Retailers shift their ad spending from TV, radio and print ads to digital ads.
In the works is a tool that predicts the optimum time to buy an item.
Mobile deals aggregator ShopSavvy has released the second version of its Product Cloud platform, the company announced today. Product Cloud 2.0 enables ShopSavvy to begin collecting data about the millions of searches, search histories, pricing information and other trends related to its users that will allow it to roll out new features in the coming year, says John Boyd, ShopSavvy’s co-founder. For example, in a few weeks the company plans to add a “when to buy” feature to the app that crunches past price information and predicts the optimum time for a consumer to buy an item at the lowest price, he says.
Additionally, the updated ShopSavvy platform includes an enhanced retailer portal, Boyd says. ShopSavvy has been working to sign up more retailers to provide their deals and product information to the app via the portal, he says, and it has improved its technology so that information uploads quickly, making the data available to consumers almost as soon as retailers provide it.
“The last six months we’ve been working to find new ways to get new retailers into the system and to use the latest technology to get prices, product inventory and store location information into consumers’ hands across mobile platforms,” he says. “The elves have been busy for this Christmas release. It is the most important thing we do for users—local store results and online store results are vastly improved.”
Over the next year Boyd says ShopSavvy will have a heavy focus on adding more local deals and more food and grocery retailers to its platform, per consumer demand. Information from about 4,000 retailers is included in the app, with about 150 new retailers have been signing on to share their information with ShopSavvy every month, he says. Altogether, the app contains data about more than 20 million products, the company says, with more than 40 million downloads and millions of active users around the world, primarily in North America. It ranks 4.2 out of 5 stars in the Google Play app store and 4+ stars in the Apple App Store.
ShopSavvy allows consumers to search for products at the lowest price locally, with specific store information available, and online, with the ability to buy over the Internet then or save the item for later, the company says. The app also returns information about deals and coupons, including daily deals from Groupon Inc. Shoppers may share products, prices or lists they’ve made in the app via e-mail, Facebook or Twitter, ShopSavvy says.
In other news, ShopSavvy has hired Chris Makarsky as vice president of product. Makarsky comes from social media analytics site Klout, where he was head of product, the company says.