Music and entertainment have always had a strong influence on humanity, but it has never been more influential than today when social media is at the height of its power. The fashion industry is an area where the media has always had a significant influence, but the extent to which it is now affecting it is enormous.
A graphic example is seen in the shoe business or what most people call “the shoe hustle”. To describe how far the footwear industry has grown, Jack Reidenbach, the founder of Main Line Soles LLC, explains; “I started selling shoes when I was 10, and as social media became more influential and e-commerce technology became more efficient, it became Main Line Soles. We made more than $7.5 million in revenue since we incorporated in 2019. I’m only 17 and we’re selling it all on Instagram.”
Shoes have always been important to every income group in America. Wearing the right shoes sends a clear message that the person is trendy or cool, and pop culture has only deepened this perception.
A Cowen & Co. analysis from July 2021 estimated that the sneaker resale industry is worth around $2 billion in North America and could reach $30 billion worldwide by 2030. find the best ways to buy and resell shoes and the best products to sell every time.
According to Reidenbach, shoe sales are largely driven by trends and happenings in the entertainment space. “A shoe can sell for $11,000 today and sell for $25,000 in a month if a trend increases the popularity of the shoe. Maybe an artist rocks it in a music video or makes it a social media post. ”
These occurrences are not uncommon in this industry and underscore why entrepreneurs need to be vigilant enough to stay relevant.
The two sides of a trending market
Pop culture’s close affinity for shoes is both good and bad for entrepreneurs who have built a business out of shoes. The good part is that this affinity almost ensures the availability of a market for the trendiest shoes. It gives entrepreneurs the confidence to buy products with the confidence to sell their inventory.
Reidenbach started as a child with a shoe collecting hobby. This hobby later grew into a shoe flipping business. However, in his own words, “It was when I discovered how to determine demand for certain shoes and how widespread and efficient e-commerce could be that I launched the wholesale model into the space. Instagram marketers. This model skyrocketed my business and allowed me to attract investment from investors and banks at the age of 15. I discovered that new shoe drops and crazes for celebrity shoes were the two biggest demand creators, but I also found that using the right technology helped leverage the demand created.If an entrepreneur can keep track of trends, news and technology, success is almost guaranteed in this sector.”
The other side of this trend-driven business is just as influential to success. If Drake or Travis Scott, for example, sport a new shoe or even an old one and post it on their social media, the price of that shoe will skyrocket. This trend-driven volatility and hype is not ideal for business.
Often when the demand for one shoe increases, the opposite effect is that the demand for other shoes decreases. This can often lead to situations where entrepreneurs are stuck with products they need to quickly liquidate to get back on the market for the right shoes, or situations where they can’t restock specific shoes with revenue from previous sales.
Shoe trends or crazes are hard to predict; it’s hard to see them coming, and it’s hard to know when they will fade. These entrepreneurs need to stay very alert and make smart and quick business decisions.
“To be successful as a reseller in this market, you have to adapt to every movement in the market and go with the flow.” Reidenbach explains: “I need to change things quickly in my business. If I were still using the same business model as six months ago, I would be in trouble today.
Eyes on the feet, ears on the news
Different entrepreneurs within the sneaker resale space use different strategies for their businesses, but the overall concept is simple; buy low and sell high. For some entrepreneurs, it’s like swapping shoes; they buy a few pairs and wait for good trends to increase their value, then sell them. Others have had huge success using a wholesale model where they quickly move products with thinner margins. Others choose to collect rarer shoes that can fetch thousands at auction.
Whatever strategy a company uses, the ability to effectively market and scale products is aided by pop culture. A mainstream performer wearing a shoe has enough marketing juice for most shoe retailers to capitalize on that shoe and other similar shoes. Entrepreneurs need to keep their eyes on the feet of mainstream celebrities. This marketing power is why shoe manufacturers like Nike
However, in today’s world, entrepreneurs also need to be wary of the news. For example, scandals involving celebrities promoting particular shoes can directly lead to a drop in demand for those shoes. As with all things celebrity, shoe hype can be very temperamental. Reidenbach insists that longevity is determined by the ability to take advantage of celebrities, but not depend on them.
”E-commerce technology is an exciting field as it continues to evolve and improve. I had to constantly transform my business to use the best technologies; from broader e-commerce technologies to more specialized platforms like StockX and GOAT, we have carefully built a business that is uniquely positioned to leverage both the world of trends, the world of social media and the best in commerce technology. electronic. To stay relevant, we need to leverage the hype and trends, but we also need to create the hype and trends ourselves. This way our business is less affected by external flows and we are able to build a brand with a loyal following.”
Hip-hop may be creating a long list of young millionaires on the music charts, but if we take a closer look, it’s also creating an equally long list of young millionaires profiting from hip-hop culture. parallel hop; from jewelers to shoe retailers and customizers, Gen Zers are no longer just jumping on trends, they want to make money too.