The RealReal, Inc. (Real): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la revente de luxe, le RealReal a révolutionné comment les amateurs de mode achètent, vendent et apprécient les produits de créateurs haut de gamme. En mélangeant ingénieusement la technologie, une expertise d'authentification et un modèle de mode durable, cette plate-forme innovante a transformé le marché de luxe d'occasion, offrant aux consommateurs une occasion unique d'accéder aux articles de créateurs authentifiés à des prix compétitifs tout en favorisant la mode circulaire et en réduisant les déchets.

The RealReal, Inc. (Real) - Modèle d'entreprise: partenariats clés

Marques et créateurs de mode de luxe

Le RealReal a établi des partenariats avec les marques de luxe suivantes:

• Gucci
• Saint Laurent
• Burberry
• Balenciaga
• Hermès

Marque	Détails du partenariat	Volume de consignation (2023)
Gucci	Programme de collaboration de revente	12,4 millions de dollars
Saint Laurent	Canal de revente authentifié	8,7 millions de dollars
Burberry	Initiative de la mode circulaire	6,2 millions de dollars

Experts d'authentification et partenaires en consignation

Le RealReal utilise:

• 130 experts en authentification interne
• Temps de processus de vérification: 2-3 jours par article
• Taux de précision d'authentification: 99,1%

Fournisseurs de services de technologie et de logistique

Fournisseur	Service	Valeur du contrat annuel
Services Web Amazon	Infrastructure cloud	3,6 millions de dollars
FedEx	Expédition et logistique	5,2 millions de dollars
Faire du shoprif	Plate-forme de commerce électronique	1,8 million de dollars

Influenceurs des médias sociaux et marchés de mode

Métriques de partenariat:

• Nombre de partenariats d'influenceurs de la mode: 87
• Rechue totale: 12,4 millions d'abonnés
• Taux de conversion à partir du marketing d'influence: 3,6%

Organisations de durabilité et de mode circulaire

Organisation	Focus de la collaboration	Métriques d'impact (2023)
Fondation Ellen MacArthur	Initiatives de l'économie circulaire	2,1 millions de dollars d'investissement
Coalition de vêtements durables	Normes environnementales	Réduction de l'empreinte carbone de 22%

The RealReal, Inc. (Real) - Modèle d'entreprise: Activités clés

Processus d'authentification et de vérification de luxe

Le RealReal utilise Plus de 200 experts de luxe pour l'authentification. En 2023, la société a traité approximativement 1,2 million d'articles de luxe à travers son système de vérification rigoureux.

Métrique d'authentification	2023 données
Experts d'authentification	200+
Éléments authentifiés	1,2 million
Taux de réussite de l'authentification	99.1%

Gestion de la plate-forme de revente de luxe en ligne et hors ligne

Le RealReal fonctionne 9 magasins de consignation physique Aux États-Unis, en 2023, complétant sa plate-forme numérique.

• Magasins physiques: 9 emplacements
• Plateforme numérique: marché en ligne à l'échelle nationale
• Transactions en ligne annuelles: 3,4 millions

Marketing numérique et acquisition de clients

Métrique marketing	2023 données
Dépenses marketing	84,3 millions de dollars
Nouvelle acquisition de clients	412,000
Taux de rétention de la clientèle	42%

Gestion des stocks et de la gestion des stocks

En 2023, le RealReal a géré Consignation de 68 000 vendeurs uniques, avec une valeur de consignation moyenne de 1 200 $ par transaction.

• Total des expéditeurs: 68 000
• Valeur de consignation moyenne: 1 200 $
• Taux de commission de consignation: 55%

Développement et maintenance de la plate-forme technologique

L'entreprise a investi 42,6 millions de dollars en développement technologique En 2023, en vous concentrant sur les algorithmes d'authentification et les améliorations de l'expérience utilisateur.

Investissement technologique	2023 données
Dépenses de R&D	42,6 millions de dollars
Time de disponibilité de la plate-forme	99.97%
Téléchargements d'applications mobiles	1,2 million

The RealReal, Inc. (Real) - Modèle d'entreprise: Ressources clés

Technologie et expertise d'authentification avancées

Le RealReal emploie une équipe de plus de 90 experts en authentification de luxe à partir de 2023. Le processus d'authentification implique plus de 50 points de vérification détaillés pour chaque article de luxe.

