The eBay online marketplace is investing more in its sneaker business with today’s announcement that it has acquired the authentication business of Sneaker Con Digital, which verifies the authenticity of high-value shoes. The company operates in the US, UK, Canada, Australia, and Germany, and previously worked with eBay to verify sneakers bought and sold on its platform.
Sneakers have become an important category in eBay’s marketplace, where there are now over 1.9 million pairs available for purchase every day.
In October 2020, eBay launched a “Guarantee of Authenticity” service in partnership with Sneaker Con, whose team of experts would check sneakers at no cost to sellers before items are shipped to buyers. If the buyer then returns the sneakers, the authenticators will inspect them again before they are returned to the seller. This multi-point inspection system involves checking various aspects of the shoes in question including size, tags, stitching, logos, heel tabs, laces, etc., and even the box itself.
When the shoes have been verified, the left sneaker receives an NFC compatible tag that provides more detailed information about the authenticity of the sneakers when scanned. Verifiable ads also receive a blue check mark next to the item. The service was available for all sneakers over $ 100 sold on eBay’s platform.
Many buyers and sellers preferred to buy sneakers on eBay because they could see photos of the exact shoes they would get, rather than archival photos, and there was less charge compared to some rival sneaker markets. Attracting this type of buyer is also part of eBay’s broader strategy to attract enthusiasts to its site in various high-end categories, such as handbags, watches and sneakers, and then benefit by buying more. ‘items on eBay. The company recently noted that the average eBay sneaker buyer spends around $ 2,000 on other categories, for example.
Ebay says its authenticity guarantee service has driven the category to quarter-over-quarter growth, and in just over a year, it has authenticated over 1.55 million sneakers globally. .
In its third quarter 2021 results, eBay also noted that its sneaker business in the United States was healthy and growing at double-digit rates, and that it was expanding to other markets, including Germany. . The company also announced plans to invest in 3D image capability on sneaker listings, which would allow shoppers to interact with a 360-degree view of the item they are purchasing, as another way. to inspire confidence in buyers.
With the acquisition, eBay brings its partnered authentication business in-house, where it will continue to leverage its offerings to adapt to resale market trends, the company said of the latest news. ‘today. Terms of the deal were not disclosed.
However, the deal is only for Sneaker Con’s authentication business – its event business will continue to operate separately. The deal was signed and closed on November 24, 2021, eBay notes.
âeBay has always been a vibrant community of enthusiasts, with very knowledgeable buyers, sellers and employees,â said Jordan Sweetnam, executive vice president and general manager of eBay North America, in a statement. âWe partnered with Sneaker Con to launch sneaker authentication on eBay last year because the team shared our passion for the category – with best-in-class capabilities to deliver what our customers want most. The response to our authentication offer has been overwhelming and this acquisition allows us to continue to transform eBay and bring a higher level of trust to every transaction, âhe added.