BRANTU PREPARES TO LAUNCH ELPRICES: ITS FIRST E-COMMERCE VENTURE
Cairo, 1st of May, 2018: Brantu, a Swedish-Egyptian startup in Cairo specialized in e-commerce venture-building, is officially rolling out the price comparison feature on “elprices.com” mid-May and the e-commerce store feature mid-July in preparation for its grand launch in Q4 of 2018
Having successfully soft-launched in October 2017, “elprices” has garnered great interest from consumers and sellers alike due to its defining feature: “elprices.com” not only includes online store offerings, but also offers an online searching and selling database for physical stores in Egypt.
When asked about Brantu’s first e-commerce venture in the Middle East and North African region; Mohamed Rizk, Brantu’s CEO and co-founder said: “We are incredibly optimistic about this venture, and we believe that it has great potential for transforming the e-commerce scene in Egypt by offering buyers and sellers better options and giving them more control in the buying cycle.” He added: “We have a lot of plans in the pipeline for elprices; as long as there is room for improvement, we will continue to develop our offering to serve the evolving demands of the Egyptian online buyer.”
Before elprices, the e-commerce scene in Egypt was limited to two industry tycoons, Souq and Jumia, which dominated the e-commerce market and introduced the concept of e-commerce to the Egyptian consumer base; garnering a lot of credibility since the launch of Souq, the first online store in Egypt, in 2006. As for price comparison, Yaoota dominated the scene with the remaining faction of Egyptian online buyers resorting to a variety of other local and foreign sources to research their products online.
Although lagging behind developed countries, which were introduced to the concept of e-commerce when CompuServe launched the Electronic Mall in the USA and Canada back in April 1984, Egypt shows a lot of promise for e-commerce ventures; forming the region’s biggest online buyer base despite its late introduction to the field. According to Payfort’s 2016 State of Payments Report, the online Egyptian buyer base grew from 15.2 million online buyers in 2014 to 17.7 million online buyers in 2015.
Despite the challenges facing the e-commerce field in the region, such as low credit card penetration, proliferation of mobile payment options to replace credit cards, lack of trust towards online purchases and 3D security issues; Middle East online shopping continues to grow despite the obstacles with 61% of the population shopping online and 53% of the population making at least one purchase per month, according to Payfort’s 2016 State of Payments Report.
As the first-of-its-kind e-commerce store in the region, “elprices” not only includes physical stores, but offers a price comparison option on all of its signed retailers; giving buyers the option to browse online and physical stores for their desired product at the lowest cost, and giving sellers’ access to new target markets beyond their geographical reach and financial restrictions. Additionally, it offers seller information to the public and integrates consumer-generated feedback; ensuring complete transparency between both parties throughout the online buying cycle.
Although “elprices” is launching as a price comparison website, it is set to be the largest online database of Egyptian market offerings; including listed items in online stores, available products in physical stores as well as purchases from an “elprices” store; a feature that it continues to expand through signing more sellers, with plans to launch its own e-commerce store down the line.
“elprices” is the first e-commerce venture of Brantu, a Swedish-Egyptian startup based in Cairo that specializes in building e-commerce ventures in emerging markets and developing an e-commerce ecosystem that offers information transparency and integrated accessibility to the Middle Eastern and North African market. To this end, Brantu formulated an innovative buying mechanism to overcome the local trust barrier with online shopping, which it will soon roll out as “elprices” gains traction in the market.
For more information on elprices, please visit our website on www.elprices.com