The streetwear industry has been on the rise for the last couple of years.
What people once believed was nothing more than t-shirts and hoodies has now transformed into an entire cultural movement, as well as a billion-dollar industry.
With scarcity driving sales, the two words ‘Limited Edition’ have completely swept the market and anyone that is able to get their hands on these items has the ability to turn a profit.
Limited Edition: The Power of Scarcity
From streetwear’s cultural influence to a generation of consumers that want the biggest, brightest, most-exclusive thing draped over them, the world of streetwear has made bank off the idea of scarcity.
This desire to have a limited edition has swept thousands of consumers, as they fight to grab the latest and greatest coveted product their favorite brand releases.
From hoodies and tees to stuffed bears and accessories, the craze has created a cult following, and due to the sheer mania, many are turning a profit. With some making around ‘five-figure’ profits to others simply making an extra few thousand dollars, the concept of ‘copping-and-flipping’ streetwear is proving to be quite a profitable activity for anyone paying attention.
Learning the Art of the ‘Cop’
As news continues to spread on the market profitability, many have been trying to get their share of the pie. While it is true that reselling a highly sought-after brand like Supreme can give lucrative returns, like anything else in life, there is an art to doing it well.
Compiling a list of advice from several veteran sneakerheads and sellers, there are a few things that those new to the game should know before immediately diving in headfirst:
- Know what to buy – While this sounds pretty easy and clear enough, there are many newbies that come into the game thinking that selling any old streetwear product (as long as it has a somewhat notable brand attached to it) will sell like fire. While it is possible, the market of reselling streetwear has a lot to do with what is in its ‘hype zone.’
- Consider various factors that increase value – Whether it be celebrity endorsements or the amount of the product released, you need to think of the multiple factors that come at play with an item’s resale value.
- Lookout for hyped items – While this may seem obvious, there are quite a lot of people that stray away from this since they think there is no chance for them to cop anything that already has a lot of hype around it. Although it is true that there is more competition copping it, by reading comments, social media, and keeping up to date with the latest news, you never know when you may luck out.
- Check the market for used items – Even if it’s used, you never know whether or not it’s in good enough condition for you to resell. Furthermore, the great thing about used items is that you can cop them fairly cheap, but have the potential to resell quite high.
- Seek out collaborations – The beautiful thing with any collaboration is that there are two markets to gain attention from. Thus, as someone who is on the lookout for a product, finding an item that has caught the eyes of two target groups has more potential for profitability down the road. An example of some interesting collaborations in the past has been The Hundreds and Disney, with their “Lost Boys” shirts. Not only does this help diversify The Hundreds’ catalog to the Disney lovers out there, but it also helps Disney gain a deeper ‘cool’ factor.
- Learn to use internet bots – In this modern-day with AI everywhere, anybody that is tech-savvy has a chance to lead. There is only so much a human can do. So, try to cop items faster online, look into using bots to scour the web in your stead. Often times, resellers use bots when a brand drops a new item to be one step ahead of having information.
- Stay up to date with sneaker blogs and websites – Companies like Hypebeast, Complex, and Novelship are just a few that are regularly kept up to date on the latest and greatest. Following their feed will give you that added advantage but being kept in the loop will help you cop the right product fast.
Master the Skill of the ‘Flip’
It is always important to do market research on what would be the best price to ‘flip’ an item for, regardless of how the product sells. Once you’ve learned to cop, the tough part is making sure to sell well enough that you make a profit, but also satisfy the buyer (as good reputation does more from a long term point of view). For this reason, the following tips are a few ways to help you get started.
- Run a search on resellers websites – Websites such as Novelship can help you compare prices and know exactly what the market value is for your product. Type the model name or brand. You can determine how many are in order and the average price.
- Look back at previously sold items – You can also take a look at past completed items on places like eBay to see how much they were sold for. This will give you
- Avoid underpricing – While it may be tempting to do so, not only will this lower your own profit and everyone else’s, you run the risk of ruining your reputation for future sales.
- Choose which platform to sell on – Even if there are plenty of places to sell on, not all of them are trustworthy and without the proper research or reputation, you could lose more than you gain. Platforms like Novelship help protect buyers and sellers through their proprietary authentication technology.
- Describe your gear clearly – Once you have a reliable platform and pricing strategy, make sure that your product’s description is well written. The right copy is what helps drive sales, and anything that doesn’t meet the standards of the product being sold may be passed on.
- A picture’s worth a thousand bucks – Repost original, high-quality images or find a good set of product shots to post on the platform. Photos should give viewers a full, clear look at the item. Images are the best way to convince a potential customer without saying a single word, so make sure it stands out.
Takeaway Thoughts
At the end of the day, to ‘cop and flip’ streetwear takes more than just having an interest. There are so many people trying to get their share of the pie, to win at this game, you’ve got to hustle hard. Before you even get started, make sure to learn how to buy authentic sneakers online first. Only then should you really consider the art of selling.
Keep in mind that scarcity drives pricing in streetwear. If people are able to buy it with ease, there is no value in the item from a resale standpoint. Moreover, try to choose a product that you believe in and/or truly enjoy. It takes a lot of time, effort, and research to make it big, and doing so for a product that you have no interest in may burn you out.
Pay attention to celebrities and collaborations that may be happening, as they are a big indicator of what might be entering the hype cycle. Market your products intelligently, use smart writing, clear images, and competitive pricing strategies.
Always be looking and learning. That is what will separate you from the rest.
Finally, keep up to date on the market by following global platforms like Novelship to learn about new releases, brand profiles, case studies, and data-driven content on everything and anything streetwear related.
