Ever heard of Fab?
No I don’t mean as in fab dress, film etc. Nor Faaabulous as in Strictly Come Dancing quotes. It is a fab marketing case study that shows the basics of meeting customer needs and doing a great job really works.
I am referring here to the design business. http://eu.fab.com/
The statistics from the CEO below show why this is a Fab business. It has been in existence for hardly anytime at all and just look at the numbers- now that is Fabulous —
Goldberg the CEO gives us some key addresses highlights:
- Fab has sold 4.3 million products, or 5.4 products a minute. This holiday season, it sold 17 products a minute.
- A third of Fab’s sales come from mobile with 56 percent on Christmas Day sales coming from mobile devices.
- Total sales grew by 600 percent from 2011 to 2012. On a daily basis, two-thirds of sales are from repeat customers. Fab had several days in 2012 with sales of more than $1 million.
- Q4 sales grew by 400 percent in 2012 with 30 percent of sales outside the U.S. Fab now sells in 26 countries.
- 50 percent of Fab’s sales are home products while 20 percent are fashion and accessories. Jewelry and art make up more than 10 percent each. Fab now has 15,000 products for sale, up from 2,000 at the end of 2011.
- Fab ships 75 percent of U.S. orders within two hours, compared to 16 hours last year. Customer response time is down to 15 minutes, from 48 hours last year.
- Employee headcount is now 600, up from 85 at the end of 2011.
- 15 percent of products sold in 2013 will be exclusive to Fab. Fab has worked with 7,500 designers
Many thanks to Dan Sodergren for the insight- check him out on mobile marketing.
A lesson to us all – and many thanks to – http://gigaom.com