If you've been using StockX or GOAT for a while, you've likely sold & purchased a sneaker based on an offer (or bid for StockX). Much like buying a stock on Robinhood or buying cryptocurrency on Binance, there are prices that patient sellers are willing to sell at called asks, and prices that patient buyers are willing to purchase at called bids. Those unfamiliar with the market dynamics are likely to make a purchase at the lowest asking price by clicking on the "buy now" button without considering the alternative of placing an offer. The decision between bid or buy could potentially save you hundreds of dollars!
In situations where there is a marginal difference between the highest offer and lowest asking price, you should be fine with just buying the sneaker at the asking price. It's probably not worth the few extra dollars in savings to wait for a seller to fill your offer.
Usually, the spread is small for recent releases with lots of trade volume but increases for sneakers with higher prices and lower trade volume. For instance, if you were to pull the trigger on these Yeezy 500s at the lowest asking price you would be paying around $499 + fees as opposed to paying slightly over $381 + fees by placing an offer and having a seller fill it.
If you take a look at the order history for this particular shoe on StockX, you'll find purchases at prices that fall in the ballpark of both the lowest asking price and the highest offer price.
In the most extreme cases, the spread can be as large as a few thousand dollars!
We've recently made some changes to Plugd to help buyers make more informed purchasing decisions. As displayed in the screenshots above, we've added a way for buyers on Plugd to see the highest offer and lowest prices on the checkout screen. We've color-coded prices throughout the app to help users identify these different price types.
Green - lowest asking price
Red - highest offer
We've also added a price toggle to the checkout screen so buyers can alternate between the different pricing calculations. The toggle will be visible in situations where an offer can be placed – this depends on the vendor and the shoe condition. If you see a red "N/A" it just means that there are no current offers for a particular listing.
The price/offer toggle is also applicable to used sneaker listings.
Hopefully, these additions to Plugd will help you cop those grails at a discounted price in the future 🤑. If you have feedback or suggestions regarding this new functionality please don't hesitate to email us at [email protected].
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