eBay has announced a policy change that could have massive implications in the sneaker resale market. Starting today, the e-commerce site is waiving selling fees on all sneakers sold for $100 or more. eBay sellers were previously subject to a fee of up to 10 percent.
Time to adapt — StockX has quickly emerged as the face of the booming resale industry. In June, it became the first dedicated sneaker reseller to be valued at more than $1 billion, after just four years in business. American consumers already spend more than $2 billion in the secondary market for sneakers, with Cowen & Co. predicting that figure to hit $6 billion by 2025.
“As the originator of the sneaker resale game, eBay continues to be a top source for emerging and collectible styles, and with high demand, we want our sellers and buyers to get in on the action,” eBay’s head of men’s footwear and apparel, Jeff Chan, said in a press release.
Indeed, eBay was the first legitimate place online to buy deadstock sneakers in the nascent days of sneakerhead culture. The only real alternatives were via message boards like NikeTalk. But, as a broader commerce site, eBay was ill prepared for the specific needs of sneakerheads. More specialized sites emerged to guarantee authenticity, the paramount concern for collectors. A once-niche culture became mainstream, and eBay’s failure to adapt caused it to lose ground.
Not just StockX — With this change, eBay instantly becomes the cheapest place to sell sneakers of any real value. StockX charges up to 10 percent, with discounts given to trusted sellers. GOAT charges $5 for U.S. sellers plus an additional 9.5 percent subject to increase for issues. Stadium Goods and Flight Club, which operate on consignment, charge 20 percent.
Expect all of those to become subject to change. Regardless, today’s move makes it even easier to buy and sell sneakers online.