00:00I was trolling through your site over the weekend, not necessarily for gifting, but, you know, for myself.
00:05But I am curious as to sort of what people were buying.
00:08What gave you a sense here of kind of where the trend is, at least in the moment, this holiday season?
00:16Yeah, absolutely. Well, thanks for having me on.
00:17First of all, it was a really strong start to the holiday shopping season.
00:21Starting on Black Friday, we saw a surge of order volume up 200 percent week over week.
00:26During peak Black Friday trading hours, nearly two trades a second on our platform.
00:32Gross merchandise value up year over year AOV, up year over year average order value.
00:36And one of the hottest products, it was actually our biggest release ever on Black Friday, was the release of the Nike Air Jordan 4 Black Hat.
00:45That product set record sales volume and was one of our top five biggest releases in StockX history.
00:52So Nike definitely showing a strong comeback to kick off the holiday shopping season for us.
00:58I am curious, Greg. I know you're just kind of like the conduit to connect the buyers and sellers.
01:02But a big part of the holiday shopping season, of course, is fulfillment.
01:06Obviously, Amazon probably does that better than no one out there.
01:09I am curious as to how you prepared for the season to make sure that when people buy something, A, they get it and they get it on time.
01:15Yeah, we have a logistics and verification network that spans the globe.
01:19We have customers in more than 200 countries and territories around the world.
01:24And over the last couple of years, we've really doubled down on our efforts to drive faster fulfillment.
01:28We actually just recently rolled out next day shipping.
01:30These are things that are standard and traditional e-commerce, but a lot trickier when you have a two-sided marketplace.
01:35We're connecting thousands of buyers and buyers and sellers across, you know, hundreds of thousands of buyers and sellers across global trade lanes.
01:44And so for us to be able to drive fulfillment, faster fulfillment each year is something we focus on.
01:49And it's really driven by a great team that's helping get products verified out to customers as quickly as possible.
01:55Since all these orders are passing through, our verification centers are shipping from StockX verified seller.
02:00Well, when you think about this past weekend, the stat that caught my eye in terms of what you saw on StockX was that roughly 25 percent of the sneakers that were sold during Black Friday were actually priced below retail.
02:12Give us a little bit of context there, how that 25 percent figure stacks up to what it typically looks like and also what that signals to you.
02:23Yeah, there's definitely going to be an appetite for that high demand, higher price point item like the Jordan 4 black caps that I mentioned earlier.
02:29But there's also this price-conscious, value-focused buyer that drove that 25 percent of the volume that was at or below retail.
02:38And I think that's just the power of a marketplace where there's going to be, you know, items that are available in more abundance.
02:44And a marketplace like StockX is based on stock market dynamics to have a true market-based pricing.
02:50When there's more supply for an item, it's going to drive product prices down.
02:54And that's what we see.
02:55And it's not just Nike and even not just sneakers.
02:57What we're seeing is Fear of God hoodies.
02:59We're seeing collectible items like LaBubu, a number of different items from Pop Mart.
03:05And so you're going to have both ends of the spectrum, but absolutely a value-conscious buyer that showed up during this Black Friday shopping weekend as well.
03:13Interesting.
03:13You know, it makes me think a little bit of the RealReal, for example, when you talk about that sort of category.
03:18But I want to talk about a recent announcement from about mid-November that you're actually pairing up with prediction market Kalshi as a way to bet on resale prices of sneakers and some of the other items that you mentioned.
03:31So, Kalshi, it's going to use StockX to create so-called event contracts tied to some of these items.
03:38Greg, I just wonder how this one came together because I'm not sure how many people saw this coming.
03:42The genesis of StockX was really this idea that we could build a stock market for consumer goods.
03:49And so the entire origin of this company was based on using stock market tenants to help with transparency and really thinking about products that we trade on StockX, sneakers, apparel, collectibles, as really an alternative asset class.
04:01And so when we saw what Kalshi was doing, we got really excited about not just looking at prediction markets for elections or for sports betting, but what we did with Kalshi is we said let's, for the first time, create prediction markets tied to certain price points around consumer goods.
04:17In this case, we looked at what would the hottest brand would be outside of Nike and Adidas on Black Friday.
04:22And the Kalshi prediction market correctly predicted that it would be Asics, which had a record Black Friday on StockX.
04:28So we're really excited about this trend.
04:30We think it's a great combination, a great win-win for us and for the customer.
04:34What's the win for you?
04:35I mean, is it financial or is it just the attention that it brings to StockX?
04:41We love focusing on fueling our customers' passion for the products they love.
04:45In this case, our market data is powering these Kalshi markets.
04:49And so if we can partner with a company that's providing a better way to engage, to think about, to play with different pricing dynamics that trade on StockX,
04:59you know, that's an absolute win.
05:00We love thinking about how are we driving more engagement and providing more market insights, more knowledge for the customer.
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