The Washington, D.C.-based startup Blue Tiger Labs launched a smartphone application aimed at helping shoppers find items for the lowest prices, at the stores closest to their location.

According to an article on washingtonpost.com, the PriceSpotting app uses a phone's GPS technology to find nearby supermarkets and grocery stores and then utilizes user-generated data to compare the prices of items. In addition to the app's users scanning item prices to create a real-time database of price comparisons, the company also pulls information from weekly circulars and retailer websites.

Blue Tiger Labs has two upgraded versions of the app planned for this summer that will allow users to share bargain finds with their social networks and allow grocery chains to offer deals directly to users, the article reported. The firm also plans to expand PriceSpotting beyond grocery stores and into other retail segments, including clothing and home goods.

Read more about supermarkets and grocery stores.