On 9 April 2019, the provider of data-driven solutions and insight products through cloud-based mobile and web solutions, Family Insights Group Limited (ASX: FAM) updated the market on the operations of the company, its flagship product Family Insights (FI), its other product Frugl’s (FG) development and deployment.
FI provides families full protection and peace of mind throughout all mobile devices, whether indoor or outdoor, by analysing the online activity of the children across any mobile carrier and even while they are using public WIFI and so forth. The FI cyber safety product uses advanced real-time behavioural analysation of children’s network behaviours pattern, together with research-backed advice and educational materials for parents to aid the families develop improved digital skills.
Some of the features of the mobile-based product are as follows: Real-time behavioural monitoring and parent alerts for identified risks, Internet scheduling allowing parents to manage internet availability to children and GPS tracking of kids’ movement.
The company is addressing the challenges in the addition of the child devices through marketing messaging and improvements in user experience which is slated to be released in the December quarter, this year.
Also, the company is reviewing the business model, along with framing plans for a Freemium model to be advanced to speed up the app user growth and grow user data being captured and analysation for commercial benefit ahead.
FAM’s FG aggregates data relates to the daily grocery, to offer shoppers with the latest product in the market, along with the price details to seek the lowest available grocery prices throughout Australia’s Woolworths and Coles supermarkets. It designs shopping baskets which are brand specific and optimise shopping lists by reasonable prices. Further, FAM is overlaying wellness tools for the shoppers, which would allow them to draw a comparison between the products and optimise shopping baskets based on health ratings, the sustainability of the product and so forth.
FAM has been concentrating its internal resources on the commercialisation of Frugl to accelerate the revenue growth. Development resources are presently working on the reactivation of the supermarket front, as well as pricing data collation. The company is also working on the concurrent development of comparison of mobile price and wellness solution for the customers.
The Frugl commercial models trail a path of data-product creation to be utilized by the retailers, media agencies, as well as the suppliers, to develop the product areas including: Reports on product price trend data, which is for the retailers and suppliers, Segmented and intent-driven audience creation for media & advertising platforms etc.
FAM has restarted its data aggregation activity work and is almost near the conclusion of consumer research and user experience design for the maiden customer mobile offering. It is expected that enough data would be gathered to allow the commercialisation of price trend to be reported in September this year. Also, the customer mobile products are expected to be launched publicly by the December quarter of this year.
The company has reviewed Wangle VPN infrastructure contracts and cost base. It has allowed FAM to separate the VPN network infrastructures for the stand-alone mobile VPN and FI products. Therefore, FAM has taken a decision to decommission the standalone Wangle VPN product to reduce operating costs by a further $30,000 per quarter, in addition to previously realised network savings of $80,000 per quarter.
Further, the company also announced the appointment of Mr Alistair McCall to the newly created position of Chief Data Officer. He has approximately twenty years of experience across the retail, advertising, telecommunications etc.
In February 2019, FAM provided operational update and major improvements in its FI platform.
The stock of the company is currently trading flat at ASX at a price of A$0.001 (as on 9 April 2019, 2:45 PM AEST).
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