Tech Report: Shopping Startup Fab Grows Quickly
SAN FRANCISCO (KCBS) – E-commerce startup Fab is quickly growing. The company, which uses flash sales to sell products, is expected to reach 8 million users in the next week.
The company is already making money off of mobile and has released more mobile apps. Those apps already contribute to a third of Fab's daily traffic and sales and CEO Jason Goldberg said he expects the numbers to jump to 50 percent during the holiday season.
Fab was founded last February and offers exclusive access to daily curated design sales featuring emerging designers and design brands. Membership is free and it is open to everyone.
KCBS Technology Analyst Larry Magid:
Goldberg said the mobile apps allow users to have an easier experience with Fab's core functions and the company promises a slicker experience for users.
Fab is on track to do $150 million in sales this year, with much of it coming form Europe.
You can hear Larry Magid's Tech Report Monday through Friday at 3:50pm on KCBS All News 740AM and 106.9FM.
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