Sneakerheads could get more bang for their buck.
EBay, the online marketplace for buying and selling new and used items, announced Tuesday it would implement a zero-selling fee on its inventory of sneakers for customers selling pairs for $100 or more in the U.S. and Canada. The e-commerce site previously charged up to 10 percent for sellers, a deterrence for some users to sell on the platform.
"EBay continues to be a top source for emerging and collectible styles, and with high demand, we want our sellers and buyers to get in on the action," Jeff Chan, head of men's footwear and apparel at eBay said in a statement. “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."
EBay has sold nearly 6 million sneakers on the site in 2019, with nearly 1.5 million live sneaker listings on the site currently, the company said. The move to eliminate the sneaker seller fee will help the site grow its selection of rare sneaker styles, whether it's a pair of Kanye West's Yeezy Boost 70 Waverunner's selling at a starting bid of $300, or Off White X Air Jordan's new at a starting price of $1,900.
The sneaker resale market could be worth $6 billion by 2025, according to an analysis from Cowen & Company as reported by Business Insider. So it's no surprise that a number of online marketplaces have capitalized on the sneaker resale market. E-commerce websites like StockX and GOAT Group have become popular among sneaker fans to buy and sell on the secondary market.
Some of the most popular brands up for sale include retro high-top Jordan sneakers, Adidas, Balenciaga and New Balance.
And mainstream retailers are cashing in on the fashion footwear trend too. Foot Locker announced its $100 million investment in GOAT in Feb. GOAT said it would use the funding to expand globally. There's clearly a market for it, considering the company sold more than $10 million worth of sneakers in 2018, up from $2 million in the previous year, according to TechCrunch.
EBay will also partner with Satium Goods, another sneaker-resale e-commerce site, to debut sneakers from Kanye West's brand Yeezy on Tuesday.