Small and medium-sized businesses (SMBs) are underserved by technology. One major reason: lack of access to data. Business owners often can’t get data about their own business performance, let alone info about their markets and competitors. This problem is particularly acute for brick and mortar businesses, including retailers, service providers, restaurants, and the like. Legacy technology and the physical (as opposed to digital) interactions with customers make it harder to collect, store, access, and draw conclusions from data.
Take revenue and transaction data as an example. For security and other reasons, most SMBs can’t access their own raw credit card transaction data in a format that allows them to understand basic business trends. Even with the best tools and biggest analytical brains, it’s nearly impossible to draw useful insights when your data is small, fragmented, and hard-to-access.
Womply’s mission is to use technology and data to grow, protect, and simplify small business. We’re uniquely positioned to help merchants in part because we have unmatched access to data. Womply has partnered with over twenty of the nation’s largest credit card processors; companies that process electronic payments for millions of merchants around the world.
As a result of these partnerships, Womply analyzes millions of new merchant transactions every day–and hundreds of billions of dollars in historical transactions. To get a sense of scale, Womply sees more dollars of economic activity every day than Amazon and eBay combined; at least ten times more than Square. Our transaction data is broad and deep: it originates from nearly every zip code in America, spans more than 350 business verticals, and includes data on over a hundred million card holders.
Womply combines this transaction data with billions of other data points–ranging from weather to social media activity to local sporting events (plus much more)–to generate unique and tailored insights that help merchants make better business decisions. These insights are then integrated with our suite of marketing tools so owners and managers can easily take direct action.
Until recently, SMBs were at a disadvantage when compared to big enterprises or online competitors. Today, Womply gives merchants the data and tools they deserve. Our goal is not simply to level the playing field for SMBs, but rather to tip the scales in their favor. To see more interesting facts about what our data tells us about small businesses, credit card spending, and more, go to our Statboard.