How to Make Money through StockX
Are you a sneakerhead with an entrepreneurial spirit? Then you might consider taking advantage of your love for a good pair of sneakers and profit off it And what better way to sell sneakers and collectibles than on StockX?
Founded in 2015, StockX is a reliable marketplace for collectible sneakers, streetwear, and more. If we’ve gotten your attention and you’re interested in finding out how to make money on StockX, keep reading.
How Does StockX Work?
First of all, make sure that you download the app, which is available both for Android and iOS users. The most important thing is that the items must be new. This is especially applicable to sneakers. Recently, StockX has introduced a feature for selling pre-owned watches and handbags. However, these have to be in a pristine condition.
So, you’ve got an item that you want to sell. Wondering how to start? Here’s what you must do:
- Look for the product on StockX.
- Once you find it, research the pricing and the market.
- On the product page, you’ll see suggested prices from other vendors. Moreover, you’ll get an idea of how much buyers are willing to pay.
- When you’re ready to sell your product, tap on ‘Sell.’
- You’ll see a size chart page pop up. Go ahead and select the size of your item.
- Once you do that, you’ll have two options. You can click on ‘Ask’ and suggest your price. Alternatively, tap on ‘Sell now’ to sell them to the highest bidder on the site.
- If you choose the latter option, you’ll immediately see all the fees and the total amount of money you’ll get. StockX will charge about 10% in transaction fees. However, as you gain a footing on the site, the fees will decrease.
When you sell the product, you’ll get an email from StockX with a packing slip and shipping label. You’ll need to print out those. Here’s what happens next:
- Upon receiving the email, you’ve got two days to ship the item to the StockX. Keep in mind there will be charges for this if you don’t do it within that time frame.
- StockX is big on authenticity, so you won’t get the money until they’re happy with your item. That’s why you first ship your item to StockX and not the buyer.
- Once your product is confirmed to be authentic, you’ll get the funds and a stamp of authenticity. The item is now shipped to the buyer.
The great thing about the website is that you can see your selling data at any time. It’s your insight into the number of sales made and revenue generated.
Moreover, you don’t have to spend hours investigating market trends since StockX does that for you. When you click on any collectible item, there will be a graph at the bottom of the page. Are the sneakers (or another item) still high in demand? Just take a look at the green chart and itemized prior sales history. On the other hand, if the demand is decreasing, you’ll see a red chart.
Tips for Selling on StockX
To get the most out of your sales on StockX, there are some things you should consider first. So here are our ultimate tips for making a profit on StockX.
Buy at Resale
Many resellers swear by purchasing sneakers on release dates and waiting for the perfect moment to sell them. Want to know how to do it? Follow these steps:
- Search for sneakers that are in high demand.
- Buy them on the release day.
- Don’t sell them right away. Wait for them to go up in value.
- Consider selling them when they’re worth about double the price. If you had bought more than one pair, you could sell some and keep the rest to see if the price might go up higher.
However, just like the stock market, there are risks involved with collectibles like sneakers, too. Occasionally, you won’t be able to sell at a profit.
On the flip side, also like the stock market, your investments will rarely become worthless. You can always make a judgment call and sell at a loss. Reinvest the proceeds on something else that looks more promising. And like stock traders, you’ll make money if you have more winners than losers.
Prepare the Shoes for Shipping
After a sale, it’s up to you to prepare the shoes for shipping. Anyone involved in ecommerce can tell you that this step is critical. If you send out the wrong shoes, the wrong size, or otherwise misrepresented, you’ll be charged a 15% cancellation fee. This step deserves all your attention if you ever want to make money selling things online.
Turn On the Alerts
To always get updates about changes in prices, new bidders, and sold items, turn on notifications. You’ll get a pop-up message on your phone or an email. And it’s easily done as follows:
- Go to ‘My account’ in the top right corner of the page.
- Hover over it and click on ‘Settings.’
- Scroll down to ‘Notifications’ and make sure to toggle the button and enable the notifications for everything you need.
In this way, you’ll always be at the top of your game and manage your sales easily.
Research Your Market
One of the crucial things to selling and making money on StockX is knowing your market. You’ve got to keep up with the times and identify the popular brands and models. Luckily, with StockX’s current market trends feature, you can always know which sneakers are most wanted.