Fab.com is the fastest growing eCommerce site in the world.
In this interview with Rebecca Jarvis of the CBS Network, CEO Jason Goldberg and Chief Design Officer Bradford Shellhammer explain how they have grown their startup into the success story that it is today.
Every year they aim to re-invent, re-create, re-imagine what the company is doing. This has resulted in some phenomenal growth.
At the start of 2012 Fab had 2,000 products listed. By the end of the year, there were 14,000 products for sale. Similarly, employee numbers boomed, growing from 100 to 600 across 2012.
The company also worked to reducing shipping time and thus, improve the Fab customer experience. At the start of last year, the average delivery time was 15 days. By the end of the year, the company was achieving an average delivery time of just three days.
In it’s two year history, Fab.com has grown from nothing to a $700 million valuation. In its third capital raise, the company secured $105 million in funding last July. In its second round it received $40 million. To date, the company has secured $157 million in funding in the past two years.
The site has 10 million registered members and sells in 26 countries. In the lead up to Christmas 2012, the site was achieving an average of $500,000 in sales a day.
It’s impressive stuff.