eBay has bought the verification service of Sneaker Con. This deal was signed on 24 November 2021. The two names have been working together for a long time and this deal strengthens the relationship between eBay and Sneaker Con. In addition, eBay increases its reputation as a growing marketplace for sneakers.
eBay and Sneaker Con
Sneaker Con has been working with eBay since 2020. Sneaker Con's verification service is used for sneakers over $100. Here, the shoes purchased on eBay are forwarded to Sneaker Con. Sneaker Con's verification centre checks the sneakers for authenticity and sends the pairs back to the buyer. This collaboration did well for the global marketplace and improved its reliability.
The cooperation of the two names was positive for both. eBay improved its reputation as a trainer marketplace and verified 1.55 million trainers since the start of the cooperation. It also allows eBay to maintain its share of the trainer market, with 1.9 million trainers available on the platform daily.
Besides StockX, eBay is also a big player in the sneaker market. Where as StockX largely verifies the authenticity of deadstock pairs, eBay also sells second-hand models. In addition, sellers on eBay can take their own photos of the sneakers and the site does not use stock photos. This is nice for the buyers, who get a good look at the sneakers.
Acquisition of Sneaker Con
Now eBay is expanding its cooperation and has taken over Sneaker Con's verification service. In this way, the marketplace wants to expand the verification process. The deal terms have not been disclosed. Also, the acquisition will only be about verifying footwear. Sneaker Con will continue to operate its events business separately.
eBay signed the deal on 24 November 2021 and this was a step in the right direction according to Jordan Sweetnam, SVP and General Manager of eBay. According to him, the platform is now able to take their offerings to the next level. "Ebay has always been a vibrant community of enthusiasts, with deeply knowledgeable buyers, sellers and employees," says Sweetnam.
“We 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", adds Sweetnam. The demand for sneakers on the plaftorm is growing and Sneaker Con's verification service is a good asset in this.
"The response to our authentication offering has been overwhelming, and this acquisition allows us to continue to transform eBay and bring a higher level of trust and confidence to every transaction", according toSweetman.
Future with eBay
Not much will change for the customers on eBay. The sneakers are still sold in the same way as before. Sneaker Con also still verifies the copies, but now it does so within eBay. Individuals over $100 go through the verification process and get a tag. This NFC tag shows that the pair is authentic.
Besides sneakers, eBay also verifies handbags and luxury watches. Watches have to be worth at least $2,000 and designer bags at least $500. In this way, eBay strengthens the trust of its customers.