people's insights volume 1, issue 24 : the fancy
DESCRIPTION
50+ thinkers and planners within MSLGROUP share and discuss inspiring projects on corporate citizenship, crowdsourcing and storytelling on the MSLGROUP Insights Network. Every week, we pick up one project and do a deep dive into conversations around it -- on the MSLGROUP Insights Network itself but also on the broader social web -- to distill insights and foresights. We share these insights and foresights with you on our People’s Insights blog and compile the best insights from the network and the blog in the iPad-friendly People’s Lab Quarterly Magazine, as a showcase of our capabilities. This week, our topic is The Fancy. For more, see: http://peopleslab.mslgroup.comTRANSCRIPT
crowdsourcing | storytelling | citizenship
People’s Insights: Volume 1, Issue 24
The Fancy
What is Fancy?
Source: http://thefancy.com , http://www.stuntedbyreality.com
Fancy is a store, blog, magazine and wish list modelled on the lines of
Pinterest. It allows users to discover and curate items into lists and
connects them through shared tastes and interests.
Pinterest parallels
Source: http://www.shinyshiny.tv/ , http://www.macstories.net
The 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.
A step ahead
Source: http://www.foxbusiness.com , http://mashable.com/2012/02/23/fancy/
Pinterest built a user base of over 11 million but struggled to establish a
major revenue stream. Path beat Pinterest by monetising user-curated
collections of images that allowed users to buy 'fancied' items.
Strong business model
Source: http://www.forbes.com
Whenever a user 'fancies' an item, brands and retailers can bid to sell
that specific product. Once approved, they set the price and quantity;
Fancy gets a percentage of the cost.
Website analytics
Source: http://facebook.com, http://mashable.com/
Statistically, Pinterest drives more traffic but Fancy users are more
engaged. An average Fancy user creates 22 times more content. Also,
60% of Fancy users are men compared to 31% on Pinterest.
Competitor to Amazon, threat to Pinterest
Source: http://www.businessinsider.com/ , http://www.twitter.com
Fancy considers itself a competitor to Amazon. While users can ‘collect’
and share products and services, just like on Pinterest, Fancy is a
marketplace that enables the purchase of goods and services.
Social commerce
Source: http://www.theroot.com ,
Fancy completes the online shopping experience by combining window
shopping and purchase. Pinterest only allows 'window shopping', while
online stores like Amazon are restricted to 'shopping'.
Platform for visual brands
Source: http://www.thefancy.com/brands-stores
Experts observe that the layout and user interface of Fancy creates
opportunities for brands to build awareness by driving conversations
and generating sales through visual enticement.
The year of curation?
Source : http://blog.eladgil.com , http://daredo.tumblr.com
2012 could be the year of social curation, with users preferring to
consume content rather than create it. Part of the success of The Fancy
is attributed to social media adapting to push-button content curation.
Way ahead: E-commerce social networking
Source: http://www.foxbusiness.com , http://www.webaddict.co.za
Discovery and buying behaviour are often influenced by public opinion.
The Fancy combines push-button content curation, social networking
and e-commerce to create a special online shopping experience.
From e-commerce to m-commerce
Source: http://mashable.com/2012/05/30/fancy-iphone-ipad-mcommerce/
The Fancy is also available on mobile platforms. The apps initially
only allowed browsing and collecting images, but now lets users
make one-click purchases as well.
The future
Source: http://news.cnet.com/ , http://peopleslab.mslgroup.com
With over 250,000 registered users, Fancy raises $50,000 in sales
every week. Some experts predict an acquisition soon, while others
suggest Pinterest will embrace e-commerce and curb Fancy's growth.
More People’s Insights Weekly reports
For more reports, visit: peopleslab.mslgroup.com/peoplesinsights/
Every week, we dive into one topic for discussion on the MSLGROUP
Insight’s Network and discuss insights and foresights, in three key
areas: crowdsourcing, storytelling and citizenship.
CrowdsourcingMahindra Spark the Rise
Storytelling:@MarsCuriosity
Citizenship#Kony2012
Read People’s Lab insights and foresights
The People’s Lab team shares the insights and foresights from the
MSLGROUP Insights Network on the People’s Insights weekly blog and
the People’s Insights Quarterly magazine.
MSLGROUP Insights
Network
50+ MSLGROUP planners
share and discuss inspiring
projects on corporate
citizenship, crowdsourcing and
storytelling.
People’s Insights
weekly blog
We deep dive into
conversations around one
project -- on the MSLGROUP
Insights Network itself but also
on the broader social web -- to
distill insights and foresights.
People’s Insights
Quarterly magazine
Every quarter, we will compile
the best insights from the
network and the blog in the
iPad-friendly magazine, as a
showcase of our capabilities.
For more, visit http://peopleslab.mslgroup.com
Coming soon: People’s Insights Annual
Report
In early January 2013 we will publish the People’s Insights Annual
Report, in which we synthesize our insights from throughout 2012 and
provide foresights for business leaders and change-makers for 2013.
People’s Lab: Crowdsourcing Insights &
Innovation
People’s Lab is MSLGROUP’s proprietary crowdsourcing platform and
approach that helps organizations tap into people’s insight for
innovation, storytelling and change.
For more, visit http://peopleslab.mslgroup.com
