Hi.
I’ve used StockX in the past.
I love the sneakers.
Mike Sykes has even shared some of my heaters in his newsletter.
So, when I saw Mike talk about StockX cutting corners, I wanted to take a look.
The Kicks You Wear, Vol. 414 — StockX loses its plot 🧐
4 hours ago · 6 likes · 1 comment · Mike D. Sykes, II
I jumped on two ideas here:
- Power
- Brand
From a power standpoint:
Does changing its shipping plans increase StockX’s power over its customers, its suppliers, and its competition?
I don’t know.
Mike’s analysis says that customers have been burned by the platform even with the verification program.
So, loosening restrictions doesn’t seem wise.
Since only around 1% of sellers are going to be a part of this program, I don’t see this as a big tool to win with suppliers either.
And, when you think about the messaging that the competition can make at the first misstep, this seems to open an unnecessary door to the competition.
From a brand standpoint, the big thing StockX stands on is its verification system.
That brand equity built up over time and give StockX a competitive advantage against eBay and other sellers.
My personal take, I only look at StockX for resale shoes.
Undermining your brand equity is not wise.
I’m curious what you think though.
Let me know.