- A Cowen & Co. analysis from July estimates that the sneaker resale industry is worth $2 billion in North America and could reach $30 billion globally by 2030.
- As the market for valuable sneakers booms, entrepreneurs are making a killing by figuring out the best ways to buy and resell sneakers.
- Business Insider regularly interviews sneaker resellers and experts regarding the best practices for breaking into the industry and scaling a business. You can read all about it by subscribing to Business Insider.
- Visit Business Insider’s homepage for more stories.
With the sneaker resale market continuing to thrive, Business Insider is covering all aspects of how to properly scale a business in the booming industry. From which sneakers to purchase to necessary technological investments, made in the form of bots that entrepreneurs entrust to nab pairs online, the following covers everything you need to know about how to break into the market that Cowen & Co. estimates could reach $30 billion globally by 2030.
Here’s everything you need to know about what your early days as a sneaker reseller will look like:
- A 16-year-old who made $125,000 in sneaker sales reveals his pro tips for young resellers looking to break into the multi-billion dollar industry
- A sneakerhead who made nearly $7 million in sales last year reveals his secrets to tapping into the exploding multibillion-dollar resale market
- The top sneaker seller on eBay who made $1.5 million in sales in 2019 reveals how he grew business to dominate the platform
- We got a look at exact spreadsheet a 16-year-old uses to make thousands of dollars in sales as a major sneaker supplier to stores and boutiques
Scaling your business
Once you nail down the basics, here are some tools to guide you on the next steps of growing your business:
- Here are 5 steps that independent sneaker resellers live by to pay their taxes every season
- How a formerly homeless sneakerhead with just $40 to his name built a multi-million dollar resale empire in 6 years
- A sneakerhead who has attended more than 20 Sneaker Cons reveals his top 6 secrets for making the most money at a resale event
In the sneaker resale world, a “bot” refers to a software application that expedites the online checkout process and helps resellers nab hyped pairs online — including limited-edition drops. In many cases, bots are essential for purchasing the latest releases at retail prices. Here’s everything you need to know about the software:
- A sneaker reseller who uses multiple ‘bots’ to nab mass quantities of expensive shoes the moment they drop explains why the controversial tech is worth it
- Inside the controversial underworld of sneaker ‘bots,’ where coded scripts resell for thousands of dollars and Twitter monitors can make or break a release
- A 16-year-old’s sneaker bot business charged $200,000 in fees since October. Here’s how his 600-member group secures the coveted software before anyone else.
- How a self-taught developer with no formal training made $700,000 in sales this year from his sneaker bot, Splashforce, that nabs hyped pairs in just milliseconds
Cook groups and online services:
While they normally charge hefty membership fees, cook groups are exclusive forums that supply information for anyone looking to break into the multi-billion dollar market. They usually offer members access to botting services in addition to exclusive details related to drops. They are often run on Discord.
- Exclusive sneaker resale groups make millions by paying insiders to leak information on valuable sneaker releases before they happen. Here’s a look inside one of these members-only forums.
- Inside a teen’s exclusive sneaker cook group that makes him 6-figures in sales, employs 23 people full-time, and nabs pairs of the hottest sneakers on the market
- How Discord went from gaming and alt-right hub to a sneaker cook group hotbed, where resellers charge fees to share their secrets for cracking the $2 billion resale market
- 5 up-and-coming sneaker websites that resellers and collectors should use in 2020 to boost profit and nab hyped pairs
Navigating the industry during the pandemic
Not even a global pandemic has managed to slow down the sneaker resale market, despite mass quarantines and lockdown orders.
- The CEOs of GOAT, Stadium Goods, and BUMP outlined the best ways for sneaker resellers to navigate the multi-billion dollar market in the pandemic
- The coronavirus outbreak is wrecking the sneaker resale industry, but investing in specific pairs can soften losses. Here’s how to navigate the market in crisis, according to the head of China’s Sneaker Con.
- These are the sneakers most likely to skyrocket in value when the coronavirus panic dies down, according to the founder of the largest sneaker event in the world
- A 17-year-old entrepreneur made close to $500,000 in sales reselling sneakers during quarantine. Take a look inside his pandemic-proof business model.