Fab.com has become one of those jaw-dropÂping sucÂcess stoÂries capaÂble of evokÂing twinges of envy and awe-struck admiÂraÂtion at once; just over a year since its transÂforÂmaÂtion from gay social netÂwork to high-flyÂing, design-focused e‑commerce site, it’s announced record-breakÂing U.S. revÂenue for ChristÂmas Day from its mobile apps alone.
In news that will leave many an aspirÂing e‑commerce manÂagÂer, web conÂtent manÂagÂer and e‑commerce anaÂlyst sitÂting back open mouthed, Fab has just declared that no less than 56 per cent of the thrivÂing startup’s US revÂenue on ChristÂmas Day came via its mobile apps, the largest sinÂgle-day cash-inflow it’s seen to date.
MakÂing mobile work
Fab’s co-founder and CEO, Jason GoldÂberg, has placed much emphaÂsis on the potenÂtial of mobile apps to driÂve busiÂness. The company’s first apps were launched in OctoÂber 2011 and exactÂly one year latÂer, they conÂtributed 33 per cent of the site’s visÂits and 33 per cent of its sales. GoldÂberg was conÂfiÂdent then that mobile would shortÂly genÂerÂate 50 per cent of the site’s revÂenue. It turns out he was wrong – it just delivÂered over 50 per cent in a sinÂgle day.
There’s still some way to go before Goldberg’s vision is truÂly realÂized – a sinÂgle swalÂlow doesn’t make a sumÂmer, to manÂgle the old sayÂing, and ChristÂmas Day is a hard act to folÂlow for the othÂer 364 days of the year. But the company’s redesign of its iOS app this OctoÂber undoubtÂedÂly appears to be payÂing rich divÂiÂdends. The new apps have a friendÂlier user interÂface designed to encourÂage browsÂing, and they proÂvide virÂtuÂal shopÂpers with social feeds so they can catch a glimpse of what fashÂions their friends are buying.
To the stratosÂphere and beyond
Fab has, frankly, enjoyed stratosÂpherÂic sucÂcess since its change of direcÂtion from social netÂwork to e‑commerce site. The site now has bragÂging rights over some specÂtacÂuÂlarÂly sucÂcessÂful results, with 7.5 milÂlion users in no fewÂer than 26 countries.
But that’s not all. Sales are also soarÂing: on Cyber MonÂday 2011, it made $350,000; by 2012, the same day genÂerÂatÂed £1.3 milÂlion in sales, a 350 per cent increase and the firm’s first milÂlion-dolÂlar day of trading.