For the first time ever, the platform reports that apparel is the product category most susceptible to counterfeiting
DETROIT, June 6, 2024 /PRNewswire/ — Just ahead of World Anticounterfeiting Day on June 8, current culture marketplace StockX today released a new report highlighting its latest verification metrics. The third annual report of its kind, “Big Facts: The Verification Report 2024,” offers a view into StockX’s proprietary review process, the products most faked by counterfeiters, and how the company prevents substandard products from entering the market.
“In addition to being one of the marketplaces that has persistently invested in fighting the proliferation of counterfeit products, we’re among the only platforms in our space that routinely provides this level of market data to our customers,” said StockX CEO Scott Cutler. “We know that trust is built on transparency and consistent experiences, and we’re passionate about delivering a best-in-class offering that empowers buyers and sellers to trade what they love.”
StockX’s multifaceted verification process is core to its customer experience. In the last year alone, StockX rejected over 400,000 products — collectively valued at nearly $85 million — because they did not meet the company’s verification standards. This represents an increase of around 100,000 products compared to the same period last year, when StockX blocked roughly 300,000 items. There are several reasons why products don’t make it through StockX’s verification process — those include things like sizing inconsistencies, missing accessories, box damage, signs of previous wear, or if the company suspects the item is fake.
Key highlights from StockX’s third annual Big Facts: The Verification Report include:
Quality Control: StockX’s verification process goes far beyond catching counterfeits, a point made clear by quality control metrics provided in the report. According to the data, the No. 1 reason products are rejected during StockX’s verification process is signs of previous wear (29%), with suspected fake (19%) being the second most cited reason for failure. This is consistent with StockX’s 2023 report, which found that suspected fake products accounted for 20% of verification failures. StockX also revealed that its experts stopped more than 100,000 suspected fake products from trading on the platform over the last year, more than 40,000 of which were sneakers.
Counterfeits by Product Category: For the first time, StockX offered a breakdown of the product categories most susceptible to counterfeits. According to the data, apparel and sneakers top the list, with apparel accounting for 54% of suspected fake verification failures in the last year and sneakers accounting for 33%.
Fakes Busted: The suspected fake products StockX verification experts have seen most frequently in the last year include both high price point items and more affordable options, proving that no product or brand is safe from counterfeiting. In the sneakers category, the No. 1 product was the adidas Yeezy Boost 350 V2 Zebra followed by the adidas Campus 00s Core Black (No. 2) and the Jordan 4 Retro Black Cat (2020) (No. 3). Fear of God hoodies dominated the apparel category for the second year, with the Fear of God Essentials Hoodie Light Oatmeal taking the top spot. Tried and true classics and popular staples topped the list for handbags, including black colorways of the Jacquemus Le Grand Bambino and Telfar Shopping Bag Medium as well as the Louis Vuitton Mini Bumbag Monogram.
Global Fulfillment and Verification Network: Today, StockX has a robust network with verification centers that stretch across three continents — North America, Europe, and Asia — and hundreds of team members dedicated to this critical function. International markets are also a key source of platform growth. The business now operates across 5,000 different trade lanes, and in 2023 nearly half of all StockX trades were fulfilled by international sellers.
To view the full report, visit https://stockx.com/about/sx-market-insights/big-facts-the-verification-report-2024/.
About StockX
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, and 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 over 1,000 people across offices and verification centers around the world. Learn more at www.stockx.com.
SOURCE StockX
