Impulsive shopping – redefined by ‘The Fancy’

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Here’s a site that could give the third most popular social networking site (Pinterest) a real run for it’s money. Pinterest is very often referred to as an ‘inspirational’ site that lets you look at all the wonderful things in the world and ‘pin’ it on your online virtual board but you can’t actually have it or own it no matter how much you want it. Ofcourse you can look at the picture, save it or carry it and look at a similar replacement of the product when you actually want t buy it. But ‘The Fancy’ – an e-commerce version of Pinterest actually lets you buy the stuff you see and believes in the ‘accidental’ shopping model. Fancy, according to its about page is, “part store, blog, magazine and wishlist. It’s a place to discover great stuff, to curate a collection of things you love, to get updates on your favorite brands and stores and to share your discoveries.”  Some even say Fancy = Pinterest+Tumblr+Amazon

How it works:

Step 1: You spot a picture of guy wearing an Omega watch. You save the image, add a title and upload it to your Fancy feed. You link it to the Omega site, write a comment and file it under the “men’s” category. As the photo goes live, the notes you add join Fancy’s database along with the tags, title and key words in the comments section.

Step 2: A Sales person from Omega checks the site and sees your post and if he has an account he gets an e-mail notice. The sales person then quickly creates a listing for the new product in his vendor profile and tags it with key attributes and submits it to Fancy. Fancy then does its backend check to ensure the link between the photo and seller is legit and the product for sale is of a high quality for the safety of it’s users.

Step 3: Soon after, your friend who follow you checks his Fancy feed and sees your posting of the watch and receives notice that they’re on sale. He clicks to buy, then checks out as you would on any site. The seller then accepts the order and the purchase is made!

The people behind the Fancy

–          31 year old Joe Einhorn is the man behind The Fancy

–          François-Henri Pinault, the billionaire head of PPR Group, kicked in $10 million for a 10% stake last October.

–          $8 million came from backers like Ashton Kutcher, MTV founder Bob Pittman and Andreessen Horowitz (for an undisclosed amount of equity)

–          Fancy’s governing board includes Twitter’s Jack Dorsey, Facebook’s Chris Hughes and billionaire hedge fund operator Jim Pallotta, who owns the Boston Celtics.

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Joe Einhorn

What has caught the eyeballs

Hollywood biggies like Kanye West and P.Diddy like the Fancy. Mark Zuckerburg too is said to have joined this site with the name ‘zuckd’ and so far he has more than 102,000 followers and fancied an Extendo Library Shelving System. However Joe Einhorn says he has no information as to why Zuckerberg joined the site but said it’s a “thrilling” development. Trade pundits are even taking about a possible acquisition here.

Photo Credit: allthingsd.com

By: Suruchi & Naimeesha

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