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StockX New Processing Fee Policy | Its Effects On Indian Market
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StockX New Processing Fee Policy | Its Effects On Indian Market 

StockX has always been the leading marketplace for deadstock (brand new) sneakers, hoodies, tees, and more. Whether it is the super hyped up Air Yeezy 2, or a pair of general release Basketball shoes, StockX will have it. The past few years haven’t been too kind to StockX. They have gotten several cases where allegedly fake sneakers have passed their verification process, and reached the buyer, who often pays hundreds of dollars to buy that pair of sneakers. More recently, the global sneakerhead community has a new complaint regarding StockX, and rightfully so.

Stock X logo

In a recent email sent to customers, StockX has delivered even more bad news for the year 2020. The official statement is “Beginning on April 22, 2020, buyers on StockX will see a new 3% Processing Fee added to the purchase price of an item. As our marketplace continues to grow, so have our investments in the platform, customer service, and our verification process; this fee increase will allow us to continue these investments and provide the best possible service to our millions of customers in 197 countries and territories around the world. They have also said that 22nd April onwards, the minimum fee charged will be $4.95, and the maximum fee charged will be $29.95. These charges might also increase or decrease based on the fact that the value of foreign currencies against the US dollar keeps changing. Any bids placed before the 22nd of April will not be subject to the increased processing fee.

The Yeezy 500 being shipped to stock x

What does this mean for us Indian consumers? Let us take an example. Suppose you are buying a pair of Court Purple Jordan 1s. You will have to pay roughly 22000 for the pair. You will then have to pay a 2% international processing fee. This brings us to a total of 22440. Then the new 3% tax. This brings us to 23115 rupees. Upon arrival in India, you will have to pay a (recently increased to 77%) customs tax. This now brings the total to roughly 40915 rupees. Now add on the shipping cost that is 3200 (minimum). The total sum of the sneaker is now a hefty 44115 rupees. If you wanted, you could buy the same pair of Court Purples for around 36k in India. Also, for those of you who don’t know how StockX handles shipping, first, the pair is sent to the StockX processing facility in America by the seller. Then the pair is legit checked to make sure it is authentic, processed, and then sent to the Dubai handling facility where it is then shipped out to the buyer in India. Now how does it make sense to pay the extra money, and the wait for the roughly 2 week shipping period, when you could just buy the pair of Jordan’s from a trusted reseller in India?

Our Indian sneaker community takes a massive hit by this decision as unlike other users we have to pay a 5.2% rate as our 77% custom rate brings us to that.

This new and increased processing fee isn’t just receiving backlash from Indian sneakerheads, however. Users all over the globe have taken to Twitter and other social networks to express their dissatisfaction with the new change. Seen below are some of the reactions from twitter users.

Perhaps one of the funniest or at least the cheekiest response to this new processing fee comes from another sneaker, and streetwear marketplace, and one of StockX’s biggest competitors, eBay. As you can see, they are making fun of StockX’s new processing fee, while advertising that they do not charge sellers OR buyers($100+) any extra fees. However, when it comes to the brands’ main pillars, StockX has made a name for itself regarding Authenticity, Trust, and Anonymity.

For more articles like this one, follow Street Sense. To know more about the Yeezy Zebra and details on its 5th restock, click on this link.

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