Tuesday, December 09, 2008
Geezeo's Main Street Spending Report: A New Market Gauge
Journalists are always digging for data, and I just found a nice new shovel, thanks to one of my old classmates from journalism school. She sent me a link to Geezeo's consumer data report, which analyzes 800 businesses and 400 million transactions.
Geezeo devised a method to tap into the coveted goldmine of market data within every member of a social network. Stats are derived from Geezeo's network of users and deliverd in a monthly format, AKA the Main Street Spending Index Report. If you're willing to submit your primary banking info, Geezeo will factor your purchases into its database. Of course, if you're a natural skeptic like me, you're probably wondering:
1. How can I trust them with my financial info?
2. How is the info transferred?
Your consumer data is passed through two filters- an Secure Sockets Layer (SSL) and Secure Shell (SSH.
SSL is the standard security technology for establishing an encrypted link between a web server and a browser that ensures all data passed between the web server and browsers remain private and integral. It's s used by millions of websites in the protection of their online transactionGeezeo uses SSL for all external connections, this includes when we are passing information back and forth between our users and CashEdge (a third party information data aggregation partner).
Secure Shell (SSH) is a secure way of transmitting data over TCP/IP networks from one computer to another. It utilizes strong encryption and authentication and is used by millions worldwide for secure system administration, secure file transfer, and secure application connectivity. Geezeo uses SSH for communications between the application and database servers.So what's derived from your input?
(As well as everyone else in the network?)
The answer: Valuable, straightfoward data regarding leading corporations. Monthly transactions are recorded,analyzed and aggregated into a monthly report, such as the Dec. 3 post on Netflix, which revealed a dip in November. (Since it's subscription base, the dip must represent a drop in subscribers).
The culmination of reports from major retailers such as Best Buy, Kohls and other major companies could function as useful gauge for a unique angle on the overall market
By Matt O'Hern at 04:58 PM | Comments (0)