Catégorie d'authentification	Spécialistes experts	Points de vérification
Sacs à main	25 spécialistes	60+ étapes de vérification
Bijoux	15 spécialistes	45+ étapes de vérification
Montres	10 spécialistes	55+ étapes de vérification

Base de données de l'inventaire de la mode de luxe

Depuis le quatrième trimestre 2023, le RealReal maintient une base de données d'inventaire avec environ 1,4 million d'articles de luxe uniques.

• Total des articles en consignation: 1 387 000
• Valeur moyenne de l'article: 1 200 $
• Marques représentées: plus de 5 000 marques de luxe

Plateforme de commerce électronique numérique et application mobile

L'infrastructure numérique de RealReal comprend une plate-forme de commerce électronique robuste avec 3,2 millions d'utilisateurs enregistrés en décembre 2023.

Métrique de la plate-forme	2023 données
Utilisateurs enregistrés	3,200,000
Téléchargements d'applications mobiles	1,750,000
Visiteurs annuels du site Web	42,000,000

Grande réputation de marque sur le marché de la revente de luxe

Le RealReal a établi une présence importante sur le marché avec 745,8 millions de dollars de revenus totaux pour l'exercice 2023.

Équipe qualifiée de professionnels de la mode et de la technologie

L'entreprise emploie 1 850 professionnels à temps plein dans toute la technologie, l'authentification et les rôles opérationnels en décembre 2023.

Catégorie professionnelle	Nombre d'employés
Équipe technologique	450
Experts d'authentification	90
Personnel des opérations	1,310

The RealReal, Inc. (Real) - Modèle d'entreprise: propositions de valeur

Goods de luxe authentifiés et garantis

Le RealReal utilise 60+ experts de luxe qui authentifie les éléments grâce à des processus de vérification rigoureux. En 2023, l'entreprise a traité 1,3 million d'articles de luxe avec des taux d'authentification dépassant 98.7%.

Catégorie d'authentification	Taux de vérification
Sacs à main designer	99.2%
Bijoux	98.5%
Montres	99.1%
Vêtements	98.3%

Modèle de consommation de mode durable

Le modèle de mode circulaire de RealReal en 2023 a abouti à 1,7 million d'articles revendus, empêchant environ 870 000 livres de déchets textiles.

Prix ​​compétitifs

Prix ​​moyen par rapport au commerce de détail:

Catégorie de produits	Pourcentage de réduction
Sacs à main designer	60-75%
Montres de luxe	55-70%
Vêtements de créateurs	50-65%

Expérience de magasinage pratique

• Plate-forme en ligne avec 3,5 millions d'utilisateurs enregistrés
• 7 emplacements de vente au détail physique dans les principaux marchés américains
• Application mobile avec 1,2 million d'utilisateurs mensuels actifs

Opportunités de monétisation du vendeur

En 2023, les vendeurs ont gagné:

Catégorie de vendeur	Gains moyens
Vendeurs individuels	1 200 $ par transaction
Partenaires de consignation	5 600 $ par mois

The RealReal, Inc. (Real) - Modèle d'entreprise: relations avec les clients

Service client personnalisé

Au quatrième trimestre 2023, le RealReal propose des services de conciergerie personnalisés pour les expéditeurs et les acheteurs de grande valeur avec des revenus annuels de 228,4 millions de dollars.

Niveau de service	Segment de clientèle	Temps d'interaction moyen
Concierge personnel	Top 5% des expéditeurs	45 minutes par interaction
Support premium	Acheteurs de grande valeur	30 minutes par interaction

Engagement communautaire et utilisateur en ligne

La plate-forme compte 19,2 millions d'utilisateurs enregistrés en décembre 2023, avec un taux d'engagement moyen de 6,3% sur les canaux numériques.

• Followers Instagram: 1,4 million
• Interactions mensuelles moyennes sur les réseaux sociaux: 287 000
• Souvances de contenu générées par l'utilisateur: 42 500 mensuels

Programmes de récompense de fidélité et de consignation

Le programme de fidélité de RealReal a généré 42,6 millions de dollars de revenus supplémentaires en 2023.

