Sneaker marketplace
👟Love such stories where the founders created products based on user painpoints and their own passion. In this case, he was scammed of US$600 when buying a limited edition hoodie online.
👟 Such encounters led Richard Xia and his friend Chris Xue to launch an online marketplace targeted at the Asian market where sneaker enthusiasts can buy and sell cult sneakers and streetwear and be assured that the products are authentic and payments are safe.
👟 The start-up is now valued at US$80 million and counts famous American rapper and music producer Snoop Dogg as strategic advisor.
How did they build trust ?
👟 Novelship will authenticate the shoes and deliver them to the customer.
👟 Novelship processed about 150,000 products last year. About 20 per cent to 25 per cent of the sneakers it receives are problematic. Fake items account for about half of this. Others might come without a box or the shoes are damaged or have been worn and are smelly.
👟 To cut down on such bad actors, sellers who ship fake products can be penalised 15 per cent of the item’s selling price, which will be deducted from their credit card.
👟 Given this statistic, it really goes to show how many fraudsters are out there to scam and how many sellers are acting in bad faith. As such, consumers should be really careful with online purchases before parting with their hard earned money.
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