The RealReal Redefining Resale Consignment

Resale and consignment shops have been around forever. While charitable organizations may come to mind when you think of resale shops, there have also been many local, privately-owned resale and consignment stores around. In the past, there seems to have always been a stigma attached to being a shopper at a thrift store or a resale shop. Lately, however, with the emergence of a greater focus on a greener society, resale has started to be a trendy alternative for many people. As the economy continues to tighten and the public demand for luxury items increases, resale and consignment shops may be on the rise. In our current market, many brick and mortar retail stores are closing their doors due to the prevalence of online shopping which has opened the door for a new avenue of selling for resale and consignment shops.

The RealReal is one of these new shops. Founded in 2011 by Julie Wainwright as a means of buying and selling used luxury items online, the company has now grown to over 600 employees. The success of the business seems to lie in the discretion of its operations as well as a growing trend towards not wasting valuable goods. Sellers can anonymously conduct their transactions while the buyers can as well if purchasing online eliminating much of the stigma associated with consignment shops in the past.

The RealReal recently celebrated opening their second storefront located in Los Angeles. The shop boasts over 12,000 square feet of shopping space and is located in a trendy shopping spot on Melrose Avenue. Almost half of the space is devoted to menswear and a sizable portion is for handbags. There is a curbside area designed for those anonymous sellers as well as a coffee shop for snacks. And, of course, authentication experts are on site making sure the luxury items are the real deal.

The RealReal plans on continuing to expand both its online presence as well as seeking other retail opportunities. As more traditional retail stores are failing, it is refreshing to see the emergence of this new, green approach to shopping.

Western Union and ecoPayz – Money Transfers In The Digital Medium

Founded in the middle of the 19th century, Western Union grew from a small telegraph business into one of the biggest American companies that offer financial services to the public. Their services range from wire transfer to money orders, being active on the market for over 160 years. Western Union’s dealing with money movement resulted in a dramatic growth throughout the years, in 2017 alone moving more than $300 billion in close to 130 currencies. The company is listed on the New York Stock Exchange and in 2017 they had revenues of $5.5 billion.

 

A global leader that deals with money transfers, both cross-currency and cross-border, Western Union’s services have many benefits. Among the list of advantages is the fact that they have almost global reach, clients being able to transfer money in over 150 territories across the globe, they have convenient payment options, and they provide their clients with the latest exchange rates.

Recently, ecoPayz integrated Western Union into their platform, thus offering their clients more options suited to their needs. ecoPayz products are offered by PSI-Pay, which is an e-Money institution in the United Kingdom. The company issues e-money, but also provides payment instruments and other services, being licensed to issue virtual payment cards. E-Money, or electronic money, is the electronic alternative to cash money. They are regulated by the government, unlike cryptocurrencies, and are equal to monetary value. They are used for online payments and transactions and can be stored on multiple devices, servers, or even cards.

The collaboration between Western Union and PSI Pay allows holders of ecoAccount wallets to add funds to their online accounts using Western Union (either digitally or using their retail agents). Online wallet owners can also use Western Union to transfer money from their account, both internationally and domestically from the United Kingdom.

 

The new relationship between the two companies represents a big step for money transactions in the digital medium, ecoPayz planning to integrate Western Union into their mobile app as well. As a result, transfers will be made with ease from any device, as ecoPayz will have access to Western Union’s network, which offers their customers the opportunity to send money in over half a million of locations around the globe. The partnership can prove to be fruitful and bring growth to both companies, as they will be able to reach new customers with the services they now provide.

 

 

 

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