August 1, 2012
There has been a lot of hype over Pinterest lately—and for good reason. With a fleet of over 10 million strong, Pinterest has made it nearly impossible to attend a party without hearing “I saw that recipe on Pinterest too!” Over the past year, the pinboard revolution has sprung to life.
Meanwhile, a similar site has been watching, learning, and growing in the shadows. Similar model, similar interface, similar sleek design. The difference? Luxury products paired with the Buy button. And, oh, what a difference that small difference 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 the 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 Pinterest couldn’t. Yes, Fancy has fewer active users (for the time being at least) and has been criticized for being “snooty,” but if your target is millennials, this is the spot to be.
Here’s why Fancy fits millennials.
1. New Way of Budgeting
A significant portion of the millennial population still lives at home, and the job market has been anything but forgiving lately. Both those trends would make people believe that millennials are price-sensitive, have zero purchasing power, and are not worth the marketing dollars of your brand. As it turns out, though, those living and job situations haven’t prevented us from opening our wallets.
Instead we have adopted a new approach to retail. It is crucial for brands to understand that our form of budgeting is different than the previous generations’ form. Instead of shopping at discounts stores and looking for sales, we have adjusted to a lifestyle of minimal simplicity—we would rather spend big and have less. Just remember, we don’t want a whole pinboard of items; we want a few fancy things. We might not shop as frequently, but we tend to spend more than any other age cohort when we do.
2. Immediate Gratification
We 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 either. 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 a user: “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 type of convenience design is the way of the future and allows impatient millennials to get what they want when they expect it. (I also interviewed Joe with more ideas of using Fancy here.)
Fancy realizes the power of social communities. As a result, it has made the sharing process as convenient as possible. Users can register with Fancy through other accounts with certain third-party social networking services, including Facebook and Twitter.
Not only do we want to share, but millennials are more than willing to endorse products they support. Fancy is a platform to do this. Take the Facebook community and the interface of Instagram, and add the sales functionality of Amazon: This is a trifecta millennails 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 this up. If your audience is millennials, don’t let this popsicle melt!