The RealReal is a successful online luxury consignment shop. They’ve been selling luxury goods to millions of customers for almost a decade now. This company has grown exponentially since its inception in 2011. This company continues to exceed customer expectations with their ambitious business ventures.
Over the recent years, the RealReal has gone from selling online, to selling in physical stores and pop-up shops. They went from selling only luxury second hand clothing, to selling brand new luxury beauty products. It looks like the company plans on continuing this trend of persistent improvement, by adding a new customer experience, boosting feature.
Julie Wainwright, CEO and Founder of the RealReal hired experts to ensure the products being bought and sold from their company are real. The RealReal experts consist of a Gemologist, horologist, art curator and brand authenticator. This feature is something other online services aren’t able or willing to do. It increases positive customer experience and creates a real sense of authenticity.
The RealReal is consistently revolutionizing the industry and their services. The development of this company was a revolutionary idea in its essence. In 2010, Julie Wainwright and a friend went on a shopping trip in Silicon Valley. Her friend found and bought products from brands such as, Prada, Gucci and louis Vuitton, in a boutique that had a small assortment of second hand designer pieces. At first Wainwright was a little standoffish from the idea of buying consignment. She quickly turned that idea around and realized it was an idea worth exploring. She figured her friend was happy to own the luxury products, at a reasonable price; the seller was probably happy as well.
Wainwright did some research and tried selling her designer items with little success. After trying several platforms such as eBay and other physical consignment stores. she realized there was a gap in the market. There was a need for an ecommerce store, that exclusively sold high quality, luxury items. Since its launch in 2011, the company has victoriously converted 8 million people into members. The RealReal’s success is due to its ability and willingness to grow.