While online consumer spending habits and trends can be easily tracked and measured, the same cannot be said of offline spending. It is for this reason that Kenya’s mSurvey and Safaricom have teamed up.
Through Consumer Wallet, which has been described as a groundbreaking platform, both companies will track and measure offline consumer spending habits and trends in Kenya on a daily basis.
This will be done via simple questions about spending behavior sent as chats to the mobile phones of millions of consumers. This flow of cash is analyzed in real-time, resulting in a dynamic, visualized and nuanced data stream.
The Wallet provides businesses, entrepreneurs and investors instant insight into offline consumer spending habits in Kenya and a comprehensive measurement of their ‘share of wallet.’ It will also help them develop products that would be of value to consumers.
“Traditionally, it would take extensive in-person questionnaires or physical diaries to scratch the surface of this kind of data, a method that is cumbersome, expensive and subject to low response rates and human error,” said Bob Collymore, CEO of Safaricom.
He added, “…the in-depth, high-integrity data we are unlocking with this new Consumer Wallet platform is extremely valuable and helps us and other businesses and institutions around the globe make better decisions, relate to consumers, identify opportunities, navigate the terrain and fuel growth and transformation.”
The Consumer Wallet is in live beta in Kenya. Both companies are already planning to launch the Wallet across the continent and other emerging markets.
This partnership comes after Safaricom, through its Spark Venture Fund, invested US$1 million in mSurvey last year.
The startup leverages SMS and mobile messaging technology to simplify access to credible, on-demand data from the emerging world. It currently connects with communities in Kenya, the Philippines, Jamaica, Trinidad and Tobago and Haiti.