NBA Owner Creates Online “Stock Market For Sneakers”
StockX relies on supply and demand to adjust real-time pricing for the booming resale industry
NBA owner Dan Gilbert, in partnership with Josh Luber, the founder of sneaker-pricing startup Campless, has launched StockX, a “stock market for sneakers” built on dynamic pricing to constantly monitor and adjust resale prices for the $1 billion industry.
Gilbert, intrigued by the idea of a stock market for consumer goods, settled on sneakers after watching his teenage son sell pairs for a profit on eBay. But unlike the eBay model, StockX sellers are anonymous.
A buyer has the option of purchasing shoes at the lowest “Ask” price, or can lodge a bid the seller can accept or deny. StockX tracks market volatility for given pairs over time, and even allows sneakerheads to manage their collection online as they would a stock portfolio. While the service is limited to sneakers at the moment, Luber sees future growth potential in other consumer goods sectors, such as watches, handbags and collectible toys.