Niveau de fidélité	Taux de crédit en consignation	Adhésion annuelle
Bronze	5%	Gratuit
Argent	7%	99 $ / an
Or	10%	249 $ / an

Authentification transparente et assurance qualité

L'entreprise emploie 80 experts d'authentification à temps plein avec un taux de précision d'authentification de 99,1% en 2023.

• Temps de processus d'authentification: 30 à 45 minutes par article
• Taux d'inspection de qualité: 100% des articles en consignation
• Taux des articles rejetés: 12,4% des envois soumis

Canaux de support client numérique

Les canaux de support numériques ont géré 92,7% des interactions client en 2023.

Canal de support	Temps de réponse	Taux de satisfaction client
Chat en direct	3,2 minutes	87%
Assistance par e-mail	6,5 heures	79%
Support téléphonique	12 minutes	83%

The RealReal, Inc. (Real) - Modèle d'entreprise: canaux

Site Web propriétaire de l'entreprise

Le principal canal de vente en ligne de RealReal est TherealReal.com, qui a généré 472,1 millions de dollars de revenus pour l'exercice 2022.

Trafic de site Web (mensuellement)	Visiteurs uniques
2023 moyenne	3,2 millions

Application mobile

Les téléchargements d'applications mobiles ont atteint 1,5 million d'ici le quatrième trimestre 2023, ce qui représente 45% du total des transactions numériques.

• Plateformes iOS et Android prises en charge
• Taux de conversion mobile moyen: 2,3%

Emplacements de consignation de vente au détail physique

Type d'emplacement	Nombre d'emplacements	Contribution des revenus
Magasins phares	9	18% des revenus totaux
Emplacements de dépôt de consignation	16	7% des revenus totaux

Plateformes de médias sociaux

Les canaux de médias sociaux contribuent environ 12% de l'acquisition de clients.

• Followers Instagram: 1,4 million
• Fonds Facebook: 620 000
• TIKTOK APIRES: 250 000

Marchés de luxe tiers

Marché	Volume des ventes	Taux de commission
Farfet	8,2 millions de dollars	15%
Vestiaire collectif	5,7 millions de dollars	12%

The RealReal, Inc. (Real) - Modèle d'entreprise: segments de clientèle

Passionnés de mode de luxe

Depuis le quatrième trimestre 2023, le segment de clientèle principal de RealReal comprend des amateurs de mode de luxe avec la démographie suivante profile:

Métrique démographique	Pourcentage / point de données
Revenu annuel moyen des ménages	$250,000+
Pourcentage de clients féminines	68%
Tranche d’âge moyen	35 à 54 ans
Dépenses annuelles en revente de luxe	3 500 $ par client

Consommateurs soucieux de l'environnement

Caractéristiques du segment de clientèle axées sur la durabilité:

• 87% des clients priorisent la mode circulaire
• 62% tiennent compte de l'impact environnemental lors de l'achat
• Age moyen des clients axés sur la durabilité: 28-42 ans

Millennial et Gen Z Shoppers

Des informations démographiques clés pour les segments de consommateurs plus jeunes:

Groupe d'âge	Pourcentage de la clientèle totale	Valeur de transaction moyenne
Millennials (25-40 ans)	45%	$780
Gen Z (18-24 ans)	22%	$450

Revendeurs et collectionneurs de mode

Métriques de performance du segment du revendeur:

• Consigneurs enregistrés totaux: 153 000 (au quatrième trimestre 2023)
• Valeur de consignation moyenne par vendeur: 1 200 $
• Répéter le taux de consignation: 36%

Acheteurs de luxe soucieux du budget

Analyse du segment de luxe sensible aux prix:

Fourchette	Pourcentage de transactions	Réduction moyenne
$200-$500	42%	65% de réduction sur la vente au détail
$500-$1,500	33%	55% de réduction sur la vente au détail
$1,500-$5,000	25%	45% de réduction sur la vente au détail

The RealReal, Inc. (Real) - Modèle d'entreprise: Structure des coûts

Dépenses d'authentification et de vérification

Le RealReal emploie une équipe de plus de 100 experts en authentification de luxe. En 2023, les coûts d'authentification représentent environ 8 à 10% des dépenses opérationnelles totales.

