Limited-edition and rare sneakers are poised to be big business with some estimates putting it at $120 billion by 2026. Is the industry on track to reach that mark and how can they navigate the challenges that come with that, such as illegitimate sellers? How can businesses serve their customers better with spaces for authentic sneaker purchases?
According to Ox Street CEO and Founder Gijs Verheijke, the sneaker resale market is a part of this booming global industry. Ox Street, which expanded to the Philippines last year, is a digital marketplace that offers the best way to buy and sell authentic sneakers.
“The expansion of Ox Street to the Philippines and across the Asia Pacific region is also a reflection of the booming resale market for sneakers,” Verheijke said.
“Ox Street comes in as the middleman between resellers and buyers, assuring customers that everything that goes through us has been 100 percent authenticated for that worry-free experience in getting your sneakers.”
Ox Street has a team of experts that guarantees authentic sneakers on their website and helps protect sneakerheads against fraudulent online sellers. Ox Street operates in 8 markets across the Asia Pacific region and in 2021, joined forces with the Carousell Group, the leading online classified ads group in the Greater Southeast Asian region.
“As the bridge between pop culture and sneaker culture narrowed in the past decade, more and more new sneakerheads have not only been buying sneakers for themselves but reselling as well, which is another portion of the user base we are building — to onboard sellers that are open to expanding their reach to buyers not just in the APAC region but globally,” adds Ox Street Philippines marketing manager Jasper Delegencia.
In Ox Street, 80 percent of sneakerheads said that they have tried to buy sneakers on the resale market. And users are willing to shell out cash to get hold of hard-to-find styles – be it a pair of Air Jordan, Nike Dunks, or Yeezy. In fact, the most expensive pair of sneakers ever sold on Ox Street was the Dior x Air Jordan 1 High which was sold for an estimated amount of $7,500.
While there are physical sneaker stores for consumers, Delegencia speaks on the value of a legitimate e-commerce website like Ox Street.
“To give context here, if we are exclusively referring to the official brands like Nike, Adidas, New Balance, and other third-party stores that are licensed to have these sneaker releases, the most sought after pairs are more often than not limited. Whether via raffle, lining up, or ordering from their official apps, there will always be the resale market that comes after for people who were not able to purchase.”
In the Philippines, Ox Street has a dedicated team in the Philippines tasked with introducing initiatives that are specific to Filipinos.
“Pinoy sneakerheads vary greatly depending on the individual,” shared Delegencia. “One approach that is important to us is talking to our customers, not just with surveys or emails but having full conversations on what they think of Ox Street, how their experience is, and what they want to see as well. This is a direct example of Ox Street’s authentic identity — both in making sure customers get their worry-free, authenticated pair and lending an ear listening intently to what they have to say. Through consistently practicing this approach and treating our partnerships the same way, Ox Street is in a good place as the sneaker marketplace people know they can turn to in the Philippines.”
Speaking of local sneaker consumers, Delegencia added Filipino Ox Street users are vocal when it comes to their general feedback, and many have been more than willing to share their thoughts with us.
