Apple is contemplating buying The Fancy, a social e-commerce website.
The Business Insider reported Apple is in discussions to acquire the New York-based, fast growing startup, The Fancy, which is backed by co-founders of Twitter and Facebook.
The site describes itself as “part store, blog, magazine and wish.” It is similar to Pinterest as it lets its users make a wish-list but the difference is it lets people buy them through its site. The site gets a 10 percent cut to the purchases made.
The objective for Apple is it will get a foothold in the growing e-commerce market. It will be able to market more products onto its user base via Apple’s iTunes stores to work shopping, with Apple getting a cut for it.
The Fancy’s biggest rival is Pinterest, but Pinterest is not involved in e-commerce. Facebook that lets retailers set up shopfronts on its website, but it has not yet yielded the result it should have.