BetterCart Analytics receives CFIN funding to support R&D competitive grocery pricing
By Monica FergusonFood In Canada Research & Development Technology advanced analytics Bettercart Analytics consumers Food inflation grocery revenue retailers
The Canadian Food Innovation Network (CFIN) invested $1.1 million into five projects, through the organization’s FoodTech Next Program to help early stage companies pilot their innovation in operational food sector environments.
Saskatchewan-based BetterCart Analytics received $151,597 in funding. BetterCart Analytics’ mission is to help Canada’s food sector and stakeholders make data-driven pricing decisions with their automated competitive pricing intelligence platform. They plan to use the CFIN funding to support research and development derived from customer engagement data.
“We’re keen to focus on our customer’s needs, but also on longstanding industry-wide problems that we are going to be busy solving and offering solutions to, courtesy of funding,” said Melanie Morrison, founder and CEO of BetterCart Analytics. “There’ll be a lot of support for research and development and marketing to inform Canadian food networks.”
With a bank of over 5 billion product records currently and 38 million new pricing updates weekly from all e-commerce sites, BetterCart offers advanced analytics and competitive intelligence that enables companies to increase profit margins, operational efficiencies, and ROI.
“We collect all available pricing data online, and then we refine the data through an autonomous data enrichment process. We track our customers competitions, and we provide them with the competitive intelligence they need to increase their sales volume, increase their profit margins and revenue,” said Morrison.
This service is especially useful in the current climate of food inflation, grocery revenue reports and the need to build trust between retailers and consumers.
“The strongest drivers of consumer purchasing behaviour is price. So right now, it behooves companies to get their pricing strategies right in the eyes of consumers by making sure the [products] are priced competitively and that they are willing to give consumers the best value for the money. We’re able to help companies get an understanding of their landscape, what’s happening in their specific markets and then execute pricing strategies that will make sense,” said Morrison.
Morrison tells Food in Canada that Bettercart Analytics is currently focused on specific geographic locations.
“We are going to leverage the strategic partnerships that we have built over the last year to on-board new CPGs, F&B processing companies and independent grocers within the next year or two. Then we are going to be moving across the country, expanding from coast to coast. In 2024-25 we expect to take our technology to the States.”
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