products available on StockX, however, certain Xpress Ship items can be verified in advance and stored in a StockX facility.  This helps prevent delays, such as those caused by sellers failing to ship an item to the marketplace, or an item failing verification after it arrives at an authentication centre.  Xpress Ship products are marked by a rocket icon on the website, and incur a fee of US$24.95. That is US$10 more than the company’s standard shipping fee.  Greg Schwartz, StockX co-founder, president, and chief operating officer, told Inside Retail that the idea for Xpress Ship came from thousands of points of feedback from customers who wanted a faster, more efficient system of buying authenticated goods.  The company plans to expand the program outside of the US starting in the first quarter of 2024. Rise of the resale market The launch of Xpress Ship comes as demand for pre-owned sneakers continues to rise.  A report from research and consultancy firm Market Decipher estimated the global sneaker resale market to be worth approximately US$11.5 billion this year, and it is expected to reach US$53.2 billion by 2033, representing a compound annual growth rate (CAGR) of 16.4 per cent during the forecast period of 2023 to 2033.  The two biggest players in this sector, according to the report, are StockX and GOAT.  Launched in February 2016, StockX stands out from other sneaker resellers for two main reasons. Firstly, the site only sells “deadstock” – in other words, sneakers that are verified, new, unworn, and in their original packaging. Secondly, prices are based on an item’s current value and popularity on the resale market, much like a company is valued on the New York Stock Exchange. Hence, the name: StockX.  With a well-curated assortment of fashion, footwear and accessories as well as site-exclusive collaborations, such as the Doja Cat x Sketchers sneaker collection, StockX has remained at the forefront of consumer trends. Authenticating the products sold on its platform is critical to the company’s continued success. Between June 1, 2022, and May 31, 2023, about one million items went through StockX’s verification process every month.  Of the items received in this time frame, authenticators stopped 300,000 individual products from trading on the platform, amounting to US$90 million worth of products that didn’t meet the company’s standards.  Twenty-seven per cent were rejected for factors like manufacturing defects, 20 per cent were false products, 13 per cent were damaged products, 13 per cent were used products, 11 per cent were wrong items and 4 per cent were rejected for miscellaneous reasons.  Aside from certain items like singular trading cards, which can either be “raw” or professionally graded, and a selection of refurbished electronics from manufacturer-licensed partners, all products sold on StockX must be new, unworn, and in their original packaging.  Plans for the future  Schwartz admitted that he wasn’t much of a sneakerhead when StockX first launched. He relied on the expertise of his fellow co-founders, in combination with his experience co-founding two companies, UpTo and Mobatech.  Schwartz theorized it was actually his lack of knowledge about the sneaker scene that helped him establish StockX as a site not only for sneakerheads but also everyday shoppers.  “My background was not sneakers, I had one pair of brown loafers when we founded StockX that was my entire shoe collection,” he said.  “For me, someone who loves culture likes fashion, sports, and hip hop, it’s very easy for me to get into it [the culture of collecting] very quickly. My collection is way too large at this point, but I do think it gives me an appreciation for the history of where sneakerhead culture has come from. It’s important that we serve not just the hardcore figurehead, but a broader audience and make sure that we’re going after that broader opportunity.” Now, the self-described bullish entrepreneur’s favourite pair of sneakers is Virgil Abloh’s reinvention of Nike’s classic Air Force 1 – the Off-White Air Force 1 in a black-and-white colorway – and he enjoys the sneaker hunting pastime with his wife, who is herself a seller on StockX, and three kids.  Schwartz explained that the company’s priorities currently centre on expanding StockX’s global reach and focusing on initiatives to improve the consumer experience.  “Short term, we’re very excited about the Xpress Ship launch, it’s a multi-year journey for us to get to [a place] where we can provide this experience that will really benefit both buyers and sellers. And it’s not just about faster shipping, this is a major upgrade enhancement to our global fulfillment network,” he said. The co-founder added, “I think that there’s a future where you might buy and sell an item on StockX and that item could trade 10 times in one day and it’s sitting in our flex infrastructure. it enables a type of business model that we don’t typically think about in consumer apparel, like sneakers or fashion. I think that’s one idea of where this business could go. It’s also going to continue to go deeper into categories and push into more markets and more countries to make it even more of a global opportunity.” In the past year, StockX has opened three new authentication centres in Berlin, Tokyo, and Mexico City, adding 180,000 sqft to its global footprint, which covers over 200 countries and territories worldwide.  In the same week that Xpress Ship was set into motion, the company opened a brick-and-mortar space on Lafayette Street in New York City. It plans on setting up more physical spots in the future, where StockX-verified sellers can drop off their wares in-store, get their items authenticated on-site, and receive a payout within 24 hours.  At the location, there will also be a select number of authenticated shoes available for try-on and purchase. If the customer’s preferred style or size is not in stock, the store’s team will walk the customer through the process of purchasing the item online or via the app.