Resale platform StockX has published a new report outlining data surrounding its latest verification advancements, review process and its impact on consumers.
Entitled ‘Big Facts: The Verification Report’, the document’s most notable figures come in relation to the amount of products StockX had rejected in the past year, hinting at a shocking problem with counterfeits.
According to the platform, it had rejected nearly 90 million dollars worth of products that did not meet verification criteria during its vetting process.
The top reasons for these rejections came down to manufacturing defects, representing 27 percent of the items in question, and fake products, at 20 percent.
The report further noted that over the last 12 months, authenticators for StockX had stopped nearly 30 million dollars worth of fake sneakers from trading on the platform.
Historically, it was high-value products that were found to be most counterfeited, however high-demand, lower price point items were also privy to imitations.
In a release discussing the report, StockX CEO Scott Cutler said: “I am proud of the global team we’ve built and our commitment to helping millions of customers secure the products they love at the right price.
“Knowledge is power, and this report offers visibility into our verification process and our efforts to deliver a best-in-class experience to buyers and sellers around the world.”
StockX added that it has expanded its use of machine learning which is helping provide additional data points for the company to leverage during its verification process.