Pricepally, a Nigeria-based start-up, has launched an online group-buying platform that aggregates the food demands of consumers in urban centers, presently in Lagos State, and matches it with farmers and wholesalers that sell at cheaper rates.
Luther Lawoyin – the CEO of the newly launched Pricepally, in 2019, discovered that many Nigerians spend a larger chunk of their money on food. To minimize this, he came up with a strategy that allows Nigerians to order for foodstuffs, irrespective of the quantity, and match them with other Nigerians who have an interest in that same foodstuffs. For instance, if Mr. A wants one-quarter of a bag of rice, Mr. B wants half of a bag of rice, and Mr. C wants one-quarter of a bag of rice, Pricepally links them up and help them to order for a bag of rice from farmers and wholesalers who sell these foodstuffs at a highly subsidized price. Pricepally will then send the foods of each customer to his/her preferred location.
Mr. Luther Lawoyin said, “The idea came up late last year. After three months of data gathering of my family expenses by my wife, we discovered we spent over half of our income on food monthly”. In the same vein, he further explained his research findings, “More research made us understand how much of a huge problem this was across Africa and other developing nations. We decided to solve this problem by buying in bulk with other families, which helped to reduce our monthly spend by as much as 25 per cent. After this advantage was proven, we decided to add the technology layer to improve it and be able to serve more people.”
Users or Consumers log in to the official website or mobile application of Pricepally to register. After the registration, you can order for any foodstuffs, and the system will book it. Once any other user requests for the same foodstuffs, it matches both of you into the same group, so it is for other users. Pricepally then comes in as the intermediary to buy the foods, divide them accordingly, and send them to each customer at their preferred location.
Although Pricepally presently operates only in Lagos, it hopes to expand to other cities in Africa in the coming years. “The growth rate per day is north of 60 per cent, and we are bombarded with enquiries and interest every day. We have been getting a lot of useful feedback in improving the product,” gushed the CEO of Pricepally, Mr. Luther Lawoyin.