151 – Chris Petrakis and Sean Rashid of Solebrity – Shift of Power

Social mobile shopping with rewards from Solebrity…

Solebrity 3Chris Petrakis (CGO and Co-Founder – bio) and Sean Rashid (Advisor – bio) of Solebrity, Inc. (a mobile shopping app reinventing the way consumers shop starting with a marketplace for fashion and apparel that rewards the user for endorsements and sharing), join Pavan Bahl, Rob Sanchez, and Marc Raco on location at 2016 Fashion Digital NY.

Millions of products, control, and analytics

Solebrity 6Petrakis reviews how Solebrity has more than 11,000 brands, more than 11 million products, smart data technology company looking at unique nature, behavior and influence of users that is creating a personalized experience based on their style and social interests. A shopper-centric focus, shoppers only see products relevant to themselves via an organizing process, and the ability for user to have some control. An affiliate model, data-driven analytics and metrics for brands including endorsements, and why influencers don’t see “dislikes”.

A Chili’s challenge, celebrity influencers, and opportunity for designers

Solebrity 5How Solebrity was ideated from a challenge at a Chili’s, what MIT Social Media Lab Social Genome project has to do with the company, why Rashid got involved, getting away from celebrity to everyday people, what is shifting, why brand endorsements for celebrities must be their individualistic style, and geographical differences impacting celebrity influence vs. a person in that community. The variety of verticals possible outside fashion/beauty, and why not electronics, navigating user growth as organic and measured, and the lack of spend on advertising. How Solebrity’s approach is a way to connect to millennial shopper (which is key to big brands) and why they have come on board. Focus on fashion and trends, what attracted Rashid to the company, creating a platform for individual designers or influences to have their own space on the app with an opportunity to launch and sell their own designs.

Affiliate programs, regulations, and rabbits

Bringing design and technology together, supporting the industry, how stylists, makeup and artists can also be under one platform, how to do better than affiliate ads, and why Solebrity produced a lot of data that brands are interested in and in promoted channels. A freemium data platform, being agnostic to social platforms, the drop-off rate when blending purchase with user acquisition, concerns regarding FTC regulations around native advertising and endorsements, and the size of an user agreement. Plus, the first time Petrakis and Rashid ever made money in their lives.

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