StockX reports soaring sales amid pandemic
14 Jul 2020
StockX has revealed that May and June were the two biggest buyer months in the company's history, with sales soaring despite industry-wide challenges caused by the Covid-19 pandemic.
In fact, excluding promos and holidays, the online resale marketplace recorded 18 of its top 20 sales days in Q2 2020, it revealed in its mid-year report.
The company has now surpassed 2.5 billion dollars in gross merchandise value (GMV) since launching in 2016 and has closed more than 10 million lifetime trades, with more than 50 percent of those transactions taking place in the last year.
”The first half of the year presented unprecedented challenges with dynamic shifts in how and where consumers spend their money,” CEO Scott Cutler said in a statement. “As is the case for any live marketplace, real-life events have ramifications on market performance. These dynamic shifts in consumer behavior enables StockX to flex the model, and deliver in these major cultural moments. Platforms that actively disrupt commerce are uniquely positioned to meet the consumer where they now are, which is one of the key reasons we've seen this recent growth.”
In terms of commerce trends, the company, which attracts a predominantly Gen-Z audience, said the share of StockX users in the 45+ age bracket has increased by 30 percent in the past six months.
Women's sneakers have outpaced the market by 70 percent over the last year, while in the same period, smaller brands like New Balance and Anti Social Social Club have experienced unprecedented growth, each outpacing the overall market by more than 100 percent.
The company has also said it’s authenticated 3.5 million pairs of Air Jordans since its inception, 1 million of which were authenticated within the last six months.
Photo credit: New Balance, Facebook