Apple may be looking to get a bit deeper into the world of social ecommerce with a potential deal with The Fancy.
According to a report from Business Insider, Apple has had some discussions with social shopping and sharing site The Fancy. Like the mega-popular Pinterest, The Fancy allows you to make lists of items that interest you and share them with followers, but unlike the former, this one allows you to also purchase those items. Retailers that have signed up for the service then give a 10 percent commission to the company on all sales it generates.
If it sounds like something that wouldn’t generate much interest, do keep in mind that Twitter cofounder Jack Dorsey and Facebook co-founder Chris Hughes both sit on the board of The Fancy, and in its latest round of funding it was pegged at a $100 million dollar valuation.
While nothing official has been said about the talks, both Apple CEO Tim Cook and Fancy CEO Joe Einhorn met at Allen & Co.’s Sun Valley conference recently. Not long after that event, Tim Cook set up an account on The Fancy, which is an interesting turn of events for a man that is notoriously private and doesn’t participate in other major social networks. His list of items he liked is currently private, but at some point the seven items he had “fancied” included the Apple Store in Amsterdam.
While a site like this may seem an odd fit for a company that is all about selling its own products, consider the fact that it has hundreds of millions of users registered with it along with their credit cards. Earning a 10 percent cut of a sale from another manufacturer gets a lot more attractive when you start doing the math. When you also factor in the PassBook feature that will be introduced in iOS 6, it’s obvious Apple wants to have a lot more to do with your general shopping habits
Apple has been known to talk to a lot of companies over the years, and not all of those discussions result in acquisitions. This could end up being just another one to add to that list, or it could be the beginning of a whole new direction for the Cupertino-based company. Only time will tell.
[via Business Insider]