There are places all over the internet to buy items nowadays, but this is not always the case when it comes to high-value or luxury items. The RealReal is providing people with a new way of shopping for Luxury Items. Earning more than 100 million dollars in revenue in 2016 alone, its fair to say that The RealReal has found a successful business market. Based in San Francisco, The RealReal is also focused on authenticating services as well to remove as many fakes from the market as possible.
The RealReal has successfully stomped on the stigma that has been constantly associated with second-hand shopping, which is fakes. Thanks to The RealReal and other similar companies, this stigma is starting to fade away and the demand for second hand selling sites are becoming increasingly popular. Instead of trying to make a quick buck, companies like The RealReal have seen the true potential in the second-hand luxury market.
Julie Wainwright, The RealReal’s current Chief Executive Officer, has recognized the success of the company is due to the changes in the shopping market all over the country and much of the world today. Technology has provided people with a unique opportunity to shop for second-hand items online instead of needing to go to the luxury sellers retail store, which sometimes isn’t even in the customer’s region. In the beginning, second-hand sellers weren’t concerned with authenticity or the industry itself, but rather making money through dirty business practices.
One of the other factors that make The RealReal successful is the fact that people can sell their used products and know they will get the value back in them because all parties will be able to recognize whether or not an item is authentic. This business is not actually bad for luxury retailers either since it gives people the opportunity to see the true value in firsthand luxury items.