In today’s ecommerce environment several different companies have come to the forefront with unique business strategies that make them popular among consumers. One such company is The RealReal, which specializes in the consignment of luxury products. The company was founded six years ago with the expressed purpose of providing customers with a luxury buying experience. Although the company began as an online platform, it now has a brick and mortar store in New York City and recently the company has been experimenting with popup locations.
The RealReal’s presence outside of the internet was spawned by the desire to further legitimize the brand with a brick and mortar store. The decision to open up a store in New York City came after the company had a successful popup store event in the city that produced $2 Million in sales. The success of the popup and the subsequent brick and mortar store has prompted the company to create popup events in various markets throughout the country in 2018.
Not only do the popup events allow the company to evaluate the viability of opening up stores in certain markets, these events have proven to be effective in increasing the company’s online sales. In fact, The RealReal saw a 500% increase in online purchases from the San Francisco area after a two month popup event in the area ended. Popup events allow customers to see how the company operates and the types of products that are available. Buyers are in turn more comfortable purchasing from the company via its online platform.
The success of The RealReal can be attributed to several factors including the high demand for luxury goods. The company also prides itself on carefully authenticating every item that it receives, which gives customers peace of mind when purchasing products from the company. Additionally, The RealReal staff at every level are carefully vetted before being hired. All of these factors work together to ensure the success and viability of the company.