Pricepally is creating a next-generation smart alternative food system for African cities. Direct farm-to-fork fresh food distribution is now possible with just a few clicks. It increases the revenues of food farmers by more than 30% while lowering food expenses for families by up to 25%. USDA and the World Economic Forum say that Nigerians spend more than 50% of their household income on food – the highest percentage in the world and the biggest income-to-food expenditure ratio. Nine other countries spend more than 40% of their monthly income on food. Four of these countries are in Africa. With Nigeria at 56.4%, Kenya at 46.7%, Cameroon at 45% and Algeria at 42%, respectively. In June 2024, Nigeria’s food inflation rate stood at 40.8% compared to 15.6% in June 2023. This data reveals a concerning problem that Africans are dealing with right now.
Why is the food price inflation rate soaring across Africa?
But now, rising food prices have hit household finances quite badly and have cut down disposable income. Among the many reasons, rising food inflation is a major reason for the rising average costs of certain basic consumption items. These items include cassava, water yam, cocoyam, groundnut oil, and assorted seafood. Various factors are causing food prices to rise. Illegal trade smugglers usually bring food products and other consumer goods into countries, posing an increased demand with a reduced supply of goods. Several fertile areas of the country are unsafe.
The roads connecting farmers to markets are poor and ineffective, creating a little delay and loss. Effects of climate change include droughts, erratic rainfall, flooding, and temperature increase. These have very negative effects on underproduction in Nigeria and major agricultural produce. Food waste and lower agricultural production are factors detrimental to consumers. They lead to increases in food prices and the availability of inexpensive, wholesome options.
How is Pricepally solving the food problem across Africa?
Pricepally is an online supermarket that connects customers to farmers and suppliers for wholesale fresh, high-quality food at affordable prices. The venture focuses on creating a new integrated inventory management system for wholesalers and enhancing the existing consumer and operating app.
The venture would create an integrated inventory management system for wholesalers, ensuring that food losses are prevented while efficiently resolving matters related to inventory management, such as overstocking or understocking.
What’s Next?
The Pricepally platform can be expanded throughout Africa and other developing countries where food insecurity is still a problem to lower costs. It can improve the efficiency of the farm-to-table value chain. Families in urban African cities with varying income levels can benefit from this solution. Their ideal clients are typically between the ages of 24 and 62. They are women or adults in families who make the decisions about what the family eats and where to get it. Most of them are professional women who work 9 to 5 jobs or are self-employed. Its main goal is to make the present consumer app better to boost demand and client acquisition. Additionally, it will improve the operational app to facilitate data sharing between farmers and producers and expedite supply operations, resulting in improving production planning and lessening distribution issues that could result in losses after harvest.
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