Amazon, Yelp and similar sites rely on customer reviews to help users with their purchases. A nagging concern of shoppers, however, is how reliable these critiques are. I’m sure, you too, have wondered this-Right?
Bundle, is a New York City based start-up and has turned to a source it deems more objective: credit card data. Bundle receives data on credit card transactions from Citi, one of its investors. The data is stripped of personal details, but every cardholder is tagged with a unique identifier so spending can be tracked.
The data also retain demographic informaiton such as salary, marital status and household size. Bundle then compares each transaction against a comercially available list of of 15 million merchants that accept credit cards, which includes the merchants locations. The idea according to Bundle CEO Jaidev Shergill is:
To see people putting money where their mouth is
Wow, when I wrote a recent post about Data Scientists being the hot job of the century; I didn’t realize how sophisticated data mining has become!
Do you rely on Yelp and Amazon reviews when making purchase decisions?
Full article: New Ratings Site Mines Credit Card Data