23 Min Read
Sneaker reselling has become a huge business in recent years, and with the rise of online marketplaces, it's easier than ever to turn your passion for sneakers into a profitable venture. However, with so many different marketplaces to choose from, it can be difficult to know which one is the best place to sell your sneakers.
In this article, we'll take a closer look at some of the top sneaker reselling marketplaces, and break down the fees and charges associated with each one. By the end of this article, you'll have a better idea of which marketplace is the best fit for your sneaker reselling business.
Selling process: The selling process on StockX is based on a bid/ask system. Sellers can list their sneakers at their desired price, while potential buyers can choose to accept or pass on the offer. Buyers can also list their own prices, and if a seller agrees to the amount, the shoes can be sold for that price. Once a deal is made, StockX provides a shipping label via email for the seller to send the sneakers to be verified. It is important to note that there is a two-business day shipping window, and if the seller fails to ship in time, a fee will be taken out of the sale price. Additionally, the sneakers must be in the original box and unworn to be eligible for sale on the platform.
Seller fees: In terms of fees, StockX charges a 3% payment processing fee for all transactions. In addition, there is also a seller fee that varies depending on the item being sold. For sneakers, the seller fee is 9.5% of the sale price, plus a $5 shipping fee.
So, if a seller sold a pair of sneakers for $200 on StockX, they would be subject to a payment processing fee of $6 ($200 x 3%), as well as a seller fee of $24.50 ($200 x 9.5% + $5 shipping fee). This would leave the seller with a total of $169.50 in earnings from the sale.
Payout process: PayPal and bank transfer. Once the transaction is complete and the item has been authenticated, the seller can choose which payout method they prefer. If the seller chooses PayPal, they will receive the funds in their PayPal account within 1-2 business days. If they choose bank transfer, it may take 2-3 business days for the funds to appear in their account. It's important to note that StockX charges a 2.9% processing fee for PayPal transactions and a $25 fee for bank transfers outside the US.
Pros: StockX offers a simple and convenient platform to sell your sneakers, and the more you use the service, the better your rates become. As you sell more sneakers, your rates go down and you can even get paid instantly if there is a bid for the sneakers you own and you’re okay with the price. The platform also offers a database of how much recent pairs sold for in their respective sizes, which allows you to make informed decisions on how much to list your sneakers for. Additionally, StockX verifies every sneaker sold on the platform to ensure that the buyers receive the sneakers as advertised.
Cons: One major concern with StockX is the security breach that occurred in 2019, exposing millions of customers' personal information including their name, email address, shipping address, username, hashed passwords, and purchase history. The breach raised questions about the platform's security protocols and the safety of sellers and buyers. Moreover, StockX has experienced issues with the quality of some sneakers in the past, which has led to dissatisfaction among buyers. The platform has also been known to have higher transaction fees than other sneaker reselling platforms, which can result in lower profits for sellers. Finally, StockX has been criticized for their customer service, with some sellers reporting difficulty getting in touch with the platform to resolve issues.
Total Payout: $169.50
Selling process: To sell on GOAT, you need to apply to become an authorized seller. Once approved, you can list your shoes online for the price you desire. Potential buyers have the option to purchase the shoes at the listed price or make an offer. If a sale is made, you will ship the shoes to GOAT for them to be authenticated. Once everything checks out, the money will be deposited to you.
Seller fees: When it comes to selling sneakers on GOAT, the fees are relatively straightforward. As a seller, you'll be charged a 9.5% commission fee on the final sale price of your item. Additionally, there is a $5 processing fee for any item sold for under $150.
This means that if you were to sell a pair of sneakers for $200, GOAT would take a commission fee of $19 ($200 x 9.5%) and an additional $5 processing fee. When earnings are deposited through ACH direct deposit or PayPal, a 2.9% cash out fee will be applied, leaving you with a total payout of $170.90.
Payout process: Once the seller's item has been authenticated and shipped to the buyer, GOAT will release the funds to the seller's account. The seller can choose to receive payment via direct deposit or PayPal. The payout process usually takes 2-3 business days after the buyer has confirmed receipt of the item. When earnings are deposited through ACH direct deposit or PayPal, a 2.9% cash out fee will be applied.
