The RealReal, Inc. (Real): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de revenda de luxo, o RealReal revolucionou como os entusiastas da moda compram, vendem e apreciam artigos de grife de ponta. Ao misturar engenhosamente a tecnologia, a experiência em autenticação e um modelo de moda sustentável, essa plataforma inovadora transformou o mercado de luxo de segunda mão, oferecendo aos consumidores uma oportunidade única de acessar itens de designer autenticados a preços competitivos e promover moda circular e reduzir o desperdício.

The RealReal, Inc. (Real) - Modelo de Negócios: Parcerias -Chaves

Marcas de moda de luxo e designers

O RealReal estabeleceu parcerias com as seguintes marcas de luxo:

• Gucci
• Saint Laurent
• Burberry
• Balenciaga
• Hermes

Marca	Detalhes da parceria	Volume de consignação (2023)
Gucci	Programa de colaboração de revenda	US $ 12,4 milhões
Saint Laurent	Canal de revenda autenticado	US $ 8,7 milhões
Burberry	Iniciativa de moda circular	US $ 6,2 milhões

Especialistas em autenticação e parceiros de consignação

O RealReal emprega:

• 130 especialistas em autenticação interna
• Horário do processo de verificação: 2-3 dias por item
• Taxa de precisão de autenticação: 99,1%

Provedores de serviços de tecnologia e logística

Provedor	Serviço	Valor anual do contrato
Amazon Web Services	Infraestrutura em nuvem	US $ 3,6 milhões
FedEx	Envio e logística	US $ 5,2 milhões
Shopify	Plataforma de comércio eletrônico	US $ 1,8 milhão

Influenciadores de mídia social e mercados de moda

Métricas de parceria:

• Número de parcerias de influenciadores de moda: 87
• Alcance total: 12,4 milhões de seguidores
• Taxa de conversão do marketing de influenciadores: 3,6%

Sustentabilidade e organizações de moda circular

Organização	Foco de colaboração	Métricas de impacto (2023)
Fundação Ellen MacArthur	Iniciativas de economia circular	Investimento de US $ 2,1 milhões
Coalizão de vestuário sustentável	Padrões ambientais	Pegada de carbono reduzida em 22%

The RealReal, Inc. (Real) - Modelo de Negócios: Atividades -chave

Processo de autenticação e verificação de luxo

O RealReal emprega Mais de 200 especialistas de luxo para autenticação. Em 2023, a empresa processou aproximadamente 1,2 milhão de itens de luxo através de seu rigoroso sistema de verificação.

Métrica de autenticação	2023 dados
Especialistas em autenticação	200+
Itens autenticados	1,2 milhão
Taxa de sucesso de autenticação	99.1%

Gerenciamento de plataforma de revenda de luxo online e offline

O RealReal opera 9 lojas de consignação física Nos Estados Unidos, a partir de 2023, complementando sua plataforma digital.

• Lojas físicas: 9 locais
• Plataforma digital: mercado on -line em todo o país
• Transações online anuais: 3,4 milhões

Marketing digital e aquisição de clientes

Métrica de marketing	2023 dados
Gastos com marketing	US $ 84,3 milhões
Nova aquisição de clientes	412,000
Taxa de retenção de clientes	42%

Gerenciamento de fornecimento de inventário e consignação

Em 2023, o RealReal gerenciado Consignação de 68.000 vendedores únicos, com um valor médio de consignação de US $ 1.200 por transação.

• Total de consignatários: 68.000
• Valor médio de consignação: US $ 1.200
• Taxa da Comissão de Consignação: 55%

Desenvolvimento e manutenção da plataforma de tecnologia

A empresa investiu US $ 42,6 milhões em desenvolvimento de tecnologia Durante 2023, concentrando -se em algoritmos de autenticação e melhorias na experiência do usuário.

