16 Jul StockX Sees Accelerated Growth Amid Pandemic
Despite unprecedented, industry-wide challenges due to the global pandemic, StockX, the sneaker re-selling website, announced it has now surpassed $2.5 billion in gross merchandise value (GMV) and has experienced its biggest months of sales in the second quarter.
The company issued a mid-year report, providing a snapshot of StockX’s accelerated platform growth and record sales as well as the major cultural moments over the past six months. The privately-held company said the year marked 10 million lifetime trades for the marketplace for sneakers as well as apparel, accessories and collectibles.
“The first half of the year presented unprecedented challenges with dynamic shifts in how and where consumers spend their money,” said Scott Cutler, CEO of StockX. “As is the case for any live marketplace, real-life events have ramifications on market performance. These dynamic shifts in consumer behavior enable 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.”
StockX said that while it continues to experience exponential growth in transactions and users, this report arrives at a time when many consumer brands are struggling. According to a recent report from Cowen Equity Research, the average consumer brand saw a 9 percent decline in search interest after March lockdowns, as StockX accelerated with double-digit gains. Additionally, the platform recently took the top spot in the “new luxury” category in a report from e-commerce marketing platform Klaviyo and retail media research startup Future Commerce, highlighting 81 brands that are shaping the future of e-commerce. This mid-year StockX Snapshot follows the brand’s January ‘State of Resale’ report highlighting the fact that it had surpassed $1 billion in GMV in 2019.
A few highlights from StockX’s mid-year report include:
- Platform Momentum: StockX has now surpassed $2.5 billion in lifetime gross merchandise value (GMV) since launching in 2016. The platform has also closed more than 10 million lifetime trades with more than 50 percent of those transacted in the last year.
- Winning With Gen Z: The world has significantly changed in 2020, and the products that young consumers have been coveting, and how they shop, continues to evolve. StockX is now the No. 4 most popular website among upper-income Gen Z males. (Source: Piper Sandler “Taking Stock with Teens,” Spring 2020).
- Post-Pandemic Aftermath: Excluding promos and holidays, StockX recorded 18 of its top 20 sales days in Q2 2020 with May and June 2020 serving as the two biggest buyer months in the company’s history.
- Commerce Trends: Over the last six months, the share of StockX users 45+ years old has risen 30 percent pointing to the narrowing of the digital divide. Additionally, women’s sneakers have outpaced the market by 70 percent over the last year. During that same time, smaller brands like New Balance and Anti Social Social Club have seen unprecedented growth and each has outpaced the overall market by more than 100 percent.
- The Jordan Effect: StockX has authenticated 3.5 million Air Jordans since inception — 1 million of which were authenticated within the last six months. The platform has sold over 40,000 pairs of Jordan 13 “Flint” which became the fastest-selling sneaker in StockX history. Overall, Jordan sales rose 40+ percent during ESPN’s Michael Jordan docuseries “The Last Dance.”
For the full report, go here.