There has been a lot of hype over Pinterest lately, and for good reason.
With a fleet of more than 10 million users, Pinterest has made it nearly impossible to attend a party without hearing, “I saw that recipe on Pinterest, too!” Over the past year, the pin-board revolution has sprung to life.
Meanwhile, a similar site has been watching, learning, and growing in the shadows. Its model, interface, and sleek design are similar to Pinterest. The difference? Luxury products paired with a “buy” button. And oh, what a difference that button makes.
Fancy is eerily similar to Pinterest except that it specializes in high-end products. It is a digital magazine, community, and wish list filled with products you choose. It’s mass customization at its finest.
With the help of Jack Dorsey, Twitter creator and current CEO of Square, Fancy has started to monetize the business the way Pinterest couldn’t. Yes, Fancy has fewer active users (for the time being, at least) and people criticize it for being snooty. But if millennials are your target, this is the spot to be.
Here’s why Fancy fits millennials:
1. It fits the way millennials budget.
A significant portion of the millennial population still lives at home, and the job market has been anything but forgiving lately. Both of these trends would make people believe millennials are price sensitive, have no purchasing power, and are not worth your brand’s marketing dollars. As it turns out though, those living and job situations haven’t prevented us from opening our wallets.
Instead, we’ve adopted a new approach to retail. It is crucial for brands to understand that we budget differently than previous generations. Instead of shopping at discount stores and looking for sales, we adjusted to a lifestyle of minimalism and simplicity—we would rather spend big and have less. We don’t want a whole pin board of items; we want a few fancy things. We might not shop as frequently, but we tend to spend more than any other age group when we do.
2. It offers immediate gratification.
Millennials don’t sit through commercials. When we hear songs, we download them instantly. And we would rather sit through a waterboarding session than wait on a slow Internet connection. We openly admit our impatience and don’t make excuses for it.
The solution? Look no further than the “buy” button on Fancy’s site. With this small change, the process went from “Like it? Pin it? Find it.” to “Like it? Need it? Buy it.”
In an interview with Fast Company, Fancy CEO Joseph Einhorn explained what this means for users:
“From a consumer perspective, I’m able to go to this website, where I’m finding out about the coolest stuff in the world, and instead of clicking, signing up, and giving my address and contact info to a million different websites, I am able to shop right inside, whether it’s on the website or the iPad, iPhone, or Android app, and go all the way through to checkout in an integrated experience.”
This convenient design is the way of the future, and allows impatient millennials to get what they want when they expect it. (I also interviewed Einhorn about more ways to use Fancy.)
3. It’s a community.
Fancy realizes the power of social communities. As a result, it made the sharing process as convenient as possible. Users can register with Fancy through certain third-party social networking services, including Facebook and Twitter.
Millennials not only want to share, but are more than willing to endorse products they support. Fancy is a place to do this. Take the Facebook community and the interface of Instagram, and add the sales functionality of Amazon. This is a trifecta millennials are unwilling to resist!
It is only a matter of time before the conversation switches from “Did you find that on Pinterest?” to “Did you buy that from Fancy?” Although it might be tempting to dismiss Fancy as another hit-or-miss social site here to invade your already cluttered media strategy, it would be a shame to pass it up. If millennials are in your audience, don’t let this popsicle melt!