Big Names In Social Media Backs The Fancy

Word-of-mouth advertising reached a whole new level with online catalog “The Fancy”. This app lets you discover cool new stuff like food, places and many others, some of which you probably never knew existed. Using a very streamlined and simple interface, users are able to “Fancy” items and share their wish lists to friends via popular social networking sites like Facebook.

This New York-based startup has recently launched its new e-commerce platform. The company’s founder, Joe Einhorn, describes the new platform as “Groupon in reverse” wherein users can easily make purchases since retailers detect whenever their products have been “fancy’d”.

“Communities are popping up around products on our site all day now,” Einhorn says. “We’re now enabling brands and merchants to find your interests and to act on it.”

The Fancy is being pitted against another consumer web and social networking site Pinterest. The Fancy, however, is more focused on “making the sell.”

“I would say there’s a lot of stuff on Pinterest you wouldn’t find on our site,” he says. “But hopefully the stuff you do find on our site is really aligned with commerce. We believe our community is tailored to the cooler stuff to buy.”

Big names in the social media scene have invested in The Fancy including Twitter co-founder Jack Dorsey and Facebook co-founder Chris Hughes. Last November, PPR SA, parent company of Gucci and Alexander McQueen, invested $10M in The Fancy . This resulted in PPR SA CEO François-Henri Pinault joining its board wherein he calls The Fancy “the next big wave in online commerce.”

Via CNN Money