In China, a massive secondary market for limited-edition sneakers is emerging. It is fueled by the growing popularity of street fashion and digital platforms. This allows sneakerheads to trade shoes just like stocks on the stock market. Its popularity makes it an attractive market for traders. The professionals who used to trade in other speculative investments like bitcoin are now beginning investing in this.
Poizon is a Chinese trading platform specializing in sneakers. It provides similar services to US platforms such as StockX and Goats, which are gaining attraction in the mainland market. The platform has accelerated the boom in the resale of sneakers by making shoes a tradable financial product.
Since the end of September, “Nice” has been Poizon’s main competitor in China. It allows users to view trend charts. And they can track the performance of different sneaker types. Poizon has an estimated 14 million monthly active users and has a value of more than $1 billion in March. This has attracted a whole new class of retailers to the Chinese sneaker market even though they have low interest in the product. Dylan was a 25-year-old finance worker from Shanghai, is the first Chinese investor to enter the market. He had requested anonymity for privacy reasons.
In February 2019, a client reported that he had purchased a pair of sneakers through Poizon. They were later certified as fake by another authenticator. He further alleged that Poizon had given him $50 to keep the subject hidden from the public. The shoes were genuine, according to Poizon, and a misaligned shoe box has created the problem. Many people began to share on social media that they had purchased counterfeits from the Poizon site.
In February, the hashtag “#Poizon selling fake shoes” received 160 million reads and 120 conversations on Weibo. However, these accusations aren’t baseless. According to a report, Poizon’s authentication specialist has to process 600–1,000 pairs of shoes each day. As per the data, one authenticator validated 4,851 pairings in a single day. As a consequence, it’s understandable for consumers to be sceptical of Poizon’s authenticity.
The media manager of Sneaker Con, the world’s largest sneaker expo, says that it is difficult to guarantee an item is 100 per cent authentic. As he explains, there will be defects throughout the certification process. According to Shawn, creating a reliable authentication team requires patience. In reaction to the counterfeit incident, Poizon intends to do exactly that. The firm announced on Weibo, “While seeking a 100 per cent authentication accuracy, we’ll take all possible efforts to end all counterfeits on our platform.”
The decision was made that the seller must then send Poizon the shoes for verification, and under the existing system, the customer will receive the shoes. Poizon ensures the legitimacy of supplies by acting as an impartial and reputable third-party authenticator in its trade deal. Poizon does not sell shoes directly but rather acts as a middleman, charging solely for authentication and service.
Dewu offers many benefits that encourage major companies to collaborate with the platform. They are as follows:
The “identify first, ship later” buying method is Dewu’s unique selling feature is among the product categories. Product categories have trendy shoes, fashion, watches, and accessories. It also includes gaming, electronics, home appliances, beauty, cars, and more. Furthermore, this program includes a wide variety of categories like apparel brands. Luxury brands such as Porsche, Maserati, Ferrari, and Audi are also found here.
The Dewu platform’s revenue in 2019 was 7 billion yuan, with shoes accounting for its majority. It has monopolized the local second-hand shoe industry also. In the same year, the app had accumulated 47 million product identifications. By 2020, the total number of identifications will have surpassed 60 million, with about 40 million monthly active users.
The platform is perfect for high-end and limited-edition products, for example, co-branded products, premium items, and collectors’ items. The platform also provides a platform for Chinese businesses that are still in the early stages of development. Dewu is a thriving e-commerce platform amid big companies like JD and Tmall and second-hand platforms like Idle Fish.
Based on a standard e-commerce model, Dewu offers services for authenticating and verifying faults. It goes through the various level of checkpoints during identification and inspection procedures. Then the user receives his product ordered in Dewu. The whole inspection and identification process ensures the authenticity of the product.
Dewu’s identification mechanisms provide comprehensive control over every good offered on the site. In the case of counterfeits, Dewu’s specialists perform several identifications of goods. They inspect the items for faults before shipping them to the customer. The goods are shipped to the customer after they have been graded and confirmed by the buyer.
To do its best to identify and inspect every product, Dewu has invested a lot of in workers and material resources offline. They spent several years developing a strong identifying system. It prioritized persons, hardware, and technology equally. In addition to a significant number of front-line operators, Dewu has a skilled scientific research team. The level analysis and testing used to be conducted experimentally.
Dewu has created a detailed identification file for each trendy product sold on its platform. Dewu has grown rapidly in recent years, handling almost all of the latest products on the market, and updating its authentication methods.
Dewu has partnered with the China Inspection Luxury Center and the Shenzhen Quality Inspection Research Institute to conduct long-term multi-form research in the field of sneaker detection. They also collaborate on establishing industry norms and standardization, as well as creating a consumer-friendly market environment.
The “General Requirements and Judgment Method for Sports Shoes” were issued by Dewu and the China Quality Inspection Association in August 2020. In China, this is the first footwear identification standard. It establishes standards for identification services.
Every product that passes the authentication process will be given an official authentication certificate and an “anti-counterfeiting kit” that includes anti-counterfeiting buckles, packing boxes, and brand tape. The authenticity certificate is given to the items together with a unique digital ID. It makes it simple for users to double-check product details.
The registration process for buyers is not very different from other e-commerce platforms in China. It includes several steps.
You can download the Poizon app easily from the google play store by searching by its name.
Create your account and a strong password. Go to the merchant’s entrance page, choose “I wish to enter,” and read the instructions. Complete the company and brand information, and then submit your qualifications.
Before submitting the information for evaluation, verify its accuracy. Within seven working days, you will receive a response. Check the review status, make any necessary changes, or go on to the next stage. Confirm the merchant’s agreement to participate. Make a payment by online deposit or upload bank account details.
You can search for products by typing their names into the search box. If you are unsure what to buy and want to shop and buy again, click on the “All” icon in the upper right corner. It may be suggested based on the brand, series, or product category you wish to purchase, such as sneakers or watches.
If you input a brand as a screening criterion, all of that brand’s items will appear. You may take your time and pick carefully. If you want to get fancy, you can expand it to see more photos and information.
If you’re happy with it, you want to buy it and customize its size and other features. At the bottom of the product’s information screen, there will be a “Buy Now” button. Click that button and proceed.
There are differences in the mode of delivery. Purchasing anything right away is less expensive. The products shouldn’t take long to arrive. Although lightning delivery is fast, it is more costly. It might be for various purposes, including the transfer of products or express delivery, as well as speed delivery, and so on. Write the delivery address, submit the order, and finish the payment process.
In the Dewu app, select your desired product. Select “Buy” at the top right of the screen. Follow the buying instruction and click “Go Buy”. Select the specification of the product, enter buying price and click on the “Pay Margin” button.
You can get the coupon in two ways.
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The “identify first, ship later” buying method is Poizon’s unique selling feature. There are many categories of products they deal with, including shoes, fashion, electronics and home appliances, gaming, and much more. Poizon is becoming a trend indicator and voice for young users as a stylish lifestyle network. People may also share their opinions and debate their purchases with other users. For example, the app boasts a thriving community of sneakerheads who debate the latest arrivals on the platform.