Visionary Private Equity Group
Sneaker Con: eBay To Authenticate Sneakers $100+ in U.S.
We're pleased to share with you an important update below on the following:
eBay To Authenticate Sneakers $100+ in U.S., Program launches this month and will authenticate all collectible sneakers over $100 by early 2021
SAN JOSE, Calif., Oct. 12, 2020 /PRNewswire/ -- eBay, the online marketplace that sells a sneaker every 1.5 seconds, announces the expansion of its Authenticity Guarantee service for sneaker sales on the platform. Through this program, all new and pre-owned collectible sneakers sold on eBay for over $100 in the U.S. will be fully vetted and verified by an independent team of industry experts. The service launches this month with the initial authentication of the most popular sneaker styles and brands on the marketplace, and will ramp to include all $100+ sneaker sales by early 2021.
This marks the Company's second significant authentication announcement in as many months. In September, eBay first launched Authenticity Guarantee for every watch sold over $2,000 in the U.S. The announcement also builds on eBay canceling selling fees on any sneakers purchase of $100 or more, which has helped attract more top sneaker sellers and bring the most coveted inventory to the marketplace at the most competitive prices.
"Authentication has become an expectation for today's consumers in categories of high passion and high value, and this program makes eBay the most attractive platform for enthusiasts in these categories," says Jordan Sweetnam, SVP and General Manager of eBay North America. "eBay operates the world's most diverse sneaker marketplace – with the widest selection and best prices – and by removing any uncertainty with the buying process, our community can buy and sell with total confidence."
How Authenticity Guarantee Works
When a sneakers purchase is made, the seller ships it directly to eBay's independent third-party authentication facility for a comprehensive, multi-point physical inspection. Following this rigorous assessment, the sneakers are sent via expedited shipping to the buyer. Additional details include:
- Proof of Authentication: Upon receiving the sneakers, the independent authenticator confirms they are consistent with the listing title, description, and images, and then performs a multi-point physical authentication inspection. An eBay tag, guaranteeing its authenticity is attached to the sneakers to finalize the process, driving confidence in the collectibility and resale value.
- Third-Party Authentication: eBay has partnered with industry leader Sneaker Con to create a new state-of-the-art facility – leveraging the top authenticators in the industry, a robust checklist of product specifications, and best-in-class processes to ensure accuracy and efficiency. With rigorous inspection of the box, shoe, and accessories, the authentication underscores eBay's commitment to giving shoppers exactly what they want.
- Verified Returns: For sellers who choose to offer returns, eBay's sneaker authentication program ensures the exact item initially sold is returned to the seller, via a verified returns process. Returns are shipped back directly to the authentication center, where the third-party experts verify each item and its condition before returning to the seller.
Learn more about eBay's elevated authentication experience – first launched for luxury watches, and expanding soon to collectible sneakers – at ebay.com/buyauthentic. To shop sneakers, check out eBay.com/sneakers and follow @eBay on Instagram, Twitter, YouTube, TikTok and Facebook.
eBay Sneakers By the Numbers
- On average, there are more than half a million sneaker listings on eBay each day.
- Sneakers are surging in popularity around the world and are a top enthusiast category on the marketplace.
- In 2019, eBay sold nearly six million sneakers in North America.
- eBay sells millions of sneakers a year, making the marketplace one of the largest channels to buy and sell sneakers.
Source: Numbers based on eBay North America (U.S. and Canada) 2019 sales data.
VPEG Chairman, Ron Zamber M.D., commented. "VPEG would like to congratulate the SneakerCon Digital (SCD) team for cultivating such an important strategic relationship with a global e-commerce leader. In addition to providing critical seed capital to SCD, the VPEG team, in conjunction with BlueBite, helped inspire and collaborate in the development of the digital authentication platform. We look forward to watching the continued growth of these strategic relationships."
eBay Inc (NASDAQ: EBAY) is a global commerce leader including the Marketplace and Classifieds platforms. Collectively, we connect millions of buyers and sellers around the world, empowering people and creating opportunity for all. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.
About Sneaker Con Digital
Sneaker Con Digital (SCD) is a digital platform aimed at changing the way individuals consume and interact with sneakers and fashion. SCD is the next evolution of the Sneaker Con events business founded by ‘sneaker heads’ Alan & Barris Vinogradov in 2009, which brings together a growing network of young entrepreneurs, social influencers, and trendsetters with a passion for the $1B+ secondary market of high-end sneakers and streetwear. The success of Sneaker Con, featuring key event collaborations such as the BET Experience, the Sprite Sneaker Con Hoops Classic, and over 200 million social media impressions, form the blueprint for the digital platform, which places the focus on community, collaboration, and culture.
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