There are a few platforms that have been key players in resell for years now – StockX, GOAT, eBay, Flight Club, Stadium Goods… the big dogs of fashion recommerce. As time passes and as reselling grows, all of these companies have done very similar things: expanding into clothes, watches, and other collectable items. The focus on sneakers has gone down, even though the industry is up.
So, how has the role of sneakers changed? Will these platforms continue to dominate sneaker resale, or will there be some change?
We know one thing for sure. The number of stores focused on sneaker resale is growing. There are stores popping up all over the U.S., and the rest of the world, that are Buy/Sell/Trade, and oftentimes offer consignment as well. Lots of these stores start with one location, and grow to have two, three, or more.
On the surface, this isn’t good for StockX, GOAT, and the other big dogs. If there are more opportunities to buy in-person, their sales online will go down. But, that may not be the case.
Demand for collectable sneakers is growing very quickly. In fact, the market is growing by about 16% a year. There are more people than ever who are looking for sneakers, but the newcomers are a little bit different. Let me explain:
Sneaker resell is becoming established. It’s been around for years now, so it’s not as new and unknown. If you were going to be super interested in sneakers, you are already. The newcomers, who are causing the growth in the industry, don’t care that much about shoes, they’re starting to buy because of people who are already invested (and set trends).
Because they don’t care that much and just want to have a cool pair of sneakers, they aren’t doing very much research. This means they will pay more for shoes when they buy them in-store or online. This is good for both local stores and the online platforms.
Because of that, it would be difficult to say that the future of large resell platforms are in danger. Similarly, it would be difficult to say that about local stores, so neither way of reselling is at any huge risk. Although, large resell platforms may face increased competition between each other and other new platforms to resell. The amount of money flowing through large resell platforms as a whole will not slow any time soon, but their competition between each other will grow.
Mateo Moyon