Snapcart raises $10M to shed light on consumer spending in emerging markets
Monday, October 30, 2017
Taking on a giant like the $15 billion research firm Nielsen is no easy task. But tucked away in Southeast Asia, Snapcart is a 2-year-old company that is making progress by shining light on the black box that is consumer spending in emerging markets.
Co-founded by four executives including CEO Reynazran Royono, who previously worked as a consultant for Procter & Gamble and Boston Consulting, the startup uses the humble receipt to track consumer spending with deeper clarity than is currently done in Southeast Asia and other emerging markets.
Rather than relying on traditional techniques like doorstepping people at home, in-store surveys or cold calling, Snapcart builds a database by encouraging consumers to upload their receipts to its app in exchange for the incentive of cash back.
It’s a simple concept — Ibotta may be the nearest equivalent in the U.S. — but it is one that can change the game at scale in markets with little formal research systems in place.
“It’s a black hole and brands don’t know what is happening,” Royono told TechCrunch in an interview earlier this year.
But they are getting a better idea now.