Whatever Happened to…ShopSavvy?

Who is this we’re talking about?

ShopSavvy is a barcode scanner for your smartphone. Available on Android, Blackberry, and iOS devices, ShopSavvy uses the information conveyed through the barcode to make comparison-shopping easier for the consumer.

Once a product’s barcode is scanned, ShopSavvy pulls price information for the same product at other nearby brick-and-mortar stores, as well as online retailers. The app also offers a “wish list” function, where users can save items they’d like to buy later.

ShopSavvy has been working on Android phones since 2008. This demo video is nearly four years old.

Who are ShopSavvy’s merchant partners?

A November write-up at TechCrunch puts ShopSavvy’s merchant partnerships at 40,000, with Walmart, Target, Best Buy, Sears, Nordstrom and Barnes & Noble among the major companies.

How much business is it generating?

It’s not clear how much money ShopSavvy is bringing in, but it’s apparently enough to survive for four years. An article at CNET explains how the app makes money:

The company has survived on revenue generated through AdOns: Ads that businesses use to target customers based on the store they are in (GPS) and the product they are interested in buying (UPC… or traditional barcodes). AdOns can take the form of a coupon, a rebate, loyalty card or any other creative marketing ploy a business chooses. ShopSavvy uses a mobile wallet called QuickPay to help close customers on the spot.

(Source)

Which investors are behind the company?

ShopSavvy has raised $11.5 million in equity funding to date, according to VentureBeat — the bulk of that coming this past November, when Facebook co-founder Eduardo Saverin (remember him?) led a $7 million round. Brad Martin, former CEO at Saks, was also among the participating investors.

What significant milestones has the company reached?

ShopSavvy claims more than 20 million users (says VentureBeat), and says it is responsible for 50 million product scans a month (according to TechCrunch).

What’s the latest news from the company?

Three good nuggets so far in 2012:

•  In January, the company launched SavvyListings, a new feature that lets users re-sell the things they already own to other ShopSavvy users. Think of it as a sort of “mobile Craigslist,” with an added dose of barcode scanning for listing accuracy.

•  Last month, VP Business Development John Boyd appeared at Mobile World Conference in Barcelona.

•  In May, representatives from ShopSavvy will attend FinovateSpring, in San Francisco.