People's Insights Volume 1, Issue 24 : The Fancy

crowdsourcing | storytelling | citizenshipPeople’s Insights: Volume 1, Issue 24The Fancy

What is Fancy?Fancy is a store, blog, magazine and wish list modelled on the lines ofPinterest. It allows users to discover and curate items into lists andconnects them through shared tastes and interests.Source: http://thefancy.com , http://www.stuntedbyreality.com

Pinterest parallelsThe network lets users fancy (pin) products into over 15 categories,ranging from art and apparel to gadgets. It is a social photo-clipping/bookmarking service for users looking for unique products.Source: http://www.shinyshiny.tv/ , http://www.macstories.net

A step aheadPinterest built a user base of over 11 million but struggled to establish amajor revenue stream. Path beat Pinterest by monetising user-curatedcollections of images that allowed users to buy fancied items.Source: http://www.foxbusiness.com , http://mashable.com/2012/02/23/fancy/

Strong business modelWhenever a user fancies an item, brands and retailers can bid to sellthat specific product. Once approved, they set the price and quantity;Fancy gets a percentage of the cost.Source: http://www.forbes.com

Website analyticsStatistically, Pinterest drives more traffic but Fancy users are moreengaged. An average Fancy user creates 22 times more content. Also,60% of Fancy users are men compared to 31% on Pinterest.Source: http://facebook.com, http://mashable.com/

Competitor to Amazon, threat to PinterestFancy considers itself a competitor to Amazon. While users can ‘collect’and share products and services, just like on Pinterest, Fancy is amarketplace that enables the purchase of goods and services.Source: http://www.businessinsider.com/ , http://www.twitter.com

Social commerceFancy completes the online shopping experience by combining windowshopping and purchase. Pinterest only allows window shopping, whileonline stores like Amazon are restricted to shopping.Source: http://www.theroot.com ,

Platform for visual brandsExperts observe that the layout and user interface of Fancy createsopportunities for brands to build awareness by driving conversationsand generating sales through visual enticement.Source: http://www.thefancy.com/brands-stores

The year of curation?2012 could be the year of social curation, with users preferring toconsume content rather than create it. Part of the success of The Fancyis attributed to social media adapting to push-button content curation.Source : http://blog.eladgil.com , http://daredo.tumblr.com

Way ahead: E-commerce social networkingDiscovery and buying behaviour are often influenced by public opinion.The Fancy combines push-button content curation, social networkingand e-commerce to create a special online shopping experience.Source: http://www.foxbusiness.com , http://www.webaddict.co.za

From e-commerce to m-commerceThe Fancy is also available on mobile platforms. The apps initiallyonly allowed browsing and collecting images, but now lets usersmake one-click purchases as well.Source: http://mashable.com/2012/05/30/fancy-iphone-ipad-mcommerce/

The futureWith over 250,000 registered users, Fancy raises $50,000 in salesevery week. Some experts predict an acquisition soon, while otherssuggest Pinterest will embrace e-commerce and curb Fancys growth.Source: http://news.cnet.com/ , http://peopleslab.mslgroup.com

More People’s Insights Weekly reportsEvery week, we dive into one topic for discussion on the MSLGROUPInsight’s Network and discuss insights and foresights, in three keyareas: crowdsourcing, storytelling and citizenship. Crowdsourcing Storytelling: Citizenship Mahindra Spark the Rise @MarsCuriosity #Kony2012For more reports, visit: peopleslab.mslgroup.com/peoplesinsights/

Read People’s Lab insights and foresightsThe People’s Lab team shares the insights and foresights from theMSLGROUP Insights Network on the People’s Insights weekly blog andthe People’s Insights Quarterly magazine. MSLGROUP Insights People’s Insights People’s Insights Network weekly blog Quarterly magazine 50+ MSLGROUP planners We deep dive into Every quarter, we will compile share and discuss inspiring conversations around one the best insights from the projects on corporate project -- on the MSLGROUP network and the blog in the citizenship, crowdsourcing and Insights Network itself but also iPad-friendly magazine, as a storytelling. on the broader social web -- to showcase of our capabilities. distill insights and foresights.For more, visit http://peopleslab.mslgroup.com

Coming soon: People’s Insights AnnualReportIn early January 2013 we will publish the People’s Insights AnnualReport, in which we synthesize our insights from throughout 2012 andprovide foresights for business leaders and change-makers for 2013.

People’s Lab: Crowdsourcing Insights &InnovationPeople’s Lab is MSLGROUP’s proprietary crowdsourcing platform andapproach that helps organizations tap into people’s insight forinnovation, storytelling and change.For more, visit http://peopleslab.mslgroup.com

For People’s Labsolutions, contactpascal.beucler@mslgroup.com

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People's Insights Volume 1, Issue 24 : The Fancy

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