GET YOUR KICKS
Platforms tap the $6 billion global sneaker resale market
Young consumers, especially Gen Zs, are passionate about sneaker culture and willing to splurge in this sector. Their fascination with classic and limited-edition footwear has led to a rise in platforms that let them immediately purchase these products, as well as a booming sneaker resale market that some estimate to be as high as $6 billion.
Greatest Of All Time (GOAT) is a mobile-only marketplace for footwear fanatics to buy and sell collectible sneakers. Those wanting to sell new, coveted kicks must send them to the company’s office for inspection so that experts can ensure they’re not counterfeits and in top condition. GOAT employees then upload photos to the app and provide data to help sellers set a price. While there’s no shortage of resale platforms, the company provides a curated space specifically for high-end sneakers and guarantees authenticity through its verification process. The app has garnered significant funding and partnered with Stadium Goods to add its extensive inventory of sneakers to its mobile community.
Startup StockX connects people buying and selling premium sneakers through a live bidding market that mimics the stock market. Buyers place bids that sellers can accept, or they can purchase items immediately at the lowest ask. This ensures transparency as both parties must agree on a reasonable price for specialty kicks. Like GOAT, StockX authenticates all products; sellers are required to ship sneakers to its headquarters, where experts inspect items and handle distribution. Having recently scored funding from celebrity investors and others, the company will expand its resale services to other categories and limited-edition products.
Teens are particularly passionate about the resale economy, having never known a time when they couldn’t digitally connect with others to easily peddle possessions. This inclination inspired 17-year-old Anthony Debrant to create a resale marketplace around his love of sneakers. Website and app SneakMart serves as a storefront for people to buy and sell new, limited-edition, and classic kicks directly from each other and be part of a community of sneakerheads. Each user can create a personalized page with their sneaker preferences and rate their buying experience with fellow users.