Grocery comparison app, frugl, developed by Family Insights Group (ASX: FAM) is ready for “immediate commercialisation”, showcasing pricing and availability features believed to be relevant during current COVID-19 economic conditions.
The company said this week the database infrastructure and core analytics capability of its new frugl app have been developed and it is ready to commence onboarding business customers.
Available on Apple and android devices, the product will compare prices between supermarkets and offer shoppers a range of pre-built and price-optimised lists, some of which will be sponsored by commercial partners.
The retail data component of the app – which contains almost a full year of grocery pricing and promotional data across major grocery retailers including Woolworths (ASX: WOW) and Coles (ASX: COL) – offers a “strong commercial solution” ready for immediate deployment by retailers and their suppliers.
A social share feature will give users the ability to send lists to friends and family, with non-frugl users prompted to download the app on receipt.
Family Insights said current economic conditions offered strong growth prospects for the app.
“The COVID-19 pandemic is reshaping consumer sentiment and demand for food and groceries and current conditions are leading to a surge in online grocery shopping demand, with price sensitivity emerging as the key factor,” it said.
“We believe our app is well-positioned to address pricing and availability sensitivities, with localised price comparison and promotions visibility helping shoppers to minimise their weekly spend during this period of economic instability.”
In its March quarterly, Family Insights said it had completed an operational review to reduce its cost base while maintaining ability to develop and commercialise core products.
Key measures heading into the June quarter will include reducing staff numbers by 57% and negotiating deferred salary components with employees and directors.
“These measures are expected to reduce operational expenditure by approximately $93,000 per month, substantially reducing [our] cash burn and strengthening our ability to continue operations during the economic fallout of the COVID-19 pandemic,” the company said.