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The Motor City Stock X


Karly Burlock

December 9, 2023

With the holiday season right around the corner many are scrambling to find the perfect gift to give to their loved ones. Many times, this aimless gift searchlands shoppers on the StockX website. This one stop shop has it all: sneakers, clothing, accessories, electronics, and other designer goods. StockX functions as an online marketplace, allowing consumers to buy the hottest, hard to find new items as well as sell unused authentic goods. Whether clearing up your closet space for new holiday gifts or looking to buy gifts for others, StockX is the place to turn. 

The concept of an online marketplace for streetwear goods is fairly new,  having only been  created in 2015 by Detroit native and Michigan alumni, Greg Schwartz. Schwartz  created an extremely functional and easy to use platform allowing consumers to quickly get the goods they want directly to their doors and place goods they no longer want in the hands of a new owner.  StockX allows sellers to list their items for a certain price and buyers to either buy the item at the asking price or offer a lower bid for the item. Once the item is sold, it will get sent to StockX for authentication before it is sent to the buyer. The groundbreaking aspect of this platform is that the consumers have full access to all the information about the goods. This includes past asking prices from sellers, other customers' bids on the goods, and also the previous prices that the goods were sold at. This benefits the buyer by giving them  all the information they need to determine if they are getting a fair price.

The idea of “a big fish in a smaller pond” is what inspired Schwartz to begin his business right here in Detroit. Allowing the company to flourish in a less saturated market has allowed StockX to create a huge name for itself and to reach the great success that it has today.  The motor city is no stranger to the hustle and grit that is required to make big things happen, the ideology that gave Schwartz the strength to create something no one has ever done before. By creating a  platform that had never been seen before, he hoped to revitalize and boost what he thought was one of the best cities in the country. Schwartz chose Detroit as the city to launch his company after observing the long history of rich street culture. StockX has based their model on this history by primarily focusing on trending streetwear and high end goods. 

Without the consumer, StockX would not be the ultimate marketplace platform that it is. The entire business model is based on the buyer's demand for the products, if the buyers aren't interested in any of the items being offered then there would be no transactions being made. In order to keep the demand for goods high, the platform is extremely selective with the types of goods they allow in their marketplace.  StockX only allows their catalog  to feature the hottest,  must-have items, mostly inspired by social media and pop culture. Since consumers are easily influenced by social media, celebrities, and athletes, this aspect makes it easier for the platform to forecast what goods are going to be big hits and choose which items to offer on the platform. 

So, in the next couple of weeks as you stumble upon StockX during your search for presents or items for your wish lists, don't forget that this billion dollar company started right here in Detroit. As you go ahead and place your order, remember that you're not just engaging in a random online translation, but contributing to a hometown success story!

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