Whether it’s the latest Jordan’s, the classic Nike Killshot sneakers, or your standard run-of-the-mill Vans, sneaker culture continues to dominate urban culture. But how much are those classic Air Force Ones worth? Are you overpaying for those limited run Lebron’s?
“StockX is about balancing the needs and the wants of buyers and sellers. We are working to cater to both sides of the market, being data-driven, and changing the dynamic in the space. Rather than letting brands determine how something should be priced, or when something should be available or be out of stock, we’re really flipping that paradigm and allowing the market to determine how much something is worth and really leveling the playing field.”
StockX is attempting to walk that line between being a safe-haven for buyers looking for a fair deal, and an online marketplace for collectors trying to unload their merchandise. Deena Bahri is the CMO of StockX and on this episode of Marketing Trends, she discusses the work StockX is doing to be a valued online merchant, and she dives into the dynamics of appealing to a sneaker audience, and much more.
- CustomerX: One of the key challenges with being an eCommerce platform that deals with third party buyers and sellers is building trust with your audience. They need to know that the products they are purchasing are indeed what they intended to buy. But you have to balance the needs of both your buyers and sellers so both sides are having a good experience. StockX has a team of authenticators to ensure the seller gets a fair price and the buyer receives the proper product.
- Have Empathy: Now more than ever brands need to value their customers. This means having empathy for those customers when situations arise. Make sure your brand is providing a voice that encourages your customers to reach out to you and then when they do reach out about disagreements, be transparent and confident in your process while trying to provide as much context as possible.
- Tech, Data, and Shoes Oh My!: Growing a business, especially when that business is in eCommerce, means you have to be well-versed in your technology stack, the data and analytics you are collecting. You must understand and utilize the insights that you can gather from that data collection.
- Key Quotes:
“This job is about learning, really serving the customer, and understanding what makes the customer tick. One of the most interesting parts of marketing is digging into the dynamics that drive your customer and figuring out how you as a business can uniquely serve, and meet those needs.”
“Growing a business, especially an online business, means that you have to be well- steeped in technology, in data and analytics, and be very rigorous about measuring, testing, incrementing and repeating.”
“StockX is about balancing the needs and the wants of buyers and sellers. We are working to cater to both sides of the market, being data driven, and changing the dynamic in the space. Rather than letting brands determine how something should be priced, or when something should be available or be out of stock. We’re really flipping that paradigm and allowing the market to determine how much something is worth and really leveling the playing field.”
“Greet every disagreement with empathy., That’s something that we’re really trying to infuse through a whole brand voice is empathy. Humanizing the brand and being transparent, and really sharing as much context as we can.”
“Sneaker culture has officially become one of the more influential drivers of mainstream culture. 40% of Gen Zers consider themselves sneakerheads. StockX is the number four most popular website amongst that audience. This tells you how prominent sneaker culture has become with the coveted, influential Z shopper.”
“We’re seeing a really strong reception to the idea of, ‘Hey, come to this marketplace where you can always find the product that’s top of mind for you at the price that’s right for you. It’s authentic and that’s a message that’s well-received.”
“I love the complexity and challenges of a marketplace, but I also love the emotional connection that our customers have with their products.”
Deena Bahri the Chief Marketing Officer of StockX. She is an experienced Chief Marketing Officer with a demonstrated history of building beloved consumer brands. I thrive on combining the quantitative and qualitative sides of marketing to develop standout customer and brand experiences, and am deeply committed to driving business outcomes, particularly in dynamic, high-growth environments.
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