New York – Fancy is new luxury-focused scrapbooking social network that has just introduced a commerce platform for users to ‘sell’, as well as ‘fancy’, products they like.
Fancy’s strength is its tight-knit community of curators, who are fancying products and charting the taste graph, reports Fast Company. A social commerce platform that enables brands and merchants to sell products directly from Fancy was added at the end of February.
‘People are Fancying what they like and forming communities around these products or experiences – and now we allow merchants and brands to come in and fulfil that interest and demand in real time, which no one is doing,’ says founder Joseph Einhorn, who recently secured a $10m investment round from French luxury group PPR, which valued the site at $100m.
Rather than go to Amazon or Google and search, Einhorn thinks consumers will find hotel destinations, uncover cool products or discover the latest, most-wanted, fashions through the people they admire and trust in their network. He claims that the ability to shop from within Fancy – direct from users’ recommendations – and go all the way to checkout makes it an integrated experience that will resonate with consumers.
Einhorn calls this a ‘demand-driven commerce model’. By crowdsourcing product interest, Fancy enables merchants to see what consumers are most interested in, and then sell products directly to them based on that interest.
LS:N Global predicts that user-curation sites will have a significant impact on social commerce. We explore the topic in more detail in our forthcoming macrotrend, Netstalgia.
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