a share price on the stock exchange. There is also an added sprinkle of showbiz glitz, since a number of film and pop music stars have invested in the Michigan-based company since its inception. How to explain the explosive growth of a site which claims to have generated a revenue of over $1 billion last year? First of all, because StockX's recipe uses quality ingredients: it is a thriving company headed by remarkable, enterprising young businessmen teamed up with an open-minded tycoon. On June 26, after raising fresh funds worth $110 million, the online marketplace for buying and selling sneakers, watches, handbags and streetwear was valued at over $1 billion. In just three years, StockX has grown from start-up to genuine unicorn. This is a success story in the best American tradition.
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