EBay has ditched one of its largest Air Jordans collections in the history of the e-commerce company, as it seeks to expand its reach in the $ 2 billion sneaker aftermarket, which is experiencing a boom. rapid growth during the coronavirus pandemic.
In recent days, he’s released 60 sneakers a day from seller “shoezeum,” owned by Jordy Geller, Guinness World Record Holder for Largest Sneaker Collection and owner of the former Las Vegas Shoe Museum. The auction, which ends Friday, covers Michael Jordan shoes through the ages.
The collection includes the very first Air Jordan Retros from 1994 as well as a pair of OG Air Jordan 14 1998 in the style Jordan wore when he struck his last shot as a Chicago Bulls player. There is also a pair of OG Jordan 11 XI 1995 in the style he wore in the 1995-96 playoffs, when Jordan won his fourth championship, and a pair of OG Columbia Blue Air Jordan 11 1995 as he l ‘wore in 1995-96 All Star Game.
The collection is over 30 years old and each shoe is new in its original boxes, eBay said. This is the first time that inventory has been available for purchase. Prices for the sneakers listed currently range from $ 99.99 to $ 1,625.
Woo sneaker collectors
For eBay, auctioning is part of a larger strategy as sneakers gain popularity and remain a top category for the online marketplace. EBay sells millions of sneakers a year, making it one of the largest selling sneaker markets with over half a million sneaker listings every day, according to 2019 sales data.
Still, sites like StockX and GOAT continue to take part as the pandemic has left collectors more free time to browse collections and less availability to shop in person. In October, StockX CEO Scott Cutler told CNBC his site had three times more sales in its most recent quarter compared to last year.
âEBay sees an opportunity to enter the market here to participate in what is a very popular category, but it’s hard for me to see them compete with the user base and the network that StockX has built,â said John Kernan, research analyst and general manager covering the retail and consumer brands sector for Cowen.
Authentication is a priority
One of the main differentiators, until last month, was StockX’s authentication features, which gave buyers and sellers greater peace of mind that they weren’t dealing with fakes.
To combat this, eBay launched its own authenticity guarantee program last month for all new and used collectible sneakers sold over $ 100. The third-party service is expected to help attract more top sneaker sellers and bring more inventory to the market.
âAuthentication has become an expectation for consumers today in categories of great passion and great value,â said Jordan Sweetnam, senior vice president and general manager of eBay North America, in a statement. .
Cowen estimated that the sneaker resale market could reach $ 30 billion globally by 2030. The rapid growth has been led by this coveted 18 to 24-year-old demographic, but the pandemic has helped the category grow. expand to a new user segment, including investors.
âThe demand is there from a wide range of consumers and I think people are making a lot of money and having a lot of fun doing it,â Kernan said.