Consignment might seem like a somewhat antiquated business model at first sight but an online consignment company that is known as The RealReal is breathing new life into the model using the internet. The RealReal was started by Julie Wainright who began the business like so many other great entrepreneurs before her by working out of her house.
According to The RealReal*s website Julie Wainright was able to build her idea for a digital consignment company into a business that now employs more than 600 staff members. Julie Wainright currently serves as the Chief Executive Officer of The RealReal and leads an executive team that consists of ten other executives.
One of the perks of The RealReal is that it allows consumers who appreciate the workmanship and quality that is often found in luxury clothing items to be able to find luxury items including dresses, jackets, shoes, purses and furniture that they can afford. The RealReal sells luxury brands that include but are not limited to Gucci, Dianne Von Furstenberg, Christian Louboutin, Louis Vuitton, Tory Burch and Dolce and Gabbana. Potential customers who are interested in adding new art to the walls of their homes would likely be interested in knowing that The RealReal also sells fine art including paintings, abstract art and photographs.
While much of the brick-and-mortar retail industry appears to be struggling especially in light of the dominance of global e-commerce giant Amazon, The RealReal is managing to succeed on its terms by augmenting its offerings with in-person shopping experiences offline that are known as pop-ups. According to the media industry publication Digiday The RealReal plans on relying on pop-ups in order to drive its business objectives during 2018. Alison Sommer, The RealReal’s director of marketing, detailed the company’s strategy at an industry conference.
According to Sommer The RealReal plans on focusing on developing more pop-up events as a method of solidifying its reputation with consumers. According to Digiday, having pop up shops have proven to be a successful business strategy for The RealReal in the past. The company held a pop-up store in New York City that brought in millions of dollars in sales. The company’s focus on pop-up stores will likely prove to be an innovative strategy where a digital company can capitalize on offering a premium shopping experience in a temporary physical store while traditional physical stores seem to be struggling to adapt to a digital marketplace.