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Source: Suede One
I was inboxed and asked if I had a vendetta against eBay because I’ve been consistently writing about the platform in comparison to other third-party marketplaces. I do not have a vendetta. I actually sent the company some information on my reports to consider. My recent research has been to gauge if the platform is capable of recapturing sales from StockX. In my recent research, I used StockX to sell quickly, and Amazon as a measurement tool to see how the everyday consumer was buying sneakers and not just sneaker enthusiasts (sneakerheads). The work enables me to speak with some amount of certainty about how resale is shifting. It also allows me to continue to find different avenues for my own income. I do not have a vendetta against eBay.
Suede One is an authentication service. As you see above, the site uses machine learning and people to authenticate sneakers. The service requires a log-in. I have never used Suede One, and in my research of the site, it doesn’t generate enough traffic to measure how many users the site has. Utilizing search engines, is a non-starter for information on the service as well. A search on YouTube doesn’t reveal any videos discussing the service (which is strange). According to Business Insider, the service is 99% accurate with the authentication of a 1.8 Million dollar Yeezy sold in 2020. This is the extent of information I’ve been able to track down quickly.
The absence of information is interesting, but aligns with the amount of money being poured into the sneaker resale market. I’ve discussed here on arch, on a number of occasions that resale is actually slowing down, and the over-investment in the marketplaces is happening because investors simply aren’t as informed as they should be about the marketplace.
I use eBay as a measuring stick because they’ve taken a path to recapturing resellers and buyers that consists of utilizing influencers and sneaker blogs to funnel traffic to the site. The ramp up in advertising, which is evident in the number of posts from Nice Kicks and from IG posts by popular sneakerheads indicates that the site is searching for a path to recapture an audience it once held completely. Poshmark hasn’t been as discussed in sneaker resale, but in my book Nike’s Consumer Direct Offense, I shared a year long experiment in resale with a control and a variable, the variable being the website Housakicks.com using sites like eBay, Kixify, Poshmark and their own site to resale. The results of that experiment were extremely telling.
I position Poshmark against eBay because as eBay ramps up advertising and partnership with SneakerCon, this is Poshmark’s first acquisition and it’s clear they are attempting to battle with StockX, GOAT, Grailed (recently purchased by GOAT) and eBay by offereing their consumers a service to provide peace of mind. There isn’t any detailed info on the acquisition cost to share, but with an acquisition there will have to be a justification for the expense which means there should be an increase in marketing and an attempt to bring sellers and buyers to Poshmark. This could create a battle between third party platforms, which will be interesting to watch… especially since StockX went retro and has begun to use snail mail (go to the end of the video below to see the mailer from StockX: