Marketplace on the internet with the announcement today that it is purchasing Sneaker Con Digital’s authentication service, which confirms the authenticity of high-value footwear, eBay is spending even more in its sneaker business. The company, which has offices in the United States, the United Kingdom, Canada, Australia, and Germany, previously collaborated with eBay to examine the sneakers that were purchased and sold on its platform. Sneakers have grown in popularity on eBay’s marketplace, with over 1.9 million pairs available for purchase every day.
In October 2020, eBay collaborated with Sneaker Con to develop an “Authenticity Guarantee” service, in which a team of specialists would certify shoes at no cost to sellers before they were dispatched to purchasers. If the customer returns the shoes, the authenticators will examine them one more before returning them to the seller. This multi-point inspection approach includes evaluating the size, labels, stitching, logos, heel tabs, laces, and more, as well as the box itself.
When the shoes are authenticated, the left sneaker is given an NFC-enabled tag that when scanned, offers further information about the sneakers’ validity. Verifiable postings are also marked with a blue checkmark. The service was accessible for any shoe sold on eBay for more than $100.
Many buyers and sellers liked to shop for sneakers on eBay because they could view photographs of the exact shoes they were purchasing rather than stock photos, and there were lower fees compared to other sneaker marketplaces. Attracting this type of consumer is part of eBay’s bigger goal of attracting high-end fans to its site across a variety of categories, such as handbags, watches, and shoes, and then benefiting when they purchase more products on eBay. The business recently revealed that the average shoe customer on eBay spends around $2,000 on other items.
Ebay claims that its Authenticity Guarantee service has resulted in quarter-over-quarter category growth and that it has authenticated over 1.55 million shoes worldwide in just over a year. EBay also stated in its Q3 2021 results that its sneaker business in the United States was robust and growing at double-digit rates, and that it was expanding into other areas, including Germany.
As another way of building customer trust, the firm revealed intentions to invest in 3D picture capacity on shoe listings, which would allow purchasers to engage with a 360-degree representation of the item they are purchasing.
With the purchase, eBay is moving its partnered authentication business in-house, where it will continue to expand its products to meet resale market trends, according to the firm. The terms of the deal were not disclosed. However, the agreement only applies to Sneaker Con’s authentication business; the company’s events division will continue to operate independently. According to eBay, the agreement was signed and concluded on November 24, 2021.
In a statement, Jordan Sweetnam, SVP and General Manager of eBay North America stated, “EBay has always been a lively community of enthusiasts, with profoundly knowledgeable buyers, sellers, and staff.”
“We teamed with Sneaker Con last year to introduce sneaker authentication on eBay because the team shared our love for the industry – and they had best-in-class skills to offer what our customers wanted most.” The response to our authentication service has been overwhelmingly positive, and this purchase enables us to continue to change eBay and provide a better level of trust and confidence to every transaction,” he said.