StockX is revamping its seller program, which includes lower fees for all of its sellers.
Next month, the marketplace will roll out a new program highlighted by adjusted seller level qualification thresholds. When it goes into effect, StockX explained that existing sellers may see their level change due to the threshold adjustments, but they can still access the same benefits while also taking advantage of lower base fees. What’s more, as a part of the new qualification process, StockX said top sellers will be placed into a more “concise and manageable group,” allowing it to provide more personalized service to its most committed sellers.
Russ Amidon, senior director of account management at StockX, told FN that this program has been in the works for close to a year.
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“One change we knew we wanted to make early on was to classify our top sellers into a more selective group in order to offer a more personalized service,” Amidon told FN.
There are five levels to its new seller program. Level 1 is for its least active sellers, and has a base transaction fee of 9 percent with no quarterly sales requirement. Level 5 is for the most active sellers on StockX. For this level, 800 sales are required quarterly, with a sales requirement of $100,000. The base transaction fee for this level is 7 percent, and there are two available bonuses: 1 percent for the Successful Ship Bonus and 1 percent for the Quick Ship Bonus. Level 5 also has the most seller services, which includes retail or authentication center drop off, bulk shipping, early payout, power exclusive customer support, bespoke partnership opportunities and dedicated account manager.
“Offering a competitive fee structure was extremely important to us, and that’s what ultimately drove the decision to land where we did. We know this is one of the biggest pain points for sellers, so we’re really proud to be lowering base fees across the board,” Amidon said.
The program begins July 1.
“This new fee structure is attractive to sellers and it demonstrates our commitment to empowering entrepreneurship in our community,” StockX founder and COO Greg Schwartz said in a statement.
Although these changes are new, they’re not the only adjustments StockX has made this year to make the experience better for sellers. In February, the marketplace expanded access to its suite of seller tools, which includes StockX Pro, StockX Scout App and StockX Developers. These tools, StockX explained, provide solutions to help sellers grow their businesses, such as cross-platform selling, inventory management and bulk selling.
Looking ahead, although sparse on details, Amidon said StockX is preparing to roll out big changes in the second half of the year.
“While I can’t give away too much on that at the moment, I can tell you that we’ll be introducing a highly-requested feature for buyers and a lucrative solution for sellers,” Amidon said.