Investimento em tecnologia	2023 dados
Gastos em P&D	US $ 42,6 milhões
Tempo de atividade da plataforma	99.97%
Downloads de aplicativos móveis	1,2 milhão

The RealReal, Inc. (Real) - Modelo de Negócios: Recursos Principais

Tecnologia e experiência avançados de autenticação

O RealReal emprega uma equipe de mais de 90 especialistas em autenticação de luxo a partir de 2023. O processo de autenticação envolve mais de 50 pontos de verificação detalhados para cada item de luxo.

Categoria de autenticação	Especialistas especialistas	Pontos de verificação
Bolsas	25 especialistas	Mais de 60 etapas de verificação
Joia	15 especialistas	45+ etapas de verificação
Relógios	10 especialistas	55+ etapas de verificação

Extenso banco de dados de inventário de moda de luxo

A partir do quarto trimestre de 2023, o RealReal mantém um banco de dados de inventário com aproximadamente 1,4 milhão de itens de luxo exclusivos.

• Total de itens consignados: 1.387.000
• Valor médio do item: US $ 1.200
• Marcas representadas: mais de 5.000 marcas de luxo

Plataforma de comércio eletrônico digital e aplicativo móvel

A infraestrutura digital do RealReal inclui uma plataforma robusta de comércio eletrônico com 3,2 milhões de usuários registrados em dezembro de 2023.

Métrica da plataforma	2023 dados
Usuários registrados	3,200,000
Downloads de aplicativos móveis	1,750,000
Visitantes anuais do site	42,000,000

Forte reputação da marca no mercado de revenda de luxo

O RealReal estabeleceu uma presença significativa no mercado com US $ 745,8 milhões em receita total para o ano fiscal de 2023.

Equipe qualificada de profissionais de moda e tecnologia

A empresa emprega 1.850 profissionais em período integral em tecnologia, autenticação e funções operacionais em dezembro de 2023.

Categoria profissional	Número de funcionários
Equipe de tecnologia	450
Especialistas em autenticação	90
Equipe de operações	1,310

The RealReal, Inc. (Real) - Modelo de Negócios: Proposições de Valor

Bens de luxo autenticados e garantidos

O RealReal emprega Mais de 60 especialistas em luxo que autenticam itens através de rigorosos processos de verificação. Em 2023, a empresa processou 1,3 milhão de itens de luxo com taxas de autenticação excedendo 98.7%.

Categoria de autenticação	Taxa de verificação
Bolsas de grife	99.2%
Joia	98.5%
Relógios	99.1%
Roupas	98.3%

Modelo de consumo de moda sustentável

O modelo de moda circular do RealReal em 2023 resultou em 1,7 milhão de itens revendidos, impedindo aproximadamente 870.000 libras de resíduos têxteis.

Preços competitivos

Preços médios em comparação ao varejo:

Categoria de produto	Porcentagem de desconto
Bolsas de grife	60-75%
Relógios de luxo	55-70%
Roupas de grife	50-65%

Experiência de compra conveniente

• Plataforma online com 3,5 milhões de usuários registrados
• 7 locais de varejo físico Nos principais mercados dos EUA
• Aplicativo móvel com 1,2 milhão de usuários mensais ativos

Oportunidades de monetização do vendedor

Em 2023, os vendedores ganharam:

Categoria de vendedor	Ganhos médios
Vendedores individuais	US $ 1.200 por transação
Parceiros de consignação	US $ 5.600 por mês

The RealReal, Inc. (Real) - Modelo de Negócios: Relacionamentos do Cliente

Atendimento ao cliente personalizado

A partir do quarto trimestre de 2023, o RealReal oferece serviços de concierge personalizados para consignadores e compradores de alto valor com receitas anuais de US $ 228,4 milhões.

Nível de serviço	Segmento de clientes	Tempo médio de interação
Concierge pessoal	5% dos expedidores	45 minutos por interação
Suporte premium	Compradores de alto valor	30 minutos por interação

Comunidade on -line e engajamento do usuário

A plataforma possui 19,2 milhões de usuários registrados em dezembro de 2023, com uma taxa média de engajamento de 6,3% nos canais digitais.