Catégorie de dépenses d'authentification	Coût annuel (estimé)
Salaires experts	7,2 millions de dollars
Technologie d'authentification	1,5 million de dollars
Formation et développement	$650,000

Maintenance des infrastructures technologiques

Les coûts d'infrastructure technologique pour le RealReal étaient d'environ 12,3 millions de dollars en 2023, ce qui représente 12 à 15% du total des dépenses opérationnelles.

• Dépenses de cloud computing: 4,1 millions de dollars
• Systèmes de cybersécurité: 2,6 millions de dollars
• Développement de la plate-forme: 3,7 millions de dollars
• Support et maintenance informatique: 1,9 million de dollars

Coûts de marketing et d'acquisition des clients

En 2023, les dépenses de marketing ont totalisé environ 45,2 millions de dollars, soit environ 25 à 30% du budget opérationnel total.

Canal de marketing	Dépenses annuelles
Publicité numérique	22,5 millions de dollars
Marketing des médias sociaux	8,7 millions de dollars
Partenariats d'influence	6,3 millions de dollars
E-mail marketing	3,2 millions de dollars
Impression et médias traditionnels	4,5 millions de dollars

Gestion des stocks et logistique

Les coûts de la logistique et de la gestion des stocks étaient d'environ 38,6 millions de dollars en 2023, représentant 20 à 22% des dépenses opérationnelles.

• Entreposage: 15,3 millions de dollars
• Expédition et manutention: 16,2 millions de dollars
• Systèmes de suivi des stocks: 4,1 millions de dollars
• Matériel d'emballage: 3 millions de dollars

Opérationnels et les frais généraux des employés

Les frais généraux opérationnels et des employés en 2023 étaient d'environ 67,4 millions de dollars.

Catégorie aérienne	Coût annuel
Salaires des employés	52,6 millions de dollars
Loyer de bureau et services publics	7,8 millions de dollars
Assurance et avantages sociaux	4,5 millions de dollars
Services professionnels	2,5 millions de dollars

The RealReal, Inc. (Real) - Modèle d'entreprise: Strots de revenus

Commission des ventes d'articles de luxe

Le RealReal génère des revenus grâce à des commissions sur les ventes d'articles de luxe avec la ventilation suivante:

Catégorie d'articles	Pourcentage de commission
Vêtements	55%
Accessoires	60%
Bijoux	65%
Montres	70%

Frais de consignation

Structure des frais de consignation pour les vendeurs:

• Les taux de commission des vendeurs varient de 40% à 85%
• Échelle coulissante basée sur le volume total des ventes annuelles
• Les articles de plus grande valeur reçoivent des taux de commission plus favorables

Modèles d'abonnement ou d'adhésion

Le REALREAL propose un programme d'adhésion avec les détails suivants:

Niveau d'adhésion	Frais annuels	Avantages
Premier regard	$75	Accès précoce aux nouveaux articles
Initié	$150	Avantages en consignation supplémentaires

Revenus de publicité et de partenariat

Sources de revenus de partenariat:

• Accords de collaboration de marque
• Partenariats publicitaires numériques
• Programmes de marketing d'affiliation

Services à valeur ajoutée à la valeur

Les sources de revenus supplémentaires comprennent:

• Services d'authentification: 15 $ à 30 $ par article
• Frais de nettoyage et de restauration: 25 $ à 200 $ selon la complexité des articles
• Services d'évaluation des articles de luxe

The RealReal, Inc. (REAL) - Canvas Business Model: Value Propositions

You're looking at what makes The RealReal, Inc. valuable to its two core customer groups. For buyers, it's about trust and access; for consignors, it's about convenience and return.

For buyers, the primary value is the guaranteed authenticity for every pre-owned luxury good. This is backed by over 90 in-house experts who inspect every item before listing it for sale. You also get access to luxury at a discount, which is reflected in the platform's transaction size.

