– The Detroit-based company launched its online secondary market for sneakers in February, 2016; company expects to pass $100 million in gross merch
Source: StockX Adds Watches and Handbags to World’s First “Stock Market of Things”
Wait a minute… what? Our new favorite place to push our high end kicks just added handbags and watches? I guess this definitely verifies that the kicks market has shifted and isn’t enough to carry the weight of a venture funded website. I’ve said for a while that StockX suffers from one big issue and that is it only works well when an item is priced extremely low or the item is a really desired product. The lack of a low cost option for shoes that aren’t as popular for a market that sells shoes is a major issue.
This is a solid move to become the stock market of things. The problem is as a company moves from the niche to the center, they inevitably lose their core and although watches and handbags are a natural progression, I actually made the same progression on my shop at one point, the site becomes more like eBay or Amazon and let’s be honest StockX is selling the idea of products as stocks and hoping this distinguishes the site from other e-commerce platforms.
Is it enough? I hope it is. I always pull for the small biz guys who come from the sneaker world and they transition to the big leagues or to getting acquired. Unfortunately, the customer acquisition cost I think is going to be very high for StockX and ultimately this could lead to a difficult transition to the Stock Market of Things.
