eBay Lifts Sneaker Seller Fees In Bid To Grow Its Rare Sneaker Collection Online
If 2019 were summarised by one trend, it would be that of streetstyle. From cross-body bags to big splashes of branding and relaxed athleisure, the look has dominated the streets and now even infiltrates high-fashion on the runway, with designers looking to cash in on the trend. Not surprisingly, one staple in streetstyle has been that of the sneaker – a shoe that was once humbled to that of gym-goer alone. Now, the sneaker can be dressed up and down and with some of the price-tags on these shoes, they definitely aren’t designed simply for the gym.
To put things in perspective, the growth of the sneaker has been instrumental. According to recent research by Cowen & Company as reported by Business Insider, the sneaker resale market could be worth $US6 billion by 2025. This is thanks largely to resale platforms like eBay, as well as online marketplaces like StockX and GOAT Group which have become incredibly popular among sneaker fans.
But where these online platforms were once relegated solely to fans, mainstream retailers are actually cashing in too, perhaps having been awakened to the importance of the reselling market and its lucrative nature. Foot Locker announced its $US100 million investment in GOAT in February, with the online marketplace saying it would use the funding to expand globally.
In an effort to keep up with the competition of other online resellers, eBay has announced that it will be removing North American seller fees for any sneaker sold at $US100 or more. The online platform previously charged fees of up to 10 per cent for sellers, which deterred a number of sneakerheads from using the platform.
Jeff Chan, head of men’s footwear and apparel at eBay said in a statement, “eBay continues to be a top source of emerging and collectible styles, and with high demand, we want our sellers and buyers to get in on the action.” Chan added, “For our community of diehard sneakerheads, eliminating selling fees allows them to turn their kicks into more cash to fund future purchases, and results in a more robust sneaker inventory for shoppers everywhere.”
Since 2019, eBay has sold nearly six million sneakers on its online platform. Currently, the site boasts 1.5 million live sneaker listings but with the company’s recent decision to implement a zero-selling fee on its sneaker inventory, it seems likely that this number will increase significantly. From Kanye West’s Yeezy Boost 70 Waveunners, to Off White x Air Jordan, there’s no denying that streetwear aficionados are hungry to covet the more elusive sneakers and eBay looks to be catering to this ever-increasing demand.