Fancy: Monetising Online Scrapbooks
Fancy, a new website allowing users to curate and share image collections online in a similar vein to the much lauded communal e-scrapbook Pinterest, has gone one step further than its competitors by enabling transactions to take place directly on its site.
Where users previously had to click on a hyperlink to be taken to a third-party e-commerce site, they can now shop immediately on Fancy – with the site taking a cut of the profits from each purchase for the privilege. Launched last year, this is the first time that Fancy has fully monetised its offer, having previously only worked with brands to offer users special deals. Retailers will have to closely monitor the site to claim items posted on Fancy by users, although they can of course post their own images.
While Pinterest – Fancy’s biggest competitor – currently has considerably more users and a high profile, it has also attracted growing scepticism for so far failing to monetise its site. Fancy also has some major shareholders backing its success, including Hollywood actor Ashton Kutcher, MTV founder Bob Pittman, and most notably French holding company PPR, whose portfolio of brands include Italian luxury fashion house Gucci, British label Alexander McQueen, and UK sports brand Puma.
Definitely one to watch.