The Fancy: Fancier than imagined

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Source: Google Images

 

The Fancy is another possible competitor to Wanelo and is also very similar to Pinterest’s design set up. Users can also pin items for things they design. This goes from clothes to meals, to sporting goods, and a lot more. The only difference is that The Fancy is able to get companies and retailers to target coupons and sales promotions to users who frequently visit their page and pin things from them. The Huffington post mentioned it, “The idea, which has been described as “Groupon in reverse,” allows merchants to be more proactive in gaining customer interest and sales. How does it work? When users have pinned, err, “Fancy’d” something, retailers and brands can then provide custom deals and sales directly to the user, and potentially make more sales.” Another major factor that separates both social media apps is its target market/demographic. While Pinterest and Wanelo mainly consist of women that use the site, sixty percent of men frequently visit and use “The Fancy”. Users on The Fancy can join live chat sessions and can browse through numerous categories of products as they like. Since Wanelo is more towards fashion and home decor items, they would have to reconsider how they would want to target a male audience. Wanelo has always had a separate section for Men’s clothing and accessories but there is not a high percentage of usage or even recognition about the social media app. The Fancy already has some brand recognition thanks to celebrity endorsements from rappers Kanye & P.Diddy. Only certain home decor items can be found on its website that you may not be able to find on other e-commerce sites such as Amazon. The U.S.-shaped library case could only be found The Fancy as well as certain celebrity endorsed products on the site. In order for Wanelo to survive, they would have to start expanding their categories of products. Wanelo could slowly start to expand their category of products and their current demographic. The Fancy also operates in thirty-three countries and has over 10 million registered users on the site. Wanelo users are mainly from the U.S., Canada, India, and Japan. Most of these users are only familiar with the brand because they found out through word of mouth. Brand recognition and awareness must be improved and developed before the social media site can actually expand their product category or improve their international market sales.

Pinterest: The original DIY & Fashion treasure site

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Source: Google Images

 

Pinterest is a well-established app that was recognized for its immense variety in fashion, home decor,  and other DIY project selections. Pinterest could easily dismantle Wanelo’s core structure of the app just by adding a “buy” or “browse” section for the variety of clothing items that retailers currently post as well as fashion bloggers. The “idea” sharing site has over a 100 million active users and could easily steal wanelo’s current market share. The only issue is that Pinterest’s focus will have to go from sharing “ideas” to letting users purchase the things they pin from retailers. The demographic for Pinterest users are mainly older women. Wanelo currently caters to the female/male millennial market and will have to expand their current target market to older men and women. Expanding the current market may be difficult since many Pinterest users have adapted to the ease and user-friendliness of the site. The clothing and other fashion-related items do not necessarily appeal to men and women that are 30+ on Wanelo. Wanelo does try to fit more clothing options based on your age when you create your profile but is still struggling to fit in a wider variety of items for an older audience. Primarily because of the infinite of local stores that Wanelo provides are selling their products aimed at Millenials and not necessarily at the 30+-year-old working woman. If Wanelo is able to provide more retailers that could cater to the 30+ demographic then there is a chance for Wanelo to survive against this social media site giant. The biggest advantage that Wanelo has is its ability to advertise for multiple retailers on its app and offer promotions based on a user’s preference of retailers and past purchases. Local and online retailers receive more brand awareness thanks to the apps’ browsing feature for users. Since users are able to follow multiple brands and keep up with the current promotions going on at that moment it helps mold and strengthen relationships between the users of the app, the retailers, and the creators of the app. Pinterest may have an issue of replicating this same system.