If you haven’t seen it yet, I encourage you to check out this video released last night, in which I discuss how we launched the Fab.com Inspiration Wall — a public social mood board for sharing design inspirations — long before we launched the sales on our site because we believe that social is at the core of the Fab.com experience.
We believe that people love sharing their latest design inspirations and we are committed to giving them the tools to do so, and to further innovating on the integration of social and commerce, and making social sharing a core component of Fab.com.
We’re also announcing today that Fab.com has reached nearly 500,000 members, up from 400,000 just 15 days ago, and we know that social is the key to that growth as more than 50% of all new Fab.com members daily come from social shares via Twitter, Facebook, Tumblr, Google Plus, and email.
And today, with Version 2 of the Fab.com Inspiration Wall, we’re taking social integration on Fab.com even further.
Here’s what’s new today:
1. We’ve added two new buttons to each product page, a Favorite Button, and Comment Button.
Clicking the “add to favorites” heart does just that, it adds any product you see for sale on Fab.com to your favorites.
2. The 1st person to Fave a product for sale on Fab.com adds that product to the Inspiration Wall.
3. Once the design has been added to the Inspiration Wall, we now also show there who else has favorited the design, along with other images they have recently faved or added.
4. Key information about the product is automatically brought over to the inspiration wall when it is faved, including: The description, tags, sharing options, and counts of how many times it has been viewed, faved, and commented on.
5. As part of this release, Fab.com members now get a public profile which shows all their design inspiration favorites — added and favorited.
Here’s my Fab.com favorites:
7. Finally, one feature our users have asked for over and over was to be able to easily show their friends pictures of the items they purchased on Fab.com, after the sale has ended. You ask for it, we deliver. Fab.com members can now click on the image of any product they’ve ordered to view that product on the inspiration wall.
8. Oh, and as a special promotion with today’s launch, we’re offering a $5 free credit whenever any Fab.com member uploads their first picture of an item they purchased from Fab.com to the Inspiration Wall.
As noted, we’re really committed to this social stuff and to being the leader in integration of social + commerce. Much, much more to come.
Fab.com is #11 Flash Sale Site in U.S. in It's 1st Month, Fastest Growing Period, Growing 800% the past 2 months.
Not bad at all.
In just our first month of business, July 2011, Fab.com achieved the #11 spot for most visited Flash Sale site in the U.S. with 1.86M visits in July, as compared with Hitwise data released today. (Hitwise didn’t include Fab (yet) as they didn’t even know to be tracking us yet we’re so new, but you can see the numbers for yourself.
Fab.com Google Analytics Data:
Fab.com Grows Fastest
And, as Hitwise notes growth rates of 8% and 14% for the other sites in 2011, Fab.com is clearly the fastest growing of all the websites, as we’ve grown 800% since May.
I encourage everyone to check out the Hitwise article as it discusses the overall emerging growth of the flash sale sites:
The popularity of flash sale websites with limited time & inventory offerings have grown exponentially over the two years. Online shoppers’ love for the thrill of snagging designer clothing, home décor, travel and even wine have caused visits to the category to increase 368% in July 2011 as compared to the same month two years ago and 109% one year ago.
We’ll be working to make sure Fab.com is included properly next time.
The Fab.com Social Design Commerce Index: July 2011
Here at Fab.com we’re compiling some awesome data on the design industry and consumers’ tastes and interests with regards to design.
Our goal over time is to publish a regular “Fab.com Social Design Commerce Index" with data on what’s trending.
Here’s a manual version as a first step towards that.
TOP SELLING DESIGN CATEGORIES BY REVENUE - JULY 2011
Art was by far the top grossing sales category, generating about 1.8x the revenue of any other category. Jewelry scored 2nd, followed by Wearables. Bags and Fitness (primarily bikes) closed out the top 5.
TOP SELLING PRODUCT UNITS SOLD BY TAGS - JULY 2011
Each product sold on Fab.com is tagged by the Fab.com team according to the type of product. Here are the top selling products by tags in July 2011:
Wearables (e.g. T-shirts)
GROSS REVENUE BY SOCIAL SHARING SOURCE - JULY 2011
Fab.com added more than 130,000 members in July 2011 to bring our total to more than 400,000 at July 31st. Most of these members were added via social sharing: emails from members to their friends, Twitter shares, and Facebook shares and likes.
Which social sources performed the best?
Member-to-Member Email invites resulted in 4 times the revenue of any of the other social sharing sources, and twice that of the other two combined.
Facebook & Twitter essentially tied as social revenue sources. Notably, while both of these sources were smaller than email invites, both Facebook & Twitter drove significant 6 figure revenue for Fab.com in the month.
It’s especially worth noting that there was one common theme to our top 3 performing sales in July: Demi Moore tweeted about all 3 of them.
REPEAT PURCHASERS - JULY 2011
A whopping 40% of all Fab.com members who made at least 1 purchase in July went on to make more than 2 purchases in the month. And, more than 33% of those who made 2 purchases in the month went on to make 3 or more on the month.
Here’s a view of new vs. repeat orders in the month of July.
The only long-term way out of this economic mess is to create private sector jobs. Not raise taxes. Not spend more money on government programs. That’s where both parties have it wrong. The only jobs policy that will get this economy going again is one that fuels corporate growth. We’re doing our part at Fab.com growing our NYC team from 15 people to 45 the past 60 days. The government should figure out a way to help more Fab.com’s develop and prosper.
