NEW YORK ( TheStreet) -- Just in time for the holidays, a new Web site is shaping up to be what could be one of the season's go-to destinations for gifts.
It's called fligoo.com. The Palo Alto, Calif.-based gift recommendation site analyzes social media data such as "likes," interests, activities and posts on a person's social media accounts like Facebook (FB - Get Report), Twitter, Pinterest, LinkedIn (LNKD) and Foursquare, among others, to come up with personalized gift ideas for users' family and friends.
It began operating two months ago and has 10,000 users, mainly ages 18 to 25. As the company ramps-up partners and general awareness, particularly in the all-important holiday retail season, it's aiming to increase its user base to 100,000 by February.
Fligoo.com is a gift recommendation Web site that analyzes social media activity to create suggestions.
That means having an appropriate selection of gifts from partners is imperative. So far, retailers including Amazon (AMZN - Get Report), Barnes & Noble (BKS), Sports Authority, Cabela's (CAB) and recently, Urban Outfitters (URBN - Get Report), among other smaller, private companies, have partnered with fligoo to feature their products on the Web site.While fligoo is likely going to need some fine-tuning as it grows, (I allowed fligoo to find gifts for my Facebook friends and I am not sure my 71-year-old aunt would appreciate a water balloon slingshot), the site does have potential. The U.S. market spends about $300 billion on gifts, approximately 20% of which are returned, according to fligoo. The $60 billion gift return market is a big opportunity for retailers. As consumers turn increasingly to e-commerce shopping over in-store purchases, particularly when it comes to the mall, Lucas Olmedo, fligoo's co-founder and CEO, says so far no one has created a site quite like this. "We saw an opportunity. We could create technology that could solve this problem ... that could identify people profiles on social networks and make and actually suggest gifts to that person," Olmedo says in an interview with TheStreet last week. Fligoo plans to have a mobile app launched in January. Of course Fligoo isn't the first gift recommendation site (all you have to do is type in Gifts.com to your Web browser), however its ability to act as a bridge between social networking sites and retail e-commerce sites does make it different.
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