The Realreal is a lucrative, San Francisco based company that focuses on authenticated high-end items such as clothes and jewelry for men and women. They have recently acquired 50 million dollars in growth funding from the private equity funding firm, Great Hill Partners. The Realreal employs over 800 people and is setting out to increase their physical stores to generate more revenue. They have already opened stores in San Francisco, New York, L.A and Chicago where consignors can have their items evaluated in person. 80 percent of the shoppers on their site are women, and men buy mostly watches and leather. For every 4 buyers, one is a consignor and half of all the consignors end up buying products on the site.
Realreal recently had a valuation at 1 billion dollars and have started focusing on yearly emails to customers explaining how much money they have saved and how their shopping habits with them have decreased their carbon footprint. They get full reports on how much money they saved by renting or buying something pre-owned. They also get data on how much water and gas they saved by buying something that was already made rather than buying something that was brand new. These tools are increasing customer retention and keeping them loyal to the company. In these reports, they also include levels of green house gas emissions saved and over all energy saved. The mail goal of these tools is to increase customer awareness and the impacts certain decisions have on the Earth. Their customers have directly told them that the environmental factors are what keeps them loyal to the company, and for the first time they are beginning to quantify those impacts and communicate them to their consumers.
Consigning can be fun, and Realreal makes it less time consuming by offering already authenticated items, and providing customers with in depth knowledge on their choices and what impact those choices have.