Online integrated sneaker-focused marketplace, Ox Street, has launched Used, an offering that allows authenticated buying and selling of used and b-grade sneakers across Asia Pacific.
While authenticated marketplaces have made buying and selling limited edition sneakers more accessible, commoditizing these products mean they are only usable for selling ‘Brand New, Dead Stock’ (”BNDS”), or unworn sneakers which are still in perfect condition.
Ox Street CEO Gijs Verheijke said: “The used segment is criminally underserved. Sneakers are meant to be worn, but us sneakerheads tend to accumulate too many pairs to constantly wear all of them. Through Used, we are saving millions of pairs of great sneakers from a slow death at the bottom shelf of someone’s closet. In doing so, we’re also really excited to see the range of limited edition and vintage sneakers making their way back onto the marketplace.”
For some, it may seem strange to buy used sneakers, but Ox Street data suggests that affinity for secondhand already exists in today’s market. Buyers are keen to acquire limited editions at a friendlier price-point, which on average is 30% lower than BNDS.
Co-founder and CEO of Carousell Group Quek Siu Rui said: “During the past 10 years, Carousell has facilitated tens of millions of secondhand transactions and inspired people all over the world to start selling and buying secondhand items. Looming environmental
changes and over-consumption have made our mission more relevant than ever. The latest Used feature on Ox Street will definitely supercharge the recommerce trend in the region as a market leader in sneakers, and encourage more people to consider secondhand as their first choice.”
Based on Ox Street’s research among its existing customer base, 45% of buyers of BNDS sneakers have already purchased used sneakers in the past but struggle with the fear of buying fakes. To tackle these challenges, Ox Street manages the end-to-end process for Used – from handling payment and shipping to authenticating all products sold through the platform.
Ox Street has soft-launched Used for sellers 2 weeks ago, enabling them to start listing their used sneakers. Today marks the launch for buyers, with over 1,000 used sneaker listings already available on the platform, eager for new homes.