The magnificent turn of fab of the Alternative electric dealer

At the recent TechCrunch Disrupt NY meeting, Fab CEO Jason Goldberg of the Alternative electric business website shared his unique entrepreneurial story, including how he made fab finish from Fabulous's gorgeous turn, and Fab's unique " To design for the soul, "the extreme emphasis on user experience" of the electric business philosophy, his share has brought us a lot of inspiration.

Gorgeous turn

It may seem implausible to say, but Fab's predecessor was a gay social networking site, fabulous. According to Jason, the gay social networking site was established in 2010 and has a population of about 150,000 users. Unable to attract enough users, Jason and his start-up partner, Bradford, had a serious conversation about the future in early 2011.

"In the next three years, we are going to do a great job, and it should be the most enthusiastic thing we can do." ”

Driven by this impetus, they raised three such questions to determine their own careers:

The best thing that can spark our passion?

What do we think is the first thing in the world?

A big market that hasn't been opened yet?

Five minutes later, they thought together: Design!

This has to do with the background of two founders, Jason was a user experience designer, and Bradford was a product designer. They think that no company at that time has been able to equate "design" with a company whose business is to be "designed as soul".

So they found investors who had previously fabulous, fabulous 1 million dollars in the first round of financing, and Jason invested 250,000 dollars. "Now we think there is a bigger market opportunity," Jason told 20 investors. My personal investment in this will double, if you do not have the confidence, you can take the money to leave. ”

20 minutes later, Jason got the answer: "Let's do it!", Fab in the second round of financing to get 40 million dollars.

Entrepreneurial philosophy

Unlike what the outside world sees as "Fab is a flash site," Jason says Fab is a design discovery site, which he insists is the essence and the founder's original intention. Fab's annual revenue has been close to $100 million trillion and the number of users is over 4.5 million. Such a result could be said to be "very successful" for a start-up.

Jason believes that the secret to FAB success is "The best design, the best user experience, the best customer service". These three "best" things make Fab's shopping experience very perceptual. He believes this "perceptual shopping experience" helps build long-term customer relationships and can build Fab into a brand.

With regard to the "perceptual shopping experience", Jason compares the electric giant Amazon with Fab. On Amazon, consumers are going to buy on Amazon when they know what they want, and on the Fab, consumers don't know what they want. This has turned Fab's shopping experience into an "exploration", and as a result of its excellent product design, user experience and customer service, consumers have been pleasantly surprised and "unplanned shopping". Jason even called it "e-commerce 2.0".

In short, Fab attaches great importance to the consumer experience. Jason pointed out that a year's revenue is 100 million or 200 million is not important, it is important to "make customer smile." As long as it continues to "make consumers happy", it is not a dream to have Fab grow into a world brand like Ikea.

In addition, Fab is reported to be preparing a new round of financing, the amount will reach 100 million U.S. dollars, and the valuation may be 700 million dollars.