• Seguidores do Instagram: 1,4 milhão
• Interações médias de mídia social mensal: 287.000
• Envios de conteúdo gerado pelo usuário: 42.500 mensais

Programas de recompensa de lealdade e consignação

O programa de fidelidade do RealReal gerou US $ 42,6 milhões em receita incremental em 2023.

Camada de lealdade	Taxa de crédito de consignação	Associação anual
Bronze	5%	Livre
Prata	7%	US $ 99/ano
Ouro	10%	US $ 249/ano

Autenticação transparente e garantia de qualidade

A empresa emprega 80 especialistas em autenticação em tempo integral com uma taxa de precisão de autenticação de 99,1% em 2023.

• Tempo do processo de autenticação: 30-45 minutos por item
• Taxa de inspeção de qualidade: 100% dos itens consignados
• Taxa de itens rejeitados: 12,4% das remessas enviadas

Canais de suporte ao cliente digital

Os canais de suporte digital lidaram com 92,7% das interações com os clientes em 2023.

Canal de suporte	Tempo de resposta	Taxa de satisfação do cliente
Bate -papo ao vivo	3,2 minutos	87%
Suporte por e -mail	6,5 horas	79%
Suporte telefônico	12 minutos	83%

The RealReal, Inc. (Real) - Modelo de Negócios: Canais

Site proprietário da empresa

O principal canal de vendas on -line do RealReal é o TherealReal.com, que gerou US $ 472,1 milhões em receita para o ano fiscal de 2022.

Tráfego do site (mensalmente)	Visitantes únicos
2023 média	3,2 milhões

Aplicativo móvel

Os downloads de aplicativos móveis atingiram 1,5 milhão pelo quarto trimestre 2023, representando 45% do total de transações digitais.

• Plataformas iOS e Android suportadas
• Taxa média de conversão móvel: 2,3%

Locais de consignação física de varejo

Tipo de localização	Número de locais	Contribuição da receita
Lojas principais	9	18% da receita total
Locais de entrega de consignação	16	7% da receita total

Plataformas de mídia social

Os canais de mídia social contribuem com aproximadamente 12% da aquisição de clientes.

• Seguidores do Instagram: 1,4 milhão
• Seguidores do Facebook: 620.000
• TIKTOK seguidores: 250.000

Mercados de luxo de terceiros

Marketplace	Volume de vendas	Taxa de comissão
Farfetch	US $ 8,2 milhões	15%
Vestiaire Collective	US $ 5,7 milhões	12%

The RealReal, Inc. (Real) - Modelo de Negócios: Segmentos de Clientes

Entusiastas da moda de luxo

A partir do quarto trimestre 2023, o principal segmento de clientes do RealReal inclui entusiastas da moda de luxo com os seguintes demográficos profile:

Métrica demográfica	Porcentagem/ponto de dados
Renda familiar média anual	$250,000+
Porcentagem de clientes do sexo feminino	68%
Faixa etária média	35-54 anos
Gastos anuais em revenda de luxo	US $ 3.500 por cliente

Consumidores ambientalmente conscientes

Características do segmento de clientes orientadas a sustentabilidade:

• 87% dos clientes priorizam a moda circular
• 62% consideram o impacto ambiental ao comprar
• Idade média dos clientes focados na sustentabilidade: 28-42 anos

Millennial e Gen Z Shoppers

Insights demográficos -chave para segmentos de consumidores mais jovens:

Faixa etária	Porcentagem da base total de clientes	Valor médio da transação
Millennials (25-40 anos)	45%	$780
Gen Z (18-24 anos)	22%	$450

Revendedores e colecionadores de moda

Métricas de desempenho do segmento do revendedor:

• Total de consignatários registrados: 153.000 (a partir do quarto trimestre 2023)
• Valor médio de consignação por vendedor: US $ 1.200
• Repita a taxa de consignação: 36%

Compradores de luxo conscientes do orçamento

Análise de segmento de luxo sensível ao preço:

Faixa de preço	Porcentagem de transações	Desconto médio
$200-$500	42%	65% de desconto no varejo
$500-$1,500	33%	55% de desconto no varejo
$1,500-$5,000	25%	45% de desconto no varejo

The RealReal, Inc. (Real) - Modelo de Negócios: Estrutura de Custo

Despesas de autenticação e verificação

O RealReal emprega uma equipe de mais de 100 especialistas em autenticação de luxo. A partir de 2023, os custos de autenticação representam aproximadamente 8 a 10% do total de despesas operacionais.