Pros: One of the advantages of selling on the platform is the quick and easy selling process. The entire process, including payment, can be done through your phone. Once you're verified as a seller, you can sell new or used sneakers with or without the original box. GOAT has also launched a program where they clean your sneakers for you, which can be a bonus for those who don't want to worry about cleaning their shoes before selling. Additionally, items are cross-listed with Flight Club, which may increase visibility and potential buyers.
Cons: On the other hand, a potential disadvantage of selling on GOAT is that you need to be verified before using the program. This can take time and may not be the easiest or quickest way to sell your shoes. The company states that they verify sellers in small batches, so it's not a guarantee that you'll be approved right away. Another issue that some users have experienced is the seller fees, which can cut into profits. It's important to be aware of these fees and factor them into the price you list your items for.
Total Payout: $170.90
Selling process: To sell a sneaker on eBay, the seller takes images of the sneakers and creates a listing, which can be set up as either an auction-style listing with bidding or as a fixed-price listing with the option to accept offers. When a buyer is found, the seller and the buyer communicate to arrange payment, which is not an automatic process, and buyers can back out. Once the payment is made, the seller ships the sneakers directly to the buyer, and the shipping cost is added to the final price of the sneakers. It’s worth noting that eBay offers seller protection programs in case there are any issues with payment or the item being received. Ebay offers an authentication service for high-end sneakers, which is optional for sellers to use. If a seller chooses to use this service, they will send the sneakers to eBay’s authentication center once the item is sold. However, it's important to note that this service is currently only available for select sneaker brands and models.
Seller fees: When it comes to selling sneakers on Ebay, the fees are relatively straightforward. As a seller, you'll be charged 8% if the total amount of the sale is $150 or more or 13.25% if the total amount of the sale is less than $150. It's worth noting that eBay offers a certain number of free listings per month, but if the seller exceeds that limit, they will be charged an insertion fee of $0.35 per listing. As for shipping, it's up to the seller to determine the cost and include it in the listing price. However, eBay offers discounted shipping rates through USPS and FedEx to help sellers save on shipping costs.
When a user sells sneakers on eBay for $200, they will be charged a final value fee of 8%, which amounts to $16. Additionally, if the seller chooses to use PayPal as the payment method, they will be charged a payment processing fee of 2.9% + $0.30 per transaction, which would amount to $6.20 for a $200 sale. This would leave the seller with a total of $177.80 in earnings from the sale.
Payout process: Ebay offers several payout options for sellers. The most popular option is to transfer funds directly to the seller's bank account, which typically takes about two business days to process. Another option is to use PayPal, which allows sellers to receive payments directly into their PayPal account. Sellers can also choose to have their funds transferred to a debit card, which can be used at ATMs or to make purchases. Additionally, eBay offers a program called Managed Payments, which provides sellers with a simplified payment process and enables them to receive their funds directly in their bank account without the need for a separate payment processor
Pros: One advantage is that it is the biggest online marketplace, which means a larger pool of potential buyers. Additionally, as a seller receives more positive feedback, their credibility increases, which can lead to more sales. Another advantage is that eBay has been around for a long time and has a large customer base looking for sneakers.
Cons: If buyers flake, you have to re-list the item, although eBay will refund your fees. There are also fakes on eBay, so buyers are sometimes wary about getting sneakers on there. Additionally, eBay charges a high fee for each sale, which can significantly reduce your profits.
Total Payout: $177.80
Selling process: To sell on Whatnot, you can either sell on their marketplace or go live. To sell on their marketplace, first, you need to set up an account for selling. Then, search for the product you want to sell on the product tab, tap the Sell button, and create a listing. Once your listing is reviewed and approved, it goes live on Whatnot. On Whatnot, users can buy items in two ways:
Marketplace: Users can browse and purchase items directly from sellers who have listed them on the Whatnot marketplace. Buyers can either purchase items at the listed price or make an offer.
Live Streams: Users can also buy items during live streams hosted by sellers. During these live streams, sellers showcase their products and buyers can bid on or purchase items in real-time.
When an item is sold, you'll need to ship the item directly to the buyer or to Whatnot for verification. If the buyer opts for hand-verification, you will be paid directly after the authentication process. If the item is sent directly to the buyer, you will receive payment 48-72 hours after the item is delivered.
