Guide: How Does StockX Bidding Work?
Do you consider yourself a sneakerhead? Maybe you just love streetwear and shopping online. Well, chances are that you’ve heard of a site called StockX. If you haven’t, don’t worry; we’ll cover some of that below.
If you’re new to their site, it might seem a bit foreign to you at first. In short, it’s an extremely popular site where you can buy or sell items. People typically love it specifically because of their bidding system.
Today, we’re going to answer the question, “How Does StockX Bidding Work?”. This way, you can understand the lay of the land before making your buying decision. Keep reading to find out more.
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What is StockX?
First, let’s touch on what exactly StockX is. Stock X is a peer-to-peer streetwear-focused marketplace. It’s legit and allows people to buy and sell everything from sneakers to streetwear and even some electronics.
The company is legit and boasts over 1,000 employees. Plus, they have several centers whose sole duty is to authenticate various merchandise to ensure buyers are getting real authentic items.
How does StockX bidding work?
Second, let’s talk about the bidding process on the site. It’s a straightforward process. For example, let’s say you find a pair of sneakers that you want. You’d start by playing a bit.
Remember, all bids start at $25. The bidding window lasts for 30 days and the goal is to ensure that you’re at the top of the bidding war. Once the bid is over, it’s now in the buyer’s hands to ensure they want to meet you at that particular offer.
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How to place a bid?
Next, let’s touch base on how to place a bid. Once you navigate to the item you like, you want to look at the current bids. This includes the highest bid and the lowest bid. Then, you’ll enter the amount you’re willing to bid. Of course, you’ll want to bid higher or at the very least match the highest bid to stay competitive.
How do I match a bid?
Now, let’s say that you want a particular pair of kicks. If money is no object or you simply don’t have time to monitor your bids, you can go right in and match the highest bid or the buyer’s actual asking price. Once the buyer agrees, boom. The shoes are sent to be authenticated by the seller. Now, just remember, this does take out some of the haggling fun that comes naturally with a marketplace.
Tips to win a bid on StockX
No one likes to lose, so here are some brief tips on how to wind an actual bid. First, you need to come up with an actual game plan and budget. By doing this, you’re going to save yourself a lot of stress and know when you might be outmatched.
Next, you should probably do some brief research. What is the item’s current market value? What was the highest bid in the previous? What’s the fair market price?
Lastly, you just need to remain cool, calm, and collected. You can always wait to adjust your bid, which includes adjusting if the price falls. Why overpay for something when you don’t have to?
Conclusion
In conclusion, now that you understand how the bidding process works on StockX, you’ll hopefully be able to score the actual pair of shoes you want. The main factor you do want to consider is doing your research to see what the price trends are for particular products.
The name StockX does refer to the stock market. So, it’s probably safe to assume that you might want to apply some of the same techniques that stock analysts do to assume the best prices possible. Happy shopping!