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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Prediction: Is Facebook here to stay or will it fall prey?

Facebook – the favorite social networking website of the world was launched in February 2004 by Mark Zuckerberg along with his college roommates and fellow students Eduardo Saverin, Dustin Moskovitz and Chris Hughes. The website’s membership was originally limited to Harvard students, but was expanded to other colleges in the Boston area, the Ivy League, and Stanford University. It slowly added support for students at various other universities before opening to high school students, and eventually to anyone. The company claims almost 1 billion users today.

Facebook was very successful in phasing out it’s predecessors like Hi5 and Myspace. So the big question that has been hovering around a lot is – is Facebook in for a long innings or will the bubble burst in the coming years?

Facebook approaches their model from a standpoint of longevity; they are strategically planning 5 or 10 years out as we speak. Look at the ‘Like’ button for instance. This is a function of Facebook which has migrated to the rest of the web. Similarly Facebook’s future success depends on product innovation and new services, without which the user population will migrate to other “hives”.

The current fluctuation in the stock price is no indication of future prospects, but for the myopic vision of the short term investors and speculators. In the long term the company has to try and monetize their user data, so that they can realize their true market value. Facebook is currently sitting on a pile of cash and how they put this cash to use is yet to be seen. Will they squander it in empire building projects or will they put it in return enhancing projects is a question that only the future will answer.

Facebook has not only captured the market share but also increased share of mind and heart which makes its members keep coming back. The first question that arises in most people’s mind when they think about Facebook not being around is what happens to the many pictures, conversations and memories that we have on this site? For most, it’s almost impossible to imagine life without a daily dose of Facebook!

We are in a relationship building age of marketing, what Facebook is offering now is in line with societal movements and therefore it is highly unlikely that it will not be around in a few years or something bigger or better will take away this position of monopoly from them. As preferences change, Facebook sticking around will come down to whether or not they can serve the needs of its members. If not, then you can assume Facebook would fall prey.

By: Suruchi & Naimeesha

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Call us on +919739388168 (India) or +15853010801 (USA) or drop in a mail – socobuzzer@gmail.com

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