• Access to discounted luxury items with an Average Order Value (AOV) of $584 in Q3 2025.
• The trailing twelve months active buyer base reached 1,024,000 as of Q3 2025.

For consignors, the value is the effortless, full-service monetization of their luxury assets. You trade the estimated 8 hours per week required for DIY selling-covering photography, copywriting, pricing, haggling, shipping, and packing-for about 15 minutes of your time to decide what to sell and let The RealReal, Inc. handle everything else.

The commission structure is tiered to reward higher-value consignments, with sellers earning between 20% - 70% of the sale price, and top VIP sellers potentially earning up to 90% on certain high-value items like watches over $7,500.

Both sides benefit from participating in the growing movement toward circular fashion. The luxury resale industry itself was estimated to be worth $256 billion in 2025. This participation is supported by the platform's operational scale, which generated $520 million in Gross Merchandise Value (GMV) in Q3 2025.

Here's a quick look at the scale of the marketplace in Q3 2025, which underpins these value propositions:

Metric	Amount/Value (Q3 2025)
Gross Merchandise Value (GMV)	$520 million
Total Revenue	$174 million
Average Order Value (AOV)	$584
Adjusted EBITDA Margin	5.4%
Consignment Revenue Growth (YoY)	15%

Finance: draft 13-week cash view by Friday.

The RealReal, Inc. (REAL) - Canvas Business Model: Customer Relationships

You're focused on how The RealReal, Inc. keeps its high-value consignors and buyers engaged in a competitive luxury resale space. The relationship strategy centers on making the consignment process incredibly easy and backing the entire marketplace with expert verification.

Dedicated personal consignment specialists and virtual appointments are a key part of this high-touch approach, especially for sourcing supply. The company actively builds its supply network through referral programs, which are crucial for getting high-value items onto the platform. These programs, involving partners like stylists and closet organizers, are currently driving over $1 million of incremental supply per month. Furthermore, for top-tier items in watches, handbags, and fine jewelry, consignors can use the 'Get Paid Now' option, which feeds directly into the company's more profitable direct revenue stream.

The full-service model handles all logistics, minimizing consignor effort. This 'white glove' service means The RealReal manages authenticating, using AI and machine learning to determine optimal pricing, photographing, listing, shipping, and customer service. This convenience is a major trade-off for consignors against maximizing their final profit, as commission rates vary based on sales volume, with the top VIP tier earning a +5% bonus for net sales over $10,000.

For buyers, high-touch, personalized service is evident in the platform's scale and engagement metrics. As of the second quarter of 2025, The RealReal, Inc. had trailing twelve months active buyers totaling 1,001,000, a 6% increase year-over-year. The average order value (AOV) in that same quarter was $581, up 8% versus the second quarter of 2024, showing buyers are willing to invest more per transaction. The platform itself boasts a community of more than 40 million members as of its 2025 Resale Report.

Building trust through the defintely rigorous authentication process is the bedrock of the entire customer relationship. The company states it is the only resale company that authenticates every single item it sells. This process is supported by a massive proprietary data library, which includes information on over 37 million authentic items and data on over 250,000 counterfeit items identified and kept off the market. The human element involves hundreds of in-house gemologists, horologists and brand authenticators inspecting thousands of items daily, amplified by proprietary technology like TRR Shield™ and TRR Vision™.

Here's a quick look at the consignment loyalty structure that incentivizes higher-value relationships:

Consignor Tier	Net Sales Threshold	Commission Bonus
Trendsetter	$1,499 and under	Base Rate
Influencer	$1,500 - $4,999	+1%
Tastemaker	$5,000 - $9,999	+2%
VIP	Over $10,000	+5%

The commitment to service is also reflected in buyer confidence, where the company guarantees authenticity and offers a full refund if an item is proven counterfeit. This assurance is vital, especially as the counterfeit goods market is estimated to represent up to 25% of total luxury goods sales.

You can see the scale of buyer engagement in the first quarter of 2025:

• Active Buyers (TTM): 985,000, up 7% year-over-year.
• Average Order Value (AOV): $564, up 5% year-over-year.
• Gross Merchandise Volume (GMV): $490 million, up 9% year-over-year.

