[DETROIT] September 27, 2021 — StockX, the most trusted global platform for consuming and trading current culture products, today announced the opening of a new authentication center in South Korea. Customers in South Korea have had access to the StockX catalog — which today features more than 125,000 different sneakers, collectibles, electronics, apparel and accessories — since 2016. The new brick-and-mortar location enables StockX to provide a range of new features and customer experience enhancements, including lower fees and faster shipping for buyers, free shipping for sellers, and in-market customer support teams. As a part of the launch, StockX has also introduced a fully localized experience including local language and currency.
One of StockX’s core differentiators, authentication centers function as critical nodes within the company’s global supply chain network. Sellers ship their products to these locations, where they are first verified by StockX authenticators before being sent to a buyer. In the last 12 months StockX has opened five new authentication centers, expanding its global network by more than 80%. The new location is the company’s eleventh authentication center, growing its brick-and-mortar footprint to include 12 authentication centers and drop-off locations globally.
“As one of the largest e-commerce markets in the world, South Korea is a key addition to our growing global network,” said StockX CEO, Scott Cutler. “This authentication center will not only enable us to meet increased demand across APAC, but also to further enhance the customer experience and unlock economic opportunity for a fast-growing and incredibly passionate customer base. We’re committed to building a strong foundation for growth in the region and remain laser focused on further expanding our global reach to afford unfettered access to the world’s most coveted current culture products.”
South Korea is among StockX’s fastest-growing markets. Local trades are up 134% year-over-year and more than half (60%) of StockX’s active buyers in South Korea made their first purchase on the platform in 2021.
StockX plans to introduce further service enhancements in the future, including local shipping carriers and additional payment options. In 2022, local consumers will also benefit from the introduction of All-In Pricing, a proprietary, tech-forward feature that expertly matches Korean buyers with Korean sellers when possible in order to further improve shipping times and fees.
According to a recent Harris Poll survey* conducted on behalf of StockX, nearly one in five South Korean adults (18%) have purchased limited-release sneakers or plan to do so in the next 12 months. Among them, almost two in five (38%) say they were/are motivated to purchase them for the investment opportunity. The survey also found that more than a third of South Korean adults (36%) have sold limited-release sneakers, collectibles, or limited-release apparel or accessories from an online secondary marketplace or are considering selling them in the next 12 months.
In just over five years, StockX has become one of the leading online platforms in the world, processing sales in more than 200 countries and territories and surpassing 6.5 million lifetime buyers during the first half of 2021. Since the start of the pandemic, hundreds of thousands first-time sellers started using StockX. With more than 1 million lifetime sellers, a growing international customer base, and a diverse catalog of current culture products, StockX unlocks access and economic opportunity for millions of buyers and sellers around the world. Learn more at www.stockx.com.
About StockX
StockX is proud to be a Detroit-based technology leader focused on the large and growing online market for sneakers, apparel, electronics, accessories, and collectibles. StockX’s powerful platform connects buyers and sellers of high-demand consumer goods from around the world using dynamic pricing mechanics. This approach brings unparalleled access and market visibility powered by real-time data that empowers buyers and sellers to determine and transact based on fair market value. The StockX platform features hundreds of brands across verticals including Jordan Brand, adidas, Nike, Supreme, BAPE, Off-White, Louis Vuitton, Gucci; collectibles from artists including KAWS and Takashi Murakami; and electronics from industry-leading manufacturers, Sony, Microsoft, Nvidia, and Apple. Founded in 2016, the company employs more than 1,000 people in 14 offices and authentication centers around the world, and facilitates sales in more than 200 countries and territories. Learn more at www.stockx.com.
