General background information about The RealReal.
The RealReal was a company which was San Francisco-based. The RealReal focused on resale items which were high-end and authenticated for men, the home and women. In the last 18 months, the company opened six offices for valuation in New York, Chicago, Washington D.C. and San Francisco. The consigners were able to consult with valuation experts directly about their fine watches and jewellery. The RealReal CEO, Julie Wainwright said the RealReal strategised on having a series of stores of brick-and-mortar opened.
Wainwright said that the RealReal’s 80% shoppers were women, men mostly bought leather goods and watches for themselves.
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The RealReal planned to invest more in experiences in store after being spurred by the first brick –and- mortar success which located in New York. Allison Sommer one who acted as the company’s director, said that stores gave presence of street level and that helped one legitimize his or her brand. The RealReal 2016 that in New York City held a pop-up brought in $2million which in late November opened doors location SoHo. The retailer having sends motivated by the store’s success tested the new markets which had pop-ups every year.
Summer said that the order value in store averagely was six times compared to online orders. She said that somebody became loyalists after walking in and got sucked into the brand’s value and cool features. She noted that such situation was prevailing in new markets. The RealReal year-over-years saw a percentage increase of 500 of the online buyers since the pop up for San Francisco wrapped. The RealReal company a pop up in Las Vegas with added locations throughout the US with the hopes of having the success repeated.
Summer pointed out that, solely relying on a pull of luxury fashion of women and men, home décor and fine jewellery does not cut in. In RealReal, sellers were very important piece of the puzzle which saw competition in recent years heat up.