Emerging markets such as those in Africa have always been challenging for both local and international brands, largely due to the dominance of offline channels and informal trade, which makes gathering data on consumer behavior, product preferences, and market size difficult. However, Rwazi, a market intelligence startup launched in 2021, is addressing this challenge by providing unit-level data, such as the products bought, the frequency of purchases, and the geographic location of the consumers, directly sourced from them rather than relying on inferences based on sample information.
Rwazi is currently present in 40 countries in Africa, as well as in other emerging markets like South Asia and Latin America. Its expansion plans and product launches are backed by a $4 million seed funding round led by Bonfire Ventures, with participation from Newfund Capital and Alumni Ventures. To collect data, Rwazi uses a web or mobile app that compensates users for logging their purchases after verification. The startup tailors its data collection to the needs of its customers, which include 18 multinational corporations across various sectors.
Rwazi's focus on collecting granular data directly from consumers is helping brands enter emerging markets with greater confidence and insight, enabling them to determine locations for expansion, identify new markets that are growing and have good demographics to establish themselves and make accurate decisions on hyper-local messaging, pricing, and packaging. Rwazi is currently a network of 50,000 consumers, providing valuable market insights that were previously difficult to obtain.
This approach of direct data collection from consumers has proven to be effective for Rwazi, as it enables them to gather accurate and up-to-date information about consumer behavior and preferences in emerging markets. This, in turn, helps their clients make informed business decisions and expand their presence in these markets.
Rwazi's focus on emerging markets is significant, as these markets are expected to drive global economic growth in the coming years. However, the lack of reliable data has always been a major challenge for brands looking to enter these markets. Rwazi's innovative solution to this problem has the potential to revolutionize the way brands operate in these markets and could lead to significant economic development in the regions.
Overall, Rwazi is an excellent example of how innovative startups can solve real-world problems by leveraging technology and data. By providing accurate and granular market insights directly from consumers, Rwazi is empowering brands to make informed decisions and expand their presence in emerging markets. As the startup continues to grow and expand its offerings, it has the potential to make a significant impact on the global economy.
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