In rising markets like Africa, offline retail dominates most product gross sales, pushed by casual commerce, and cash-based transactions. This makes the sourcing of knowledge on the true market worth or sizes of merchandise a herculean job. But, native and worldwide manufacturers require knowledge, for example, on market measurement and worth, client profiles and their buying energy, and penetration of their rivals’ merchandise, to both set up their presence or broaden into such markets.
To save lots of manufacturers from moving into rising markets blindly, Rwazi, a market intelligence startup is out to bridge this hole, by offering these market insights backed by knowledge collected straight from shoppers. Rwazi co-founder and CEO Joseph Rutakangwa advised TechCrunch that in contrast to bigger analysis corporations, which make inferences primarily based on pattern info, the startup seeks unit-level knowledge just like the product sizes purchased, frequency of purchases, and geographic location of the shoppers.
Launched in 2021, the startup is now scaling in rising markets, together with in Africa, the place it claims to have already got a presence in 40 nations. Rutakangwa additionally says they’re obtainable in different markets like South Asia, and Latin America.
Its growth plans, and deliberate new product launches, are backed by a $4 million seed funding closed in a spherical led by Bonfire Ventures, with participation from Newfund Capital, and Alumni Ventures.
“We’re rolling out new merchandise this 12 months that assist totally different languages as a result of this has been a barrier to our development in these areas,” mentioned Rutakangwa, who co-founded the startup with Eric Sewankambo.
The startup says multi-language assist will assist them scale of their present markets, whereas broadening the demographic knowledge of their client knowledge.
Shoppers use an internet or cell app to log their purchases, and obtain compensation for verified submissions on Rwazi’s platform.
The startup’s settled on sourcing knowledge straight from shoppers after a number of ineffective iterations together with utilizing brokers, and gross sales groups.
“Through the use of Rwazi, multinationals entry knowledge on who’s shopping for what, for the way a lot, from the place, when and why, to assist them drive income and broaden. And since manufacturers are getting knowledge from the horse’s mouth and might see how shoppers are making buying choices, they will do hyperlocal messaging, pricing, and packaging,” mentioned Rutakangwa.
The info collected by Rwazi consists of product utilization, frequency of consumption, and family budgets and earnings. The info is predicated on the wants of the subscribers utilizing its SaaS product.
Rutakangwa says they launched Rwazi knowledgeable by the necessity for up-to-date knowledge compelled by frustrations they encountered whereas making an attempt to acquire well timed market insights of their earlier jobs. He says essentially the most obtainable knowledge, typically by state companies, is both outdated, or focuses on basic tendencies, and lacks the granular knowledge that’s wanted for correct motion. The previous African Management College (Mauritius) college students then embarked to fill this hole.
Rwazi, which was a part of the Techstars Los Angeles accelerator program final 12 months, presently has a community of fifty,000 shoppers, and 18 multinationals monitoring greater than 200 totally different merchandise, in varied sectors together with fast-moving client items, healthcare, telecommunications, and monetary companies.
Some manufacturers are utilizing its platform to find out places for growth, or investments to their competitiveness.
“Others are on the lookout for new markets, which might be rising, and have good demographics, areas the place they will begin establishing themselves to have the ability to seize future gross sales,” he mentioned.