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The RealReals Strategy in the Luxury Resale Market
The digitalization trend continues to grow, gradually capturing more and more areas of human activities, starting from everyday life, communication, and transportation to integration in business processes. The logical direction of the trends development in the luxury goods sphere suggests that all luxury products will soon undergo a digital authentication process. This article will cover The Real Reals strategy for adaptation to the new landscape of the luxury goods resale market.
The Real Real company has established itself as a promising, rapidly developing company with an extensive understanding of e-commerce mechanics and a vast audience. Furthermore, the company supports the development of sustainability trends by sharing the owner, Julie Wainwrights vision and encouraging the resale, reuse, and upcycling of old goods (McGrath, 2021). While the company currently operates on a human-led authentication process, implementing digital authentication processes and RFIDs will not affect the marketplaces operation. Moreover, the digital authentication process will make the transaction process between sellers and buyers easier by providing more opportunities for cooperation between the marketplace and designer brands.
Using a shared database of luxury products information and an extensive audience of active users from The Real Real marketplace, the company and brands will start providing resale services for luxury goods. For example, users will be able to exchange their old luxury products for new designer goods with an appropriate surcharge at the brands store after the items condition and digital authentication check. At the same time, old products will be automatically uploaded to the marketplace and then sent to new owners with support from The Real Real company.
Thus, the company will adapt to the changes through close cooperation with luxury brands. In cooperation with The Real Real, luxury brands will receive a higher level of control over the after-sales flow of goods and promote new purchases for existing clients while meeting the requirements of sustainable development. On the other hand, The Real Real marketplace will receive a steady inflow of authentic luxury goods, attract new customers interested in certain brands, and reduce the labor required for the authenticity check of goods.
Reference
McGrath, M. (2021). Founder of The Real Real Julie Wainwright proves unicorns arent just for young tech bros. Forbes. Web.
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