StockX, the giant sneaker resale marketplace, has just announced that it's implementing a significant pricing change for buyers starting on April 22. As of that day, the company will be tacking on a 3 percent processing fee to any purchases made on its app, on top of the $13.95 shipping plus tax it already charges to customers in the U.S. Outside the states, where StockX already has processing fees in place, it said those will increase by 1 percent.
But why? — "As our marketplace continues to grow, so have our investments in the platform, customer service, and our verification process; this fee increase will allow us to continue these investments and provide the best possible service to our millions of customers in 197 countries and territories around the world," StockX said in a statement posted on its website. "StockX customers are the heart and soul of our company, and we thank you for your continued support."
The company added that any bids placed prior to April 22nd will not have to pay the new fee, so now might be the perfect time to cop any sneaker, apparel, or other streetwear swag you've been eyeing. Or, you know, you always have other apps like GOAT, Grailed or eBay to spend your hard-earned cash. That's if you're even in the mood for shopping during these dark times when we're in the midst of a global pandemic.
"Transparency" — In an email to customers, StockX said it wanted to be transparent about the upcoming changes before they went into effect. "Since our inception, StockX has aimed to provide customers access to the products they love at fair and transparent market prices," the company said. "In the spirit of that transparency, we are writing to inform you of an upcoming change to our marketplace pricing."
It's great that StockX chose to be transparent this time, which wasn't the case when it was hacked in 2019 and tried to pretend it was making "system updates" when it informed customers that their passwords had been reset. That said, since then, the company has made changes to keep its platform secure, including finally adding support for two-factor authentication — a feature that both buyers and sellers had long been asking and waiting for.
StockX has also used its popularity, like a $1b valuation, to expand into spaces beyond sneakers and clothes. Last year, it started letting people buy and sell holographic Pokémon trading cards — which soon enough are going to cost you a little more than their listed price.