For online marketplace StockX 2020 was one for the record books. The platform had its best year ever, boasting $1.8 billion in gross merchandise value and processing 7.5M trades.
While StockX’s bread-and-butter continues to be sneaker resales, the site has made significant strides in other categories as well. Electronic trades on the platform have increased 75 times in Q4 2020 over the prior quarter. The platform has also gained popularity along gender lines, with female users increasing 100% YoY.
Jesse Einhorn, senior economist at StockX, spoke to Yahoo Finance about the platform's growth and what might lie ahead for the company in 2021.
“We reached 900,000-lifetime sellers. So nearly a million people have sold on our platform, which personally I think is just really interesting. I think a lot of people think of sneaker selling as this esoteric niche subculture that very few people participate in. And in fact that it would StockX and the ease and accessibility of our marketplace sneaker selling have become moderately mainstream.”
Nike (NKE)-owned Jordan brand is the top-selling brand on StockX followed by Nike itself, Adidas, (ADDYY) Converse (owned by Nike), and New Balance. Jordan brand sneakers sell for a staggering 54% above the initial retail price.
Einhorn says that sneakers made with sustainable materials will be a big part of the StockX platform in 2021. In the previous year, users spent more than $10 million on sustainable footwear. The Nike Space Hippie alone brought in more than $400,000 in sales on StockX. Adidas algae-based Yeezy foam runner was also a big seller.
“StockX customers express their identity through the products that they purchase. And part of those identities now are commitments to environmental sustainability. What you're kind of seeing in this price data and the sales data is really a reflection of changing commitment among buyers and consumers, and a real prioritization of sustainability and the sneakers that they wear.”
Jordan 1 mania continues
To no sneakerhead's surprise, the top-selling sneaker model on StockX continues to be the Air Jordan 1. As far as most kick enthusiasts go, when it comes to the Jordan 1, highs are the be-all-end-all silhouette. However, the Air Jordan 1 mids have become a surprise hit in Europe and Asia. Einhorn tells Yahoo Finance that the mids popularity abroad is starting to translate to popularity in the U.S. in 2021.
“The 1 Mid silhouette took Europe by storm, accounting for as much as 50% of Jordan sales in select markets. In 2021, we expect Mid mania to make a transatlantic journey to U.S. shores, as their price accessibility and OG colorways make the model an increasingly attractive option for American buyers," he said.
Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at @ReggieWade.