Has Social Media Killed the Mall? Part 1
In the 80s and 90s, the mall was the epicenter of teen social life. Trying on new outfits and hunting down bargains with friends was an inherently social experience. The recent surge of social media apps like Instagram and Snapchat is having an impact on retail, however. Consumers find that instantly sharing the new fit of a pair of jeans they bought online will get them hundreds of "likes" in minutes from Facebook friends and Instagram followers. It's almost become more gratifying than stepping out of the dressing room for a reaction from a single friend.
Greg Petro is founder and CEO of First Insight, a technology company transforming how leading retailers make product investment and pricing decisions.
Greg has a 25-year history in the retail industry with a career spanning merchandising, sales and management. But while at one of the world’s leading supply chain technology firms, he saw a need for retailers and brands to re-engage with consumers to determine which products would be top sellers well before costly investments are made to bring them to market. In 2007, Greg Petro founded First Insight Inc., a technology company that delivers what is now the world’s leading predictive analytics platform for consumer-testing new products. Through engaging consumers online and mining social data, the First Insight platform empowers retailers and brands to introduce the right products at the right price, and target them to the right customers. Today, he serves as its Chief Executive Officer and President. Greg is a member of the Board of Advisors of the Fashion Institute of Technology, as well as a frequent speaker at the graduate business schools of Columbia University and the University of Pittsburgh. Greg also speaks and at a number of industry conferences, where he educates his listeners on how retailers can use technology to identify and deliver what their customers really want. Mr. Petro holds both MBA and Bachelor’s Degrees from the University of Pittsburgh.
