Jason Goldberg and Bradford Shellhammer transformed Fab.com from a failing social network into an innovative social commerce site in under two years.In that short time, the Manhattan-based daily deal site for design enthusiast has surged to 10 million users.
“The market for good design is a $100 billion industry that cuts across multiple product categories,” Goldberg explained to Betashop last year.
“Our team has a collective passion for design. There is no web-native e-commerce brand today for design products, particularly at discount pricing, so we could fill that void.”
Last summer, the company raised $116 million in a Series C round placing it at a $600 million valuation. Fab’s success isn’t a coincidence, two-thirds of its sales came from repeat customers, and total sales grew 600 per cent from 2011 to 2012.
Fab’s leaders recently got together for off-site meetings to brainstorm and came up with this statement of how it works.
The following presentation put together by Fab explains how the company functions, how it deals with challenges, and how it stands out from the pack.