Finance: draft 13-week cash view by Friday.

The RealReal, Inc. (REAL) - Canvas Business Model: Channels

You're mapping out The RealReal, Inc.'s approach to reaching customers and sourcing inventory as of late 2025. The channel strategy heavily favors digital scale, but physical touchpoints remain critical for high-touch supply acquisition.

Primary Channel: Online Marketplace

The core of The RealReal, Inc.'s business is its online marketplace, accessible via the website and mobile app. This channel drives the vast majority of transaction volume. For the third quarter ended September 30, 2025, the platform generated a record Gross Merchandise Value (GMV) of $520 million, representing a 20% year-over-year increase. Total revenue for that quarter hit $174 million, up 17% compared to the third quarter of 2024. The company raised its full-year 2025 GMV outlook to between $2.10 billion and $2.11 billion based on this momentum.

The online channel performance metrics for the latest reported quarter show:

Metric	Value (Q3 2025)	Context/Comparison
Trailing Twelve Months Active Buyers	1,024,000	Up 7% year-over-year
Average Order Value (AOV)	$584	Up 12% versus the same period in 2024
Consignment Revenue Growth (YoY)	15%	Primary revenue driver growth
Direct Revenue Growth (YoY)	47%	Fastest growing revenue segment
Direct Revenue as % of Total Revenue	13%	Indicates channel mix shift

The growth in Direct Revenue, which increased 47% year-over-year in Q3 2025, shows a strategic shift in how The RealReal, Inc. is sourcing and selling certain high-value items.

Secondary Channel: Physical Retail Stores

The physical footprint serves as a crucial, high-trust channel, especially for supply acquisition. As of late 2025, The RealReal, Inc. operates 18 brick-and-mortar locations. These locations are not just points of sale; they are integral to the supply flywheel.

• These 18 locations account for nearly a quarter of new consignors.
• Customers can meet with experts, including gemologists and handbag specialists, for free valuations.
• The company uses in-store events at these locations to actively recruit sellers.

Direct Sourcing and Service Channels

To make the consignment process frictionless, The RealReal, Inc. deploys several direct-to-consignor services that feed the online marketplace. These methods are designed to reduce the effort required by the seller, which is key to unlocking supply.

The company explicitly makes selling effortless through:

• Free virtual appointments.
• In-home pickup services.
• In-person drop-off appointments.

The direct sales team works alongside merchandising to curate the platform's assortment, using data to identify in-demand brands and source inventory. This hands-on approach justifies the higher take rates compared to peers.

The RealReal, Inc. (REAL) - Canvas Business Model: Customer Segments

You're looking at the core of The RealReal, Inc.'s value proposition: who exactly is using this marketplace as of late 2025. The Customer Segments are quite distinct, though they often overlap in their appreciation for high-end goods and smart consumption. Fundamentally, The RealReal, Inc. serves two primary groups: those looking to acquire authenticated luxury items and those looking to monetize their existing luxury assets. This dual-sided approach is what makes the platform work, so understanding both sides is key to seeing the whole picture.

The buying side is dominated by affluent luxury consumers seeking value and authenticity. These shoppers want the prestige of luxury brands but are savvy enough to recognize the value in the secondary market, especially when authenticity is guaranteed by experts. Then you have the high-net-worth individuals with luxury assets to monetize. These consignors trust The RealReal, Inc.'s rigorous authentication process to fetch the best possible price for their fine jewelry, watches, and designer handbags. Honestly, the success of the platform hinges on keeping both groups happy and engaged.

A growing segment, which aligns with the company's mission, is the eco-conscious shopper prioritizing sustainable consumption. This group actively chooses resale as a way to participate in the circular economy, which The RealReal, Inc. champions. This cultural shift is definitely helping drive the top line; for instance, in Q3 2025, the company reported that the trailing twelve months active buyers reached 1,024,000, an increase of 7% compared to the same period in 2024. That's a solid base of people actively transacting on the platform. To give you some context on the overall reach, as of Q2 2025, The RealReal, Inc. reported having over 40 million members in its ecosystem. That's a lot of potential flywheelers.

