EBay is looking to get a piece of the $2 billion North American sneaker resale market. Yesterday, the company announced an authenticity guarantee that will cover sneakers priced at $100 and up to help combat knock-off sales on the platform.
Expected to launch in early 2021 for “popular sneaker styles and brands,” it builds on eBay’s authenticity program for $2,000-plus watches that began earlier this year. Authentication will be done by Sneaker Con.
StockX and GOAT have been dominating the sneaker resale market, but eBay has been working to establish its footing. Sneakers are a big business, with GOAT reaching a $1.75 billion valuation earlier this year.
EBay Sneaker Action:
- 500,000 average sneaker listings each day.
- 6 million sneakers sold on eBay in North America last year.
- A sneaker sale made every 1.5 seconds.