Yesterday we talked about Fancy in class. I’ll explain what Fancy is and what they have to do with social commerce.
‘ Fancy what you find,
buy what you fancy.
Fancy is the place where you discover, collect, and buy from a crowd-curated catalog of amazing goods, wonderful places and innovative stores.
Fancy lets you discover an endless assortment of cool stuff, curated by our global community with one thing in common: exceptional taste.
Use Fancy to find the best gear, plan a vacation, or keep up to date with the latest fashion.’
This quote is from Fancy itself. It’s something like Pinterest. You can browse all kinds of stuff and like/fancy this stuff, just like Pinterest but with a strong shopping component in it.
Everyone can post something on Fancy and I don’t know how they do it, but almost everything looks cool. First time I got on it, I immediately wanted to be a millionaire, there is so much crazy stuff out there I want to have. Feel free to look at my account rsiskens.
The social commerce thing about Fancy has to do with social shopping. On Pinterest you can like the stuff you like but on Fancy you can – as they say – buy what you fancy. You can follow your friends and other people around the world and see what they’ve fancy’d and maybe you’ll fancy it too or eventually buy it (affinity).
Fancy has a rather unique business model. You can pay 39$ a month and you’ll receive a Fancy box from a category of your choice (fashion, sports etc.) filled with products. That’s number one.
As a business you can make a brand page. If you make a brand page, you’re allowed to directly sell your products through fancy. When people see you product in their Fancy timeline, the price is displayed and acquiring the product is just a few clicks away. Fancy takes x% of the retail price.
If you’re a business operating on Fancy you can also reward coupons to loyal customers. These customers are mostly people who have fancy’d a couple of products of one company and they’re rewarded with a 10% discount code. This way you can engage customers through Fancy, an advantage for Fancy will be that the customers will keep on buying their goods using Fancy.
What do you guys think? Does Fancy stand a chance in this rapidly changing world of social media with their business model?
I think they do. If the product is good, the customers will come and so far most of the things on Fancy look rather good. Although I’m not a big fan of the Fancy box, I want to be in control of the things I buy.