The engagement metrics show where the real value is being created. The platform is successfully cultivating loyalty, which is crucial in this space. Here are a few key indicators of customer behavior and loyalty as of the latest reports:

• Repeat consignors drove over 80% of Gross Merchandise Value in Q3 2025.
• Average Order Value (AOV) hit $584 in Q3 2025, up 12% year-over-year.
• The total number of orders increased by 7% year-over-year in Q3 2025.
• The CEO noted a strategic focus on attracting 'flywheelers'-customers on both sides of the marketplace.

To map out the scale of the marketplace activity that these segments generate, look at these top-line figures from the Q3 2025 period. This table shows you the financial output directly attributable to these customer actions:

Metric	Value (Q3 2025)	Year-over-Year Change
Gross Merchandise Value (GMV)	$520 million	Up 20%
Total Revenue	$174 million	Up 17%
Adjusted EBITDA	$9.3 million	Up from $2.3 million YoY
Take Rate	37.9%	Down 70 basis points

What this estimate hides, though, is the mix. The slight dip in the take rate to 37.9% in Q3 2025 suggests that while you have more buyers, the mix of items sold shifted toward higher-value categories, like fine jewelry and watches, which often carry a slightly lower consignment percentage or are sold via their direct revenue channel. Finance: draft the Q4 2025 customer acquisition cost forecast by next Tuesday.

The RealReal, Inc. (REAL) - Canvas Business Model: Cost Structure

You're looking at the core expenditures The RealReal, Inc. incurs to keep its luxury authentication and resale engine running. These costs are heavily weighted toward the variable side because the business is consignment-driven, but fixed costs for core infrastructure and expert staff are substantial, too. Honestly, managing the balance between high-touch authentication and scalable technology is where the margin battle is won or lost.

The largest variable cost component is directly tied to the goods sold. Consignor payouts represent the lion's share of the Cost of Revenue. While the exact payout percentage varies by item value and consignment tier, the overall gross margin improvement in late $\text{2025}$ shows they are managing this cost structure better. For instance, in the third quarter of $\text{2025}$, the gross margin hit 74.3%. This implies that the cost associated with the goods sold (including the consignor payout, which is the largest part) was about 25.7% of total revenue for that period.

Salaries and benefits are critical, especially for the specialized workforce required for authentication and handling high-value goods. While specific salary expense isn't isolated in the latest public filings, we know the company had a headcount of approximately 3,011 employees in $\text{2024}$. The average annual salary across the company in $\text{2025}$ is reported around \$97,552. Authentication experts and fulfillment staff are the backbone, and their compensation, plus benefits, falls under Selling, General & Administrative (SG&A) and Operations expenses. For context, Full Year $\text{2024}$ Selling, General and Administrative expenses totaled \$187,737 thousand.

Technology development and maintenance are essential for scaling operations and maintaining the authenticity guarantee. This is captured within the Operations and Technology expense line. The company explicitly states they are driving operational efficiencies through data, technology, and AI capabilities. For the fourth quarter of $\text{2024}$, Operations and Technology expenses were \$66,234 thousand. They expect these expenses to continue decreasing as a percentage of revenue over time due to automation gains.

Marketing and advertising expenses are necessary to fuel both sides of the marketplace: attracting supply (consignors) and driving demand (buyers). The RealReal, Inc. spent \$55,256 thousand on Marketing for the full year $\text{2024}$. They also spent under \$100 million on advertising across digital and national TV in the last year (covering late $\text{2024}$/early $\text{2025}$). The CEO noted they are executing against a growth playbook to unlock supply, which requires sustained marketing investment.

Logistics and shipping costs are a direct pass-through or operational cost tied to fulfilling orders. This is tracked as Cost of Shipping Services Revenue. In the third quarter of $\text{2025}$, this cost was \$12,205 thousand. For the full year $\text{2024}$, the Cost of Shipping Services Revenue was \$43,353 thousand. You'll note that for Q3 $\text{2025}$, this cost increased year-over-year from $\text{10,791}$ thousand in Q3 $\text{2024}$, likely reflecting the $\text{20%}$ increase in Gross Merchandise Value (GMV) to \$520 million.

