I came across a new & interesting site: Bundle.com
They use anonymous, aggregated spending data (over 500 transactions per business) to rate local businesses based on factors such as:
How often people go back
How many people go there and how much people actually spend
What are the demographics of the customers – young, old, single, families, local etc
What other places their customers frequent
What are their busy and non-busy days
Using this type of data, they can learn a lot about whether a place is good, or whether a place is good for you. Their method of rating when combined with people’s subjective opinions, can allow users to make smarter decisions, by removing bias and false reviews because the bundle review is based on actual spending information. In essence, people are voting with their wallets.
Think of it this way, on a Google or Yelp Review you may have to sort through dozens reviews to see if a place is any good, and then figure out which are real and which reviews are fake or paid for. (see Yelp Review Post)
All in all, a very cool concept.