eBay’s latest policy change was made with sneakerheads in mind.
The San Jose, Calif.-based company today announced the elimination of seller fees for all kicks priced over $100 in North America.
“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,” explained Jeff Chen, eBay head of men’s footwear and apparel, of the decision in a release.
The change is effective immediately. It also applies to products previously listed that have yet to sell.
Nearly 6 million sneakers were sold on eBay in 2019, and the e-tailer says it offers the widest selection on the market, with over 1.4 million current listings. Its competitors in the resale space typically charge seller fees. StockX charges transaction fees of 8% or higher, while Stadium Goods and Flight Club give resellers an 80/20 split. To avoid these fees, some sneaker sellers have turned to social media or personal websites but could find eBay more appealing now given the policy change.
The sneaker resale market, once considered to be a cottage industry for only the most serious collectors, is undergoing a wave of expansion. The sneaker and streetwear re-commerce sector is worth $2 billion today, and it’s expected to hit $6 billion by 2025, according to data from investment firm Cowen. Meanwhile, the primary U.S. sneaker market is worth $19.6 billion, per the NPD Group.
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eBay also announced a December Drop series to woo consumers. During its “Week of Sneaks,” which began today and ends this Friday, shoppers can buy Adidas Yeezy kicks at below market price.
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