Family Insights shares up 140pc+ after saying its grocery price comparison app is ready, will benefit from COVID-19
Family Insights Group (ASX:FAM) rocketed 143 per cent today after telling investors its grocery store price comparison app, frugl, is market ready.
The company, known as Wangle Technologies until January 2019, made its name on the ASX through child-focused cybersecurity software.
It offers a VPN network that monitors usage patterns and advises parents of potential threats.
But it has spent several months working on frugl and this morning it said it was all systems go. Not only is the app ready, but Family Insights says it is suited to the economic conditions bought about by COVID-19.
The company says online grocery shopping has grown 45 per cent in the last fortnight and price sensitivity is a key factor.
“The frugl grocery comparison app is well positioned to address pricing and availability sensitivities with localised price comparison and promotions visibility helping shoppers minimise their weekly spend during this period of economic uncertainty,” it said.
The app collates localised price comparisons and promotions helping consumers minimise their spend.
Other features of the app include breakdowns of each individual item’s contents and customisable lists for special occasions. It also helps users with individual intolerances, such as lactose or nut allergies, to shop accordingly.
Shares advanced a massive 143 per cent to an intra-day high of 5.8c in early trade on Friday. The rise came despite Family Insights also announcing it is cutting 57 per cent of staff this quarter.