RealReal is a site dealing with used luxury consignment that has successfully grown to $100 million Company. The particular premise is along the East Coast, but the specific area is undisclosed. Many clothing and apparel websites that claim to be genuine but they are fake. RealReal decided to utilize this niche and bridge the gap. All suppliers and clients attest to the fact that the company delivers genuine products.
RealReal maintains its standards by conducting a rigorous authentication process. The company has a policy or awareness program for identifying fake items. The management organizes competitions of identifying unauthentic items and rewards those who identify counterfeit items. Another reason that is inspiring growth at the company is the inventory turnover and its control.
Inventory does not take long before it is sold out again. Within thirty days, stock brought in that month is sold. While collecting consignments, employees at RealReal believe in honesty. In one particular experience, employees found diamond earring worth $100,000 in a purse on sale. The owner had inadvertently left the earrings there. The company returned those earrings to the owner of the purse.
RealReal is changing the face of secondhand items. They have done their business professionally and convinced consumers that these items are a priority. Consumers are valuing these items demanding more than before. Julie Wainwright is the owner and CEO of RealReal. She acknowledges the significant change in shopping behavior. Julie explains that the shift has influenced retailers to embrace the revolution.
RealReal is a suitable example of a unique approach to online business. The modern business world demands originality and creativeness. Businesses may be similar and in the same industry. Nevertheless, success comes from innovation and seizing every opportunity that arises. Julie Wainwright discovered niches and used them to satisfy a particular segment of consumers in the apparel market.