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Transcript of Fab.com Presentation
Nik Hofbauer What is Fab? Background Info - Created originally February 2010 by Jason Goldberg and Bradford Shellhammer as Fabulis.com (a social networking site) - Transformed June 9th 2011 into Fab.com - an e-commerce design site Five months after it's relaunch it reached 1 million members. That is faster than Facebook, Twitter, and Groupon. Originally funded with $8 million led by Menlo Ventures with investors such as Washington Post and even Ashton Kutcher. What do they sell? Sell anything from kitchenware to technology accessories to clothing and vases.
They also give design ideas and inspiration to designers from the professional level to a do-it-yourselfer. Business Model They go out and find designers and are also reached by designers who want to sell/design for them.
Have 4 main rules to be a successful designer for them:
1. Do: Design Well - must be interesting in style, color, or other natures.
2. Do: Tell Stories - you can sell anything as long as there is a story behind it.
3. Don't: Steal Designs - everything must be original and not stolen or a knockoff. People use Fab to purchase original materials
4. Don't: Sell old merchandise - Primary sales only, not a store to sell stuff you cant sell elsewhere. Financial On pace for over $100 million in revenue in 2012.
Not publicly traded so no financial records are publicly available.
Considered one of the first in its own niche market and is believed to have majority of the market share. 5 Forces Model Competitors: Limited number of them, some are Gilt Home, One Kings Lane and Aha Life.
Suppliers: Varies greatly by the number of their own designers. Depends on how and who the product is made by.
Buyers: Niche market focused on design based market. Sells everything like a Walmart or amazon but to consumers focused on design/story of the product and not price.
Barriers to Entry: Fab has many partnerships with many designers. Entry would be difficult since Fab is so large and growing so fast.
Subsititues: They consider themselves as subsitute free since their products are original designs and hand picked by the Fab design crew/employees. Problems/Future Main complaint by customers is delays times from order to when they receive product. This is partly due to customization of product and underestimation by designer of product on how well Fab will sell.
In the future, Fab is looking to directly look at this issue as they recently received $105 million in funding. CEO Jason Goldberg recently said this to customers who complained on Fab about slow delivery times:
"One of the things we're working the hardest on is speeding up our ship times... That's why we're literally investing millions of dollars into building Fab warehouses and taking Fab inventory, all towards averaging just a few days on all non-custom orders by end of this year." Questions?