Interview: How Reselling Platform StockX Is Democratizing The Streetwear Drop
PSFK speaks to the founder of the ecommerce IPO platform that lets bidders decide the price for resale and drops of exclusive streetwear merchandise, reinventing the concept by treating consumer goods as assets
Exclusivity is often a trait synonymous with fashion. Product scarcity and hard-to-find merchandise ensure fans compete and hunger for a chance to cop this season’s newest drop, and unsuccessful purveyors can hope to find a coveted product on a resale platforms. Unfortunately, these reselling sites often make it difficult to authenticate purchases and can lead to endless bidding wars, driving the price for buyers well above the initial price.
StockX is a reselling platform that, as its name suggests, models reselling after the stock market exchange. Billing itself as the first-ever “stock market of things,” buyers can place bids on an item and immediately make a purchase once the seller’s ask is met. StockX also verifies and ensures the authenticity of everything it sells. StockX is disrupting the industry of hype even further through the launch of its StockX IPO auction. This blind auction format allows shoppers to place anonymous bids on an exclusive item that Stock offers. The top bids that match the amount of items in stock were able to purchase that item, but all buyers pay the lowest winning bid.