Categoria de despesa de autenticação	Custo anual (estimado)
Salários especializados	US $ 7,2 milhões
Tecnologia de autenticação	US $ 1,5 milhão
Treinamento e desenvolvimento	$650,000

Manutenção de infraestrutura de tecnologia

Os custos de infraestrutura tecnológica para o RealReal foram de aproximadamente US $ 12,3 milhões em 2023, representando 12 a 15% do total de despesas operacionais.

• Despesas de computação em nuvem: US $ 4,1 milhões
• Sistemas de segurança cibernética: US $ 2,6 milhões
• Desenvolvimento da plataforma: US $ 3,7 milhões
• Suporte e manutenção de TI: US $ 1,9 milhão

Custos de marketing e aquisição de clientes

Em 2023, as despesas de marketing totalizaram aproximadamente US $ 45,2 milhões, o que representa cerca de 25 a 30% do orçamento operacional total.

Canal de marketing	Gastos anuais
Publicidade digital	US $ 22,5 milhões
Marketing de mídia social	US $ 8,7 milhões
Parcerias de influenciadores	US $ 6,3 milhões
Marketing por e -mail	US $ 3,2 milhões
Mídia impressa e tradicional	US $ 4,5 milhões

Gerenciamento de inventário e logística

Os custos de logística e gerenciamento de estoque foram de aproximadamente US $ 38,6 milhões em 2023, representando 20-22% das despesas operacionais.

• Armazenamento: US $ 15,3 milhões
• Envio e manuseio: US $ 16,2 milhões
• Sistemas de rastreamento de inventário: US $ 4,1 milhões
• Materiais de embalagem: US $ 3 milhões

Operação operacional e de funcionários

A sobrecarga operacional e de funcionários totais em 2023 foi de aproximadamente US $ 67,4 milhões.

Categoria de sobrecarga	Custo anual
Salários dos funcionários	US $ 52,6 milhões
Aluguel e utilitários do escritório	US $ 7,8 milhões
Seguro e benefícios	US $ 4,5 milhões
Serviços profissionais	US $ 2,5 milhões

The RealReal, Inc. (Real) - Modelo de Negócios: Fluxos de Receita

Comissão de vendas de itens de luxo

O RealReal gera receita por meio de comissões sobre vendas de itens de luxo com a seguinte quebra:

Categoria de item	Porcentagem de comissão
Roupas	55%
Acessórios	60%
Joia	65%
Relógios	70%

Taxas de consignação

Estrutura de taxas de consignação para vendedores:

• As taxas de comissão do vendedor variam de 40% a 85%
• Escala deslizante com base no volume total de vendas anuais
• Os itens de maior valor recebem taxas de comissão mais favoráveis

Modelos de assinatura ou associação

O RealReal oferece o programa de associação com os seguintes detalhes:

Nível de associação	Taxa anual	Benefícios
Primeiro olhar	$75	Acesso antecipado a novos itens
Insider	$150	Benefícios de consignação adicionais

Receitas de publicidade e parceria

Fontes de receita de parceria:

• Acordos de colaboração da marca
• Parcerias de publicidade digital
• Programas de marketing de afiliados

Serviços de revenda de valor agregado

Fluxos de receita adicionais incluem:

• Serviços de autenticação: US $ 15 a US $ 30 por item
• Taxas de limpeza e restauração: US $ 25 a US $ 200, dependendo da complexidade dos itens
• Serviços de avaliação de itens de luxo

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.