StockX Releases New Verification Report Citing Platform Rejected Nearly $90 Million Worth of Products
In the last year, StockX authenticators stopped nearly $30M worth of fake sneakers from trading on the platform
The company’s latest verification report also reveals the most counterfeited products in the last year
DETROIT, June 8, 2023 /PRNewswire/ — Aptly timed with World Anticounterfeiting Day, a new StockX report released today details the platform’s latest verification advancements and metrics. Big Facts: The Verification Report offers a snapshot of StockX’s rigorous review process and its impact on consumers around the world. The report reveals that in the past year, StockX rejected nearly $90 million worth of products that did not meet verification standards. It also outlines quality control metrics including the top reasons products are rejected during the verification process. Topping StockX’s list of reasons for rejection is the presence of manufacturing defects (27%), with fake products (20%) being the second most cited factor for product failure. The report also notes that over the last 12 months, StockX authenticators stopped nearly $30 million worth of fake sneakers from trading on the platform.
Today, the StockX team spans hundreds of authenticators across the globe. In just the last 12 months, the company has opened three new authentication centers, adding more than 180,000 square feet to its global footprint.
“I am proud of the global team we’ve built and our commitment to helping millions of customers secure the products they love at the right price,” said StockX CEO Scott Cutler. “Knowledge is power, and this report offers visibility into our verification process and our efforts to deliver a best-in-class experience to buyers and sellers around the world.”
According to the Organization for Economic Cooperation and Development, the counterfeit industry has grown to a whopping $500 billion market – and StockX works hard to protect customers from unknowingly participating in it. The company has expanded its use of machine learning which helps predict high versus low risk, and embedded technologies like RFID and QR codes which provide additional data points for StockX to leverage during its verification process.
“As bad actors continue to up their game, so does StockX,” said Paul Foley, the company’s head of brand protection. “We’ve made significant investments this year and we remain committed to evolving our use of technology, enhancing our systems, and employing industry experts in every corner of the world.”
The report also reveals which counterfeit products StockX authenticators have seen most frequently throughout the last year. Historically, high-value products were the most counterfeited, but the latest StockX data shows that even high demand lower price point items aren’t immune to counterfeiting. The most popular fake sneaker and handbag over the last 12 months – the Nike Dunk Low Retro White Black Panda and the Telfar Shopping Bag Medium Black – boast average resale prices of less than $200 and $300, respectively.
For more information on the report, visit https://stockx.com/about/sx-market-insights/big-facts-the-verification-report/.
StockX is proud to be a Detroit-based technology leader focused on the large and growing online market for sneakers, apparel and accessories, electronics, collectibles and trading cards. StockX’s powerful platform connects buyers and sellers of high-demand consumer goods from around the world using dynamic pricing mechanics. This approach affords access and market visibility powered by real-time data that empowers buyers and sellers to determine and transact based on 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. Launched in 2016, StockX employs around 1,500 people across offices and 13 authentication centers around the world. Learn more at www.stockx.com.
Originally published at https://www.prnewswire.com/news-releases/stockx-releases-new-verification-report-citing-platform-rejected-nearly-90-million-worth-of-products-301845557.html
Some images courtesy of https://pixabay.com
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