Seller fees: Whatnot takes an 8% fee from every item sold. Additionally, it charges transaction fees of 2.9% of the total cost and an extra $0.30.
So if a user sells sneakers for $200 on Whatnot, the commission fee would be $16 (8% of $200) and the payment processing fee would be $6.08 ((2.9% of $200) + $0.30). Therefore, the total fees would be $22.08, and the seller would receive $177.92 for the sale.
Payout process: After a sale on Whatnot, the seller's funds will be held in their Whatnot Wallet. From there, the seller can transfer their funds to their linked bank account or PayPal account. The transfer usually takes 1-3 business days to process.
Pros: Whatnot offers a unique selling experience, as it allows users to sell through live auctions and sales. This can create excitement and competition among buyers, potentially leading to higher sale prices. Additionally, Whatnot offers seller protection by verifying transactions and ensuring payment before shipping out items. The platform is also known for its user-friendly interface and easy-to-use listing process, making it a great option for new and experienced sellers alike.
Cons: The live auction and sales format may not be ideal for everyone, as it requires sellers to be available at a specific time and potentially negotiate with buyers in real-time. Additionally, Whatnot charges a relatively high commission fee of 8% for items sold on the platform, which can cut into profits. Finally, while Whatnot offers protection against fraudulent buyers, there is still a risk of selling to buyers who may try to scam sellers by claiming items were not as described or never received.
Total Payout: $177.92
Selling process: Grailed offers a straightforward selling process for its users. To sell an item on Grailed, the user simply uploads three photos of the item, one of which must be tagged with their username. The user then selects which market they want to sell their item in, ranging from high-end designers to streetwear and sneakers, classic menswear, or lower-end items. The seller must fill out a description for the product, and Grailed suggests pricing the item based on already sold items on its marketplace. Unlike some other platforms, selling on Grailed is not anonymous, as buyers can see which sellers they’re purchasing from. Finally, sellers are responsible for shipping their own products. Grailed takes an online approach to authentication. They assess listings before they hit the feed using a combination of human review and machine moderation.
Seller fees: Grailed charges a 9% commission fee on the total transaction amount for sellers. Additionally, sellers have the option to purchase "Bump" features, which allow their listings to be promoted in the marketplace for a higher visibility, for a fee. There are also payment processing fees which are charged by PayPal, the payment processor used by Grailed. PayPal charges a fee of 3.49% + $0.49 per transaction. Overall, the total seller fees for Grailed include the commission fee and any additional fees for optional features, as well as payment processing fees charged by PayPal.
So if a user sells sneakers for $200, the commission fee would be $18 (9% of $200) and the payment processing fee would be $7.47 ((3.49% of $200) + $0.49). Therefore, the total fees would be $25.47, and the seller would receive $174.53 for the sale.
Payout process: The payout process for Grailed depends on the payment method selected by the seller. If the seller uses PayPal as their payment method, the funds are deposited directly into their PayPal account. However, if the seller chooses to use Grailed's own payment system, called Grailed Payments, the funds are held by Grailed until the item is delivered and the buyer confirms receipt. Once the buyer confirms receipt, the funds are released to the seller's Grailed account, from where they can be transferred to the seller's bank account or PayPal.
Pros: One of the major advantages is the diverse marketplace that Grailed offers. You can sell a variety of products, even those that may not be accepted by other reselling stores or apps.
Cons: A major drawback is the lack of vetting for authenticity of products after the sale is completed. This means that sellers need to do their own research and verify the authenticity of the product they are buying or selling. Furthermore, the responsibility of shipping the product lies with the seller, which means that the cost of shipping needs to be negotiated with the buyer and will eat into the seller's profits.
Total Payout: $174.53
Selling process: You’ll go to the store, talk to the owner or employee, figure out a price, and wait for the shoes to sell.
Seller fees: Typically 10-30%, so if a user sells sneakers for $200, the commission fee would be $20 to $60 (10% to 30% of $200). Therefore, the seller would receive $180 to $140 for the sale.
Payout process: In-person: You can bring your sneakers into a consignment store and work with a sales associate to determine their value and set a selling price. If your sneakers sell, the store will take a commission on the sale.
Online: Many consignment stores have online portals where you can submit information about your sneakers and receive a quote. If you accept the quote, you can ship your sneakers to the store and they will take care of the rest.
