How The Fancy is Primed For Social Commerce Success (Sorry, Pinterest)
half a million users at summer’s end. Pinterest had over 10 million users at this time – and pins go up a lot more frequently than fancies do. Adding shopping cart capabilities for every item shared on the site just isn’t scalable at that sort of volume.(My PayPal account is grateful for that, at least.) In addition to the “buy now” option on fancied items, The Fancy also has the Fancy Box, a subscription service that sends people a monthly box of items featured on the site for $30. It seems to me like a much “fancier” version of Woot’s $5 Box of Crap. You take your chances each month to see what sort of fancy things will get sent your way. The Fancy says that the retail value of each box is at least $60, so it seems like the novelty of getting a surprise in the mail each month would be worth your while if you’re always looking for new knick-knacks to spruce up your space. And it seems to be working for The Fancy. In May, the site was bringing in $50,000 a week. In July, that increased to $75,000 a week. They’re poised to bring in even more with the new subscription service. The Fancy also gives bloggers the capability to earn 2% commission on sales made through their Buy Now links deposited into their Fancy account, giving bloggers more incentive to share fancies with their readers, thus growing the social network’s user base. Users can also earn money in their Fancy accounts by referring friends. As a blogger, I confess that the ability to monetize things I already share voluntarily is very attractive. They do run the risk, though, of detracting from the art of the visual by essentially “selling out.” But even if the artistic purists erode away from The Fancy’s user base in protest, will that really harm the site? Perhaps they won’t mind losing eyeballs that will never convert to sales.