crowdsourcing | storytelling | citizenship
People’s Insights: Volume 1, Issue 24
The Fancy
What is Fancy? 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.
Source: http://thefancy.com , http://www.stuntedbyreality.com
Pinterest parallels The network lets users 'fancy' (pin) products into over 15 categories, ranging from art and apparel to gadgets. It is a social photoclipping/bookmarking service for users looking for unique products.
Source: http://www.shinyshiny.tv/ , http://www.macstories.net
A step ahead 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.
Source: http://www.foxbusiness.com , http://mashable.com/2012/02/23/fancy/
Strong business model 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.
Source: http://www.forbes.com
Website analytics 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.
Source: http://facebook.com, http://mashable.com/
Competitor to Amazon, threat to Pinterest 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.
Source: http://www.businessinsider.com/ , http://www.twitter.com
Social commerce 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'.
Source: http://www.theroot.com ,
Platform for visual brands 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.
Source: http://www.thefancy.com/brands-stores
The year of curation? 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.
Source : http://blog.eladgil.com , http://daredo.tumblr.com
Way ahead: E-commerce social networking 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.
Source: http://www.foxbusiness.com , http://www.webaddict.co.za
From e-commerce to m-commerce 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.
Source: http://mashable.com/2012/05/30/fancy-iphone-ipad-mcommerce/
The future 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.
Source: http://news.cnet.com/ , http://peopleslab.mslgroup.com
More People’s Insights Weekly reports 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.
Crowdsourcing
Storytelling:
Citizenship
Mahindra Spark the Rise
@MarsCuriosity
#Kony2012
For more reports, visit: peopleslab.mslgroup.com/peoplesinsights/
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
People’s Insights weekly blog
People’s Insights Quarterly magazine
50+ MSLGROUP planners share and discuss inspiring projects on corporate citizenship, crowdsourcing and storytelling.
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.
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
For People’s Lab solutions, contact pascal.beucler@mslgroup.com