Drop-off: Some consignment stores have drop-off locations where you can leave your sneakers for evaluation. If they are interested in selling your sneakers, they will contact you to discuss pricing and commission.
Consignment events: Some consignment stores hold events where you can bring your sneakers to be evaluated and sold on the spot. These events can be a great way to sell your sneakers quickly and get paid on the same day.
Pros: Selling your sneakers to a consignment store can be a quick and hassle-free process. You can bring your sneakers to the store and have them appraised on the spot, which can save you the time and effort of listing them online and waiting for a buyer. Consignment stores often have a large customer base and can offer exposure to a wider audience. They also handle the marketing and sale of your sneakers, which means you don't have to worry about promoting them or negotiating with buyers. Some consignment stores also offer a payout in the form of store credit, which can be a good option if you're looking to upgrade your sneaker collection.
Cons: Consignment stores typically take a percentage of the sale price as their commission, which can range from 10-30%. This means you may not receive the full value of your sneakers. Consignment stores also have their own criteria for accepting sneakers, so they may not accept all pairs or may only accept certain brands or styles. You also may not have control over the pricing of your sneakers, as the store may set the price based on their own market research and pricing strategy. Additionally, if you receive store credit as your payout, you may be limited to using it at that specific store, which can be a drawback if you were hoping for cash payment.
Total Payout: $140 to $180
Selling process: To sell a sneaker on ZNEAKRZ, the seller would create an account and take images of the sneakers to create a listing. A buyer has the ability to buy for the listed price or make an offer, where a buyer can offer an item and token or a lower token offer. Once a deal is made, ZNEAKRZ provides a shipping label via email and in-app notification for the seller to send the sneakers to be verified. Once the authentication process is done, tokens are released to the seller where he can then redeem for cash.
Seller fees: When it comes to selling sneakers on ZNEAKRZ, there are no fees if you’re subscribed. If you're not subscribed a 2.5% fee is charged on the final sale price. Additionally, if a trade of an item is involved the seller is responsible for the shipping payments of any items coming from their side.
This means that if you were to sell a pair of sneakers for $200, ZNEAKRZ would take a commission fee of $5 ($200 x 2.5%) or 0% if the seller is subscribed. This leaves the seller with a total payout of $195 for non-subscribers and $200 for subscribers.
Payout process: Once the seller's item has been authenticated, ZNEAKRZ will release tokens to the seller's account. The seller can withdraw the tokens for cash that is deposited into their bank account.
Pros: One of the significant advantages of selling on ZNEAKRZ is its zero seller fees policy. Unlike many other online marketplaces, ZNEAKRZ does not charge any fees to sellers for listing and selling their products. This fee-free structure enables sellers to maximize their profits and retain a larger portion of the sale proceeds. By eliminating seller fees, ZNEAKRZ aims to provide a more financially rewarding selling experience for its users.
Moreover, ZNEAKRZ is not limited to sneakers alone; it also provides sellers with the opportunity to sell clothing items. This broader scope allows sellers to diversify their offerings and cater to a wider range of customer preferences. Whether it's high-end streetwear, exclusive designer clothing, or other fashionable items, sellers can tap into a broader market and attract customers interested in various fashion categories.
Cons: It's important to note that during the initial stage, the user base may be limited, and competition for sales may increase as more sellers join the platform.
Total Payout: $200 for subscribers, $195 for non-subscribers
ZNEAKRZ stands as the unrivaled platform for selling sneakers, revolutionizing the marketplace with its unparalleled advantages. Subscribers benefit from zero seller fees, allowing them to retain their entire profit—a distinctive feature that sets ZNEAKRZ apart. Even non-subscribers enjoy minimal seller fees. The all-in-one marketplace facilitates seamless buying, selling, and trading, fostering a diverse and engaged community of sneaker enthusiasts. The platform's commitment to innovation, sustainability, and global reach further solidifies its position as the premier destination for selling sneakers, providing sellers with unmatched benefits and opportunities in the dynamic sneaker resale market.
Ultimately, finding the best marketplace for your sneaker reselling business depends on your priorities, preferences, and desired selling experience. Consider the pros and cons of each platform and choose the one that aligns with your goals and offers the most favorable selling conditions.