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Scott Morrow, CEO of social shopping site developer ThisNext, paints a remarkably rosy picture of his company's business, despite the toll the economy is taking on shopping in general and retail in particular.
In this episode of The Deal's Behind the Money show, Morrow argues that ThisNext focuses on product categories, such as home and garden, fashion, and beauty that are typically bought on impulse and emotion rather than price and specifications, making them well-suited to the social shopping approach and less vulnerable to the economy. Watch the video or download it from iTunes.
"We are taking a 'people powered' approach to help consumers discover and purchase products online since the trends and best products are dictated by people in the know," says Morrow. "This saves consumers time and leads to a more satisfying shopping experience."
ThisNext has some impressive partners and backers. Its technology is behind the Wishlist component of MySpace and is featured on TheSureThings Marketplace from Visa Europe. About a year ago, the company raised a $5 million Series B from existing investors Anthem Venture Partners and Clearstone Venture Partners. And serial entrepreneur Jason Calacanis, the CEO of Mahalo.com, who we interviewed last March, serves on the company's board. - Mary Kathleen Flynn
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