I agree that in the short term our government needs to find massive amounts of new revenue and new savings from cutting spending just to keep this thing solvent, but long term we need more structural changes that spur private sector job growth.
Will Google Plus be the next big social sharing site? We’re not sure. But early indications are that Google is highly committed to making G+ a big something. What that something is, is still to be seen. We’re betting they figure it out.
My own person hope for G+ is that Google carves out a new space in social vs. trying to be an alternative to Facebook. Google shouldn’t do anything that it can’t be the best at. Google can be the best platform for businesses to share and connect socially with consumers, on the web and mobile. I hope that’s the direction they take this. We’ll see…
We’ve gone ahead and added G+ sharing options on Fab.com today.
Fab.com members can now easily click to share any Fab.com sale, product, or design inspiration onto Google Plus, in addition to existing options for Twitter, Facebook, and Tumblr.
Are you a Google Plus fan? Show it some love by +1’ing the main Fab.com sale page. As of now, 66 people have +1’d it vs. 17,000 Facebook Likes.
There’s so much truth to this. Doing awesome is as much about not making stupid moves as it is about making smarter moves. Unfortunately, when you take chances you are bound to have some misses from time to time. But, willingness to try and make mistakes helps you get stronger, so long as you learn from the mistakes.
“I can’t stress enough how important it is to write bad songs. There’s a lot of people who don’t want to finish songs because they don’t think they’re any good. Well they’re not good enough. Write it! I want you to write me the worst songs you could possible write me because you won’t write bad songs. You’re thinking they’re bad so you don’t have to finish it. That’s what I really think it is. Well it’s all right. Well, how do you know? It’s not done!”—John Mayer 2011 Clinic – “Manage the Temptation to Publish Yourself” – Berklee Blogs
If I’ve learned anything in business the last 20 years it’s this:
The most important concept for any company to get right is to know your One Thing.
Your One Thing is the One Thing your company does best. It’s the One Thing your company’s brand represents. It’s your promise to your customers, partners, shareholders, and employees. I’ve written about this before.
Knowing your One Thing is critical to success. As important is blocking out and refusing to pay attention to other things that are not critical to executing on your One Thing.
Here at Fab.com, we’ve had some recent realization around our One Thing.
Our Fab.com One Thing is Design Inspiration.
Notably, our One Thing is not design sales, it’s design inspiration. Meaning, our singular focus is delivering a daily dose of design inspiration to our members. It is our belief and our passion that if we can inspire our members daily with practical and affordable design inspirations, all sorts of good things will happen; i.e. we’ll have more sales, our design partners will have more products sold, and our customers will get great stuff to enrich their lives.
Here at Fab.com, we focus on our One Thing at the exclusion to all other things.
What’s your One Thing?
(btw. I’m so passionate about this One Thing stuff that I own the domain name onething.com!)
Each link provided for $10 instant credit for anyone who signed up using the link.
Both links went out on July 26 and were only valid until the end of the day on July 27.
Let’s see how both links performed in the first Fab.com Celebrity Blastoff: Ashton Kutcher vs. Kevin Rose.
1. First, we look at the sheer number of users who joined directly via each link.
Both celebrity contestants performed extremely well for a 2-days works.
Ashton’s link resulted in 5,888 signups (0.08% of followers)
Kevin’s link resulted in 4,356 signups (.3% of followers)
2. Then, we examine how many downstream subscribers joined from their links. This counts not just the people who joined directly from the link, but also the people who have joined via those people’s viral invites. This is a better measure of the total subscriber value of Ashton’s and Kevin’s links.
Both celebrity contestants’ have resulted in good downstream virality after 1 week.
Ashton’s link resulted in 6,607 total signups, meaning 719 additional members on top of those who initially joined, for 12.2% virality.
Kevin’s link resulted in 5,503 total signups, meaning 1147 additional members on top of those who initially joined, for a whopping 26% virality after 1 week.
3. Third, we looked at Orders.
Ashton stormed out to a lead on day 1 with 43 orders, but has since peaked at 75 orders.
Meanwhile, Kevin’s peeps have been ordering and ordering and ordering, growing from 30 orders on day 1 to 158 orders a week later.
Here’s where Kevin really broke out in front.
After 1 week, Ashton’s link has resulted in $2,183 in revenue
After 1 week, Kevin’s link has resulted in $7,121 in revenue
5. And, finally, the cohort analysis.
The cohort analysis looks at the average revenue generated by purchasers on their 1st day, 2nd day, 3rd day, etc. since joining Fab.com, based on the day they first joined. (One interesting note here is that while both links expired on July 27 in terms of providing $10 credit, people were still able to join after the 27th using the links just that they didn’t get free credits when joining).
Ashton’s cohorts show a steady increase each day since joining.
Kevin’s cohorts show a more dramatic upward slope.
So, what did we learn after 1 week?
After 1 week, Kevin Rose’s invites have resulted in more orders for Fab.com — at least initially.
Ashton delivered more total users, while Kevin’s users have had higher viral rates, higher orders, and better daily revenue growth amongst cohorts.
It must be noted that outside of this 1 little experiment, Ashton Kutcher has driven tens of thousands of new Fab.com membership that have resulted in thousands and thousands of sales.
We’ll update the stats again in a few weeks to see how the numbers evolve over a month. The entire story could change as more of Ashton’s invites start to purchase, and as both contestant’s invites make repeast purchases.
Of course, we’re just super thankful that both Ashton and Kevin have been so helpful for Fab.com. And, we have great hope that all of the people they invited will ultimately become longtime customers of Fab.com.