What’s it Worth? How StockX is Making Sure the Price is Right for Your Kicks

Whether it’s the latest Jordan’s, the classic Nike Killshot sneakers, or your standard run-of-the-mill Vans, sneaker culture continues to dominate urban culture. But how much are those classic Air Force Ones worth? Are you overpaying for those limited run Lebron’s?

“StockX is about balancing the needs and the wants of buyers and sellers. We are working to cater to both sides of the market, being data-driven, and changing the dynamic in the space. Rather than letting brands determine how something should be priced, or when something should be available or be out of stock, we're really flipping that paradigm and allowing the market to determine how much something is worth and really leveling the playing field.”

StockX is attempting to walk that line between being a safe-haven for buyers looking for a fair deal, and an online marketplace for collectors trying to unload their merchandise. Deena Bahri  is the CMO of StockX and on this episode of Marketing Trends, she discusses the work StockX is doing to be a valued online merchant, and she dives into the dynamics of appealing to a sneaker audience, and much more.

Key Takeaways

• CustomerX: One of the key challenges with being an eCommerce platform that deals with third party buyers and sellers is building trust with your audience. They need to know that the products they are purchasing are indeed what they intended to buy. But you have to balance the needs of both your buyers and sellers so both sides are having a good experience. StockX has a team of authenticators to ensure the seller gets a fair price and the buyer receives the proper product.
• Have Empathy: Now more than ever brands need to value their customers. This means having empathy for those customers when situations arise. Make sure your brand is providing a voice that encourages your customers to reach out to you and then when they do reach out about disagreements, be transparent and confident in your process while trying to provide as much context as possible.
• Tech, Data, and Shoes Oh My!: Growing a business, especially when that business is in eCommerce, means you have to be well-versed in your technology stack, the data and analytics you are collecting. You must understand and utilize the insights that you can gather from that data collection.

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