Detroit Based StockX Wins Awards for Retail Innovation
StockX is the world’s first stock market for things – a live ‘bid/ask’ marketplace. Buyers place bids, sellers place asks and when a bid and ask meet, the transaction happens automatically.
APICS Greater Detroit is excited to host Tim McCurdy, StockX’s VP Supply Chain on November 20th to hear about this fast growing local company.
Last week StockX won ModernRetail’s new award for Most Innovative Retail Model. ModernRetail shared, “StockX provides real-time pricing across four categories: sneakers, watches, handbags and streetwear. In 2016, the bidding platform began partnering with brands on its own version of an IPO or Initial Product Offering, which would allow brands to release product directly to the secondary market and allow the market to set the price. “
In September, CNN recognized StockX as Detroit’s first unicorn and a billion-dollar startup turning sneakers into a ‘stock market’. In their feature article, they highlighted that StockX is resetting retail and makes money through transaction fees, seeing millions of dollars in activity on its platform each day, according to a spokesperson.
Footwear News also recently named them to their power list for 2019 Retail Innovators.
What is StockX? In July, Fortune shared, “Cofounded in 2015 by Josh Luber and Quicken Loans billionaire Dan Gilbert, StockX has fully appropriated Wall Street lingo to resell sneakers, streetwear, handbags, and wristwatches. Buyers place “bids” on specific items, sellers set “ask” prices, and historical highs and lows are shown in 52-week increments. Purchases are automatically triggered when a “bid” and “ask” are aligned for a specific product.
StockX serves as a clearinghouse, with inspectors on staff to verify the authenticity of the item. But as the company grows, it will need to ramp up its verification efforts. Currently, this process is largely by touch, as StockX inspectors identify fakes using dozens of parameters, including product packaging, stitching, and even smell, alerting other inspectors via text message. Manufacturers of fake sneakers are constantly improving and adjusting their processes, and this cat-and-mouse game will continue to be played by companies promising to verify products and those selling increasingly passable fakes. “
Join us on Wednesday, November 20 at Slalom and hear from Tim McCurdy, StockX’s VP of Supply Chain!
6:30 Mediterranean Dinner | 7:00 Tim McCurdy | 7:45 Networking
Slalom Offices, 660 Woodward Avenue, 19th Floor, Detroit, MI 48226
At APICS Greater Detroit we support supply chain professionals with educational and networking opportunities at local companies like StockX leading the way in their industries.
We are also excited to be offering the globally recognized certification classes starting in January 2020 for CPIM (Certification in Production and Inventory Management), CSCP (Certified Supply Chain Professional) and CLTD (Certified Logistics, Transportation and Distribution). APICS Greater Detroit chapter members receive discounts on all certification classes – click here to join today.