Arbit, a new pricing intelligence platform, is revolutionizing the sneaker market by helping sneakerheads save money on their favorite shoes. Created by Venita Cooper, a reseller and avid sneaker enthusiast, Arbit uses data and analytics to bring predictability and efficiency to the highly speculative sneaker resale market.
During the height of the pandemic, Cooper noticed the volatile pricing in the sneaker market. For example, a pair of Air Jordan 1s could retail for $180 but quickly skyrocket to $400 or even $450 just hours after release. This speculation led Cooper to think about leveraging available data and artificial intelligence (AI) to make better sense of the market’s fluctuations.
Originally conceived as a tool for Cooper as a reseller, Arbit has evolved into a marketplace that benefits sneaker consumers and buyers. The platform aims to shift negotiating power to buyers by allowing them to check prices in the market and demand greater fairness.
To collect the necessary data, Arbit employs the expertise of a talented data scientist. By continuously feeding the algorithm with data, it becomes smarter and more accurate in predicting sneaker prices. The team gathers data from various sources, including historical sales from different marketplaces and social media platforms like Instagram. By analyzing information such as the popularity of posts related to upcoming releases, Arbit can determine the current and future value of a particular sneaker.
Arbit’s goal is to create even more value for a larger user base. The team is focused on incremental improvements to the algorithm and exploring new applications of the technology.
By empowering buyers with valuable pricing information, Arbit aims to bring fairness to the sneaker market. Resellers will still charge what they believe they can get for a product, but buyers can now make more informed choices and have a say in the pricing negotiations.
With its innovative approach and commitment to using AI and data analysis, Arbit is poised to make a significant impact on the sneaker resale market. Sneakerheads can now save money and make better decisions when it comes to buying their favorite shoes.
Frequently Asked Questions (FAQs) Related to the Above News
What is Arbit?
Arbit is a pricing intelligence platform revolutionizing the sneaker market by using data and analytics to bring predictability and efficiency to the highly speculative sneaker resale market.
Who created Arbit?
Arbit was created by Venita Cooper, a reseller and avid sneaker enthusiast.
How does Arbit benefit sneaker consumers and buyers?
Arbit benefits sneaker consumers and buyers by shifting negotiating power to them. The platform allows them to check prices in the market and demand greater fairness.
How does Arbit collect data for its pricing predictions?
Arbit collects data from various sources, including historical sales from different marketplaces and social media platforms like Instagram. By analyzing this data, Arbit can accurately predict the current and future value of a particular sneaker.
What is the goal of Arbit?
Arbit's goal is to create even more value for a larger user base. The team is focused on incremental improvements to the algorithm and exploring new applications of the technology.
How does Arbit empower buyers?
Arbit empowers buyers by providing them with valuable pricing information. Buyers can make more informed choices and have a say in the pricing negotiations.
Will resellers still charge inflated prices on Arbit?
Yes, resellers can still charge what they believe they can get for a product. However, with Arbit, buyers can now make more informed decisions and have the opportunity to negotiate fair prices.
How does Arbit use AI and data analysis?
Arbit employs the expertise of a talented data scientist and continuously feeds the algorithm with data. This helps to improve the accuracy of pricing predictions and make better sense of market fluctuations.
Can Arbit be used for other products besides sneakers?
While Arbit is currently focused on the sneaker market, the team is exploring new applications of the technology and may expand to other product markets in the future.
How can sneakerheads benefit from using Arbit?
Sneakerheads can benefit from using Arbit by saving money on their favorite shoes and by being able to make more informed decisions when it comes to buying sneakers.
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
