Foursquare 3.0 for SXSW: It’s All about Recommendations
The update for iPhone and Android (others to come) basically offers a recommendation engine. Once you key in what sort of thing you are looking for, say pancakes, the app uses a variety of parameters including your location, your personal history (where you've gone before) and everyone else's personal history (that huge database of check-ins) to offer up some ideas. RWW has a great listing of the inputs.
So, really from a business standpoint, two things are happening.
- The company is doing more with that big old database it is building. RWW says one estimate is that the company probably has 10 million bars, restaurants, parks, stores and other places each with about 50 check-ins. I should point out the geographic distribution of those points will have a great impact on specific experiences.
- The company is finding new ways to included everyone is getting "deals" thus expanding its potential partners and profits.