How to Resell Sneakers (Sneaker Investing for Beginners)
How to purchase and sell sneakers can make your investments more enjoyable, as shoes are a popular product.
Sneakers aren't only for the streets anymore; they're a fashion statement in their own right. The reselling of sneakers becomes a multibillion-dollar business. There are several ways to make money selling shoes, whether you're a sneakerhead or just want to supplement your income. Reselling sneakers is an excellent way to make money, but there are a few factors to keep in mind.
Learn more about the shoe resale business and how to get started investing in sneakers by reading on.
How to get started!
Even though you may believe sneakers are an odd investment opportunity, the sneaker resale business is growing at an astronomical rate. According to the research firm Cowen, the worldwide resale market for sneakers will be $30 billion by 2030. In North America, the resale market for sneakers is expected to reach more than $2 billion by July 2020.
Sneakers have been a part of fashion and culture for a long time now. It wasn't until the 1980s when Michael Jordan joined with Nike to promote his Air Jordan shoes that consumers began to see sneakers as a collectible, collectible item. An event for the purchase, sale, and exchange of sneakers, Sneaker Con, was established by sneaker aficionados in 2009. For more than a decade, Sneaker Con has held events across the globe.
By making it easier to sell outside of your local area, platforms like eBay fuelled the expansion of the sneaker resale sector. Several secondary shoe resale firms have also grown in the last decade. Foot Locker, the world's largest retailer, invested $100 million in GOAT Group, a startup online marketplace, in 2019. Online and retail options are also available through a partnership with high-end consignment boutique Flight Club.
Another firm that has altered the sneaker resale market is StockX. The online sneaker resale service, which is being hailed as the first stock exchange for goods, handled trades totaling more than $7.5 million in 2020 alone.
Even though he hasn't played in an NBA game since the 2003 season, Michael Jordan's sneaker business continues to flourish. Retro Air Jordans are still among the most sought-after sneakers, both for personal use and for resale. Every year, Nike releases fresh hues and new variants of the legendary Jordan sneakers.
Benefits of Buying Sneakers
- Allows you to make extra money on the side if you'd like.
- Some resellers are able to make a living just by reselling.
- Flip-flops for everyday wear are readily available.
- Get to know other sneaker fanatics on social media.
- Having an in-depth understanding of the origins of sneakers
How to Find the right shoes
You must first discover shoes to sell before you can invest in sneakers. Shoes aren't hard to come by, but profit-making shoes are more difficult to locate.
New shoes can be purchased via retail establishments or from the internet. To keep track of the arrival of new shoes, several businesses have even developed applications for smartphones. The SNKRS app, developed by Nike, allows you to stay up to date on forthcoming releases and receive alerts when a deal on your favorite sneakers occurs. After that, you'll be able to buy shoes right from the app. Fans of Adidas sneakers will enjoy the CONFIRMED app, which provides a similar sensation.
As a result, purchasing sneakers via mobile apps require a lot of chances. There is a lot of competition to buy them first, and this often results in purchasers walking away empty-handed. To choose who gets a chance to purchase rare sneaker releases, shoe shops also use lotteries and social media contests. To be able to purchase special sneakers, you'll need a little bit of luck. Although secondary sneaker resale websites allow you to purchase sneakers, you will be forced to pay a premium, reducing your profits.
If you're looking to resell sneakers, these aren't your only options. Quality shoes can be found at low costs at TJ Maxx, Marshalls, or retail outlet stores such as JCPenney. Look for bargains in department stores, shoe stores, and other retail establishments that are now having clearance sales. Thrift shops could be a good place to hunt for hidden treasures because people who want to sell their old goods for cash may not know exactly what they have in their possession.
Where to Resell your shoes?
If you've ever sold on eBay or Amazon before, those two options are still viable alternatives. Facebook Marketplace and Craigslist are great places to resell your sneakers if you don't want to mail them. Another alternative is to post your sneakers for sale on social networking sites like Instagram, such as Facebook and Twitter.
Sneaker industry knowledge is one of the best ways to improve as a shoe reseller. Popular footwear can be tracked over time on sites like StockX. Use that data to keep up with the latest trends and evaluate which shoes have the most resale value.
Also, you can utilize that information to price your shoes. Price your shoes according to what similar pairs are going for on online resale marketplaces. My Money Chronicles' Jason Butler relies on eBay to price shoes.
It's not without risk, but for some, learning how to invest money through sneaker resale might be a worthwhile side business or full-time job. Make sure you do your research to choose the best sneakers for flipping. Be aware that being a successful sneaker reseller will take time and effort on your part. There are many advantages of investing through Otis, including the ability to avoid the hassles of buying and selling sneakers yourself.
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