Dive Brief:
- StockX will enter social commerce with the launch of StockX Live this summer, according to a June 9 company announcement.
- StockX Live will allow buyers to participate in live auctions, giveaways and direct engagement between sellers and buyers on the StockX marketplace.
- The company this week also announced that it reopened its retail location in New York’s SoHo neighborhood, marking its first permanent retail destination in the U.S.
Dive Insight:
StockX is gearing up for live auctions on its marketplace.
The company facilitates the buying and selling of sneakers, apparel, watches and collectibles, among other items, and engages in dynamic pricing where shoppers can bid and buy products at real-time prices that reflect current demand.
The introduction of live auctions will include formats such as standard timed bidding, sudden death auctions, pre-bidding and max bidding, per the company. Additionally, live chats will be available within each show.
The company says it has over 30 million unique monthly visitors.
Live shopping has gained traction in recent years, with TikTok Live dominating the segment. Around 60% of U.S. adults watch live shopping, however just 33% are making purchases, according to data from Savings.com released last year.
Live shopping is particularly popular among younger generations, with around 15% of Gen Z stating they watch live shows once a week.
Even Walmart has gotten in on the action. The big-box retailer recently partnered with TalkShopLive and WeTheHobby to host a weekly live shopping series titled “Collector’s Night” where it highlights its collectibles offering.
The push into social commerce comes as StockX reopens its New York City retail location, where customers are offered a curated assortment of around 300 products available to purchase at any given time. The initial products offered focus on deadstock sneakers, apparel and accessories, among other items.
The retail location also offers seller drop-off services and will serve as a place for programming and pop-up events.
StockX co-founder Greg Schwartz was named CEO in 2024. He was previously the company’s chief operating officer since its 2016 launch.
