You may have caught recent news about a new web service that allows users to automatically share details of their daily purchases with friends and strangers alike. Blippy is being called “the Twitter of personal finance” by some, and the End of Days by others. Here’s how it works: users create a Blippy profile, enter one or more credit cards or store accounts to link to the profile, then select friends with whom they’ll share purchase information. Sounds harmless enough, so long as you’re comfortable with people knowing how many Dunkaccinos you consume on a daily basis. Or how much you’re spending on 70’s glam rock at iTunes.

But let’s be honest: the purchases most people will end up sharing will simply be staging. Consider the ways that people create an online “personae” that may or may not match reality. You know them, the Facebook friends who are always posting updates from exotic locales, while sipping the finest wine and hobnobbing with the rich and famous, heli-skiing in the Alps, or standing front row at at a Jay-Z concert. It’s stagecraft of the finest order, as will be the purchases they intend to share on Blippy. We won’t be seeing the box of Charmin bought from the local wholesale club or the Netflix order for seasons 1 through 5 of American Idol popping up on these Blippy profiles. Or will we? Time will tell.

My attention is more focused on the possibilities that present themselves when considering the viral marketing implications of such sharing. We all vote with our wallets. If someone I know has actually paid for a product - it clearly has their vote. When I learn that a friend whose musical taste mirrors mine has bought music from a new artist on iTunes, I’m going to take a closer look.

Even more interesting are the products/services whose costs are elastic, such as gym memberships. What if I find out a friend is getting a better deal at the health club than I am? Or that they’re getting hosed?

And think about the possibility for group sharing of terrific deals. I no longer have to send a tweet or email about a great bargain at Amazon. It’ll go out automatically when I buy it (along with a link), and everyone can comment on it or act on it immediately.

It has the makings of a pretty addictive sport - one that I’ll be watching very closely.

Posted by Steve Angel | Share: Twitter, Facebook, Del.icio.us, LinkedIn