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Tuesday, July 23, 2024

How to start reselling sneakers at a profit, know the risk and return to make money

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[Earning pocket money: Reselling sneakers]

Reselling has skyrocketed from a niche hobby to a booming industry in the 2010s. While people have always bought rare items at high prices, this trend has exploded into a massive market with serious value.

Most trades were done privately in the past, but now they happen mostly online. As many would know, the hottest online resale item is sneakers.

Since the mid-2010s, the demand for limited-edition sneakers has taken off like a rocket. Fashion trends have shifted, and sneaker collectors are willing to pay top dollar for those rare finds. The global sneakers resale market has soared past $2.5 billion. If you know how to buy and sell the right sneakers at the right prices, you can make some serious cash.

The Air Jordan 1 Union was released for $220, but prices once skyrocketed as high as $3,000. [Sangjin Kim, The Korea Daily]

To start reselling sneakers at a profit, you need to snag them at a good price. There are two ways to do this: buying at the official release or paying a premium.

You can score sneakers from big brands like Nike, Adidas, and New Balance in stores, on websites, or through apps. The trick is to know which sneakers are worth your investment. Not all kicks are created equal, and only a few will fetch those high resale prices. Study sneaker websites and stay in the loop to learn which ones are gold. Most hot sneakers are sold through raffles, so you’ll need a bit of luck to win them.

If you don’t win a raffle, you can always buy from resellers on sneaker trading platforms. But beware, this means paying a premium. Buying sneakers this way is like playing the stock market. You’re betting their value will go up. Just like stocks, sneaker prices can fluctuate, so there’s a risk involved.

Once you’ve scored a pair of sneakers, it’s time to sell them. There are multiple ways to do this, but two of the most popular platforms are GOAT and StockX. These apps connect sellers and buyers, and they authenticate the sneakers to ensure they’re genuine. This gives buyers confidence in their purchase.

The downside is that you have to pack up your sneakers and ship them to the platform. You won’t get paid until they verify your sneakers. But this process is often easier than selling in person. You don’t have to hunt down buyers or prove your sneakers are genuine.

Recently, some shopping malls have opened stores that buy and sell sneakers at resale prices. In Southern California, stores like Soles Art in Citadel Outlets or Eighty-One in the Outlets at Orange are the ones people can visit.

The biggest perk of reselling sneakers is that it doesn’t require a ton of time or effort. Buying online and selling through a platform can take less than two hours, and you could make a few hundred bucks in profit.

The catch is that you will need to invest time in learning the ins and outs of sneaker trading. Do your research on which sneakers carry a premium. Sometimes, you’ll need to hold onto them for a while to see a price increase. Your money could be tied up, and there’s always a chance the price could drop.

BY WONHEE CHO, HOONSIK WOO [cho.wonhee@koreadaily.com]