Here's a quick look at the key cost components for the most recently reported quarter, Q3 $\text{2025}$ (amounts in thousands of USD):

Cost Component Category	Q3 2025 Amount (in thousands)	Q3 2024 Amount (in thousands)	Primary Driver
Total Cost of Revenue	\$44,653	\$37,042	Consignor Payouts (Largest Variable Cost)
Cost of Shipping Services Revenue	\$12,205	\$10,791	Order Fulfillment & Carrier Fees
Marketing Expense (Q4 2024 Context)	N/A for Q3 2025	\$11,604	Supply Acquisition & Demand Generation
Operations and Technology Expense (Q4 2024 Context)	N/A for Q3 2025	\$66,234	Platform Maintenance, AI, and Fulfillment Infrastructure

The company's focus on operational efficiency is meant to drive down the fixed-cost leverage, especially in areas like technology and fulfillment staff overhead. They are aiming for a Full Year $\text{2025}$ Adjusted EBITDA in the range of \$20M to \$30M, which shows the expected payoff from managing these cost structures effectively.

You should keep an eye on the following areas, as they represent the primary levers for cost control:

• Consignor Payouts: Directly impacted by commission structure changes.
• Operations and Technology: Expected leverage from AI and automation investments.
• Marketing Spend: Needs to maintain a high return on investment to drive profitable growth.

Finance: draft $\text{13}$-week cash view by Friday.

The RealReal, Inc. (REAL) - Canvas Business Model: Revenue Streams

You're looking at how The RealReal, Inc. actually brings in the money, which is crucial for understanding its valuation trajectory. The business model is fundamentally built on taking a cut of transactions, but they're actively diversifying that mix, which is a smart move for stability.

The Consignment Commission remains the primary engine. This is where you see the marketplace model at work: sellers send in luxury goods, The RealReal authenticates, photographs, lists, and sells them, taking a percentage of the final sale price. For the full year 2024, the take rate-that percentage they keep-hovered right around 36%, which is a solid figure for this segment. This is the core, but the growth story is shifting.

We're seeing a significant push into Direct Revenue, which involves inventory The RealReal purchases outright, often through the Get Paid Now program for consignors wanting immediate cash. This segment saw massive growth, jumping 61% in Q1 2025 compared to Q1 2024. Honestly, this shift is key because it changes the unit economics and inventory risk profile. For context, Q1 2025 revenue hit $160 million, with consignment revenue up 7% and that direct revenue driving the big jump.

Beyond the core transaction fees, The RealReal, Inc. also collects revenue from Shipping and service fees charged to buyers. These fees cover the cost of logistics and the value-add of authentication, which buyers pay on top of the item's hammer price. It's a smaller component, but it adds up across millions of transactions.

Looking ahead, management is confident in this multi-pronged approach. Full-year 2025 Total Revenue is projected to land between $687 million and $690 million, a nice step up from the $600.48 million seen in the full year 2024. This growth, combined with operational leverage, is expected to drive profitability, with Full-year 2025 Adjusted EBITDA projected between $37.7 million and $38.7 million.

Here's a quick look at how the revenue components and key performance indicators stacked up around the start of 2025:

Metric	Q1 2025 Actual	Full Year 2024 Actual
Total Revenue	$160 million	$600.48 million
Gross Margin	75.0%	(Not explicitly stated for FY2024 in latest search)
Adjusted EBITDA	$4.1 million	(Positive for full year 2024)
Direct Revenue Growth (YoY)	61% increase	(Not explicitly stated)

The revenue streams are clearly segmenting, which you can see when you break down the sources:

• Consignment Revenue: The largest piece, tied to the take rate on marketplace sales.
• Direct Revenue: Growing fast, driven by the Get Paid Now program.
• Shipping and Service Fees: Ancillary charges passed directly to the buyer.

The focus on the consignment take rate and the rapid expansion of the direct channel are the two levers management is pulling to hit those higher 2025 targets. If onboarding takes 14+ days, churn risk rises, which directly impacts consignment volume, so efficiency in that intake process is defintely a revenue risk factor.

Finance: draft the 13-week cash flow view incorporating the Q3 revenue run-rate by Friday.