eBay is making moves to become the best sneaker reselling website in 2020. It is on track to become the best sneaker reseller primarily through wiping out seller fees for any shoe sold above the value of $100.
eBay might seem like the place where you might auction off your grandpa’s clock but it’s the OG sneaker reselling website. Long before we had StockX or GOAT, eBay was the go-to-place for all the latest sneaker drops.
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However, it started to fade into oblivion when new entrants appeared in the market with a cleaner outlook. But eBay has started to realize that they will be missing out on hefty profits if they do not promote sneaker reselling.
Therefore, they have provided a great incentive for all our resellers. eBay has abolished its 10% selling fee for all shoes in the “Athletic Shoes” category which is sold at a valuation of greater than $100. How does this compare to StockX you ask?
eBay Vs StockX
Now as you can see from the above image, StockX is taking a hefty transaction fee of 9.5% from you once you start selling. That percentage drops down to 8.0% only when you’ve sold at least a 100 sneakers or earned up to $25000. Moreover, there is also a minimum seller fee of $5.
What’s more, is that StockX charges a processing fee of 3% in addition to the transaction fee mentioned above. Let’s do a quick example to see what difference it makes to sell on E-Bay or StockX.
Shoe Sold for $100
Transaction/Selling fee = 0%
You receive = $100
Shoe Sold for $100
Transaction fee = 9.5% (considering you’re a new seller)
Processing fee = 3% (same for all levels)
You receive = $87.5 ($100 * 87.5%)
Moreover, once you level up on StockX as a seller you have exactly one year to maintain the number/value of sales of that certain level otherwise you get demoted.
This is clearer with an example. Let’s say that on January 1st, 2020 you become a level 3 seller. You have till December 31st,2020 to complete 30 sneaker sales or $10,000 worth of sales to retain your status.
Now for those of us entering into the sneaker reselling market, we do not want to be giving away our hard-earned money this easily. After all, it requires a significant investment from our side and to just be stripped from our worth like that is considered unfair by many.
E-bay knows this and this is why their abolishment of a 10% seller fee has made sellers revert to the OG website. If you’re entering the sneaker reselling market, I’d recommend you to start reselling on E-bay.
Apart from 0% selling fee, E-bay also provides you the following features:
What makes eBay the best sneaker reselling website?
eBay has Paypal embedded in its website. Paypal is used by business owners all over the world primarily because of its escrow protection. What does escrow mean? It means that your payment is in “secure hands” before you ever even send the product to the buyer. Therefore, as a seller, you do not have to worry about being scammed.
Auction your shoes
Usually, sellers, especially novice ones, do not know how to value their sneakers. They tend to overprice them, in which case no one buys them. Or severely underprice them, in which case they lose out on profits.
If you’ve been in this position before then eBay allows you to let the buyers fight amongst themselves and the highest bidder wins. You can set off a minimum auction price and leave the rest to the buyers. The next thing you have to do is sit back and enjoy the shoe.
Build your business
If you’re a new business owner in the sneaker reselling market, you need to know that to win in this game you need to have a solid reputation. E-bay will let you do exactly that. Once a customer clicks on your listing, they’ll be able to view the feedback others have left on your previous sales.
Feedback acts like a snowball effect for your sales and your brand. Therefore, you need to make sure that you cater to every reasonable whim of the buyer and no matter what do not falsely advertise what you’re selling.
E.g., do not claim that the shoes haven’t been worn when they have been. Buyers are very skeptical and if they feel they didn’t get their money’s worth they’ll complain with E-bay. And E-bay sides with the buyer 90% of the time so beware.
eBay is stepping up its game to become the best sneaker reselling website. With the removal of the selling fee, E-bay has attracted a lot of resellers who had previously fled to other online marketplaces. Only time will tell how effective this scheme turns out to be.
If you do plan to resell on eBay, here’s a free pro tip. Don’t be an amateur and upload stock pictures.
No buyer will order from you if that’s what you’re doing. Rather upload pictures from all the different angles so that you can hopefully convince the buyer that you’re an authentic reseller.
Also, be aware that many scams and fakes still litter eBay–although fakes have been known to slip through even the greatest resale platforms.
If you’re new to the game and feel that there is so much to consume here, then take a look at our Hypemaster Playbook. It’s simple and easy to follow the exhaustive guide into reselling sneakers. Sign up below to receive a free sneak peek of the playbook.
Till next time!