Ebay Abolishes Costs for Sneaker Vendors Listing Items Above $100
eBay Sells StubHub and Partners with Stadium Goods for "December Drop" Series
In a series of recent moves, eBay, the popular online marketplace, has announced some significant changes. The sale of its event ticket arm StubHub to Viagogo for just over $4 billion in cash is expected to close in early 2020. This comes after the news that eBay CEO and President Devin Wenig will step down after four years in that role.
Wenig took the helm after eBay split with payments processor PayPal. His departure follows the departure of Jamie Iannone, the CEO and President who stepped down from eBay at the end of last year after four years in this role.
Meanwhile, eBay is collaborating with sneaker and apparel sales marketplace Stadium Goods on the "December Drop" series. This series includes the "biggest styles of 2019," including four days of Adidas Yeezy 700 releases below the retail price of $215.
The partnership with Stadium Goods may provide a credibility boost for would-be sneaker buyers on eBay. Unlike eBay, Stadium Goods has an authentication system, whereas eBay relies on sellers to list items in good faith.
Currently, eBay has around 1.5 million average daily live sneaker listings. The platform sells a sneaker every 1.5 seconds, according to the company. Notably, eBay recently hosted a pre-release of the Air Jordan 11 "Bred" sneaker via Chris Holbrook, the sneaker seller who goes by Sneaker Jesus. The drop of the Air Jordan 11 "Bred" sneaker sold out in less than four minutes, according to eBay.
In an effort to boost its sneaker sales, eBay has announced that it is eliminating seller fees for North American customers for some sneaker listings with a starting price of $100 or more. Sellers will not incur a listing fee for these sneaker listings either.
Competitor GOAT, a resale market for sneakers, has stumbled due to a security breach this summer that compromised customer information. In contrast, StockX, another competitor, achieved unicorn status earlier this year with a funding round pushing its valuation to over $1 billion. StockX recently expanded to offer apparel and accessories. The platform has a number of celebrity investors.
Despite these changes, eBay remains a formidable player in the online marketplace. With its latest partnership and fee reductions, it aims to further strengthen its position in the sneaker market.
