Fab Emerges As Design-Focused E-Commerce Powerhouse, Surpasses 10 Million Members
Design-focused e-commerce website Fab has emerged as a powerhouse in the design sales industry, announced on Monday that it has surpassed 10 million active members. You may recall that Fab announced just 7.5 million members in September 2012.
Speaking to investors the shopping portal announced its increasing numbers with the help of a 103-slide presentation focused on investor relations. Fab has only been operating for 18 months but has already sold 4.3 million products.
If you take the number of products sold by Fab and divide them by its time in existence (June, 2011) you’ll discover that the company is selling 5.4 products per minute.
Over the holiday shopping season Fab impressed buyers and investors by selling through 17.5 products per minute.
In comparison the massive Amazon.com portal sold 300 products per minute at its holiday peak, however Amazon sells a much wider selection of products and employs far more people than Fab.
Fab also revealed that sales were up fivefold in Q4 compared to the prior years same reporting period. The company also revealed that a third of its sales are now internationally based.
In another slide Fab revealed that it now offers 15,000 products, opposed to the 2,000 products it was offering in 2011. Among those products nearly half are home-based products.
Throughout the presentation Fab compared itself to Ikea, one of the company’s that its founders modeled the company after.
Fab plans to continue its expansion into international markets while offering more “Fab-designed” products that can’t be found at other retailers. The company is also placing more of its focus on mobile based purchasing and platform browsing.