Resold shoes are a $1 billion industry Detroit-based StockX -- a “stock market for shoes” -- raised $110m at a $1B valuation, according to The New York Times. As one analyst told the NYT: “The internet and eBay made reselling into a cottage industry. Platforms like StockX made it into a business.” A tool for investors StockX’s marketplace is a resale platform for rare shoes -- many of which have never been worn -- and other merchandise. Sneaker connoisseurs consider shoes as investments, and StockX is proving their point. The shoes -- as well as other available items like streetwear and watches -- are assigned stock tickers. Bidding customers see recent sale prices, volatility, and a 52-week high and low. Legacy brands could get involved StockX is one of several shoe marketplaces: Rival resale sites like GOAT Group, Stadium Goods and Bump have also received millions in funding. Insiders expect brands may eventually intervene to find a way for themselves to better benefit from resale. But for now, the marketplaces are cashing in. So are sneakerheads -- some of whom make $250K annually (off $1 million in shoe sales) and even employ assistants.
Just a money grab from venture capital investors with a sever case of FOMO. I doubt this sneaker company even breaks even. I can already imagine the pitch. "Ok guys, I need $100 million dollars for my company. Basically, its a complete rip off of Ebay, but instead of letting people sell everything on our platform, we're only going to let them sell used shoes! Who's in?" Venture capitalists -
So I want to use this knowledge to create my own business based on tempting promotions. I think, if I open a store and set daily discounts on various products, then this store will be a success. I admit that sometimes I can't get past such offers myself. For example, there is an online store https://seven.deals/deals that always tempts me with discounts. But I plan to come up with some business that will bring me passive income. And I already know that discounts and promotions rule the world, so I will need to pay close attention to this.