Fancy is a new social network that is similar to the rapidly growing Pinterest. It relatively new, and is only a fraction of the size of Pinterest, which in itself is not too old either. Pinterest is a social gathering site where users post pictures of their favorite merchandise. These pictures lead to comments by other viewers, and work their way up the image laden pages of Pinterest. The more they are liked by other users, the more quickly they move up the site.
Just about anything goes, so it has become a hip spot for “fanciers” to show off moods and expressions through things that they enjoy. Currently, 60% of the users on Fancy are men. Interesting, huh?
How Fancy is Different from Pinterest
One out of three people who use Pinterest end up finding something they want, and need to leave the site to follow a referral to purchase the item. This place is worse than our favorite one-stop store! This is where Fancy comes in to one up the ever popular site by offering what they so far do not: a buying platform.
Fancy is every bit another Pinterest filled with random and interesting items, crafts, and merchandise by regular people. Fancy also offers everything on their site that links the interested parties to their desired merchandise under one platform.
How it Works
Fancy takes a small percentage of the sale’s profit in return for providing the means of generating interest that lead to the retailer’s sale. Users who purchase from Fancy also win. Whenever they like, or “fancy” an item, they are sent a referral link. Should they decide to buy the product using the referral link, they can save an additional 2% off the price.
Benefits to Retailers
It’s up to the retailers to find and claim their items that are posted by users. When they claim their items, they will be categorized under the Stores and Brands category on Fancy. The site also increases their appeal to merchandisers by integrating tools on their site that enables merchandisers to set rewards for brand loyal customers.
The more a person shops for a certain product, the higher they are ranked to receive special offers and deals. In addition, Fancy reserves a section for merchandisers to list their sales, which also makes them a popular target for clearance enthusiasts. Furthermore, they provide retailers with invaluable insight to how their products are received and favored by buyers.
As time goes on, we are likely to see and hear more of Fancy as it continues to grow. As of August 2012, Apple had a prospective eye on buying the site, and they are backed by influential social developers. They currently have apps in development for iPhone, Android, and tablet interfaces. Just recently they acquired their millionth user, and are showing no signs of slowing in momentum. This is no surprise since they have much potential in their functionality offered anywhere else to both users and retailers.