BCM214 Fair Pear Pitch Summary
FairPear Revolutionising Retail for Fairer Consumption and Reduced Inequalities
As the cost of living continues to rise, and economic inequalities persist, the need for innovative solutions in the retail sector has never been more imperative. Our innovation, FairPear, is an app curated as a response to the growing impact of rising supermarket costs on Australian consumers. Utilising advanced technologies sych as AI and Big Data analytics, FairPear app advocates for sytemic changes by closing the knowledge gap between lower-to-middle-class consumers, ensuring that the sourcing and pricing of goods are accessible to the public.
Why?
The Australian Competition & Consumer Commission (ACCC) industry report informed our understanding for systemic change in the retail sector and in developing FairPear. Academic research in consumer behaviour, retail economics, and sustainable development underlines that “consumers have raised concerns about price gouging, confusing pricing practices, ‘shrinkification’ tactics, and data privacy issues”. FairPear aims to address these concerns through transparency and the use of advanced technologies.
FairPear will disrupt traditional retail models through our advancements towards SDG 12 (Responsible Consumption and Production) and SDG 10 (Reduced Inequalities)
FairPear will use Big Data to gather market information, while AI will display this data to users in an easy-to-understand manner. This emergence of Big Data in recent years has led to the increasing momentum of data analytics. Akter and Wamba (2016, p.178) describe it as a “holistic process that involves the collection, analysis, use, and interpretation of data for various functional divisions with a view in gaining actionable insights, creating business value and establishing competitive advantage”.
Our innovation will integrate key features to empower consumers to make informed choices and understand the fairness of pricing strategies. These include:
- Dynamic pricing algorithms
- Income-linked discounts
- Community vouchers
- Transparent supply chain information
- Support for local producers
- Feedback mechanism
Despite similar forms by other initiatives such as their Fair Trade Certification, Community Supported Agriculture (CSA) and Ethical Consumerism Apps, FairPear addresses consumer exploitation straight on. It strictly promotes social value in the retail industry. It is a holistic solution and will enable consumers to find the most affordable prices for essential goods, directly addressing the cost of living crisis. Whilst redistributing excess points to subsidise essential items for low-income communities, reducing economic inequalities.
Relevant Risks
To enhance user security and privacy, FairPear will implement user login via established platforms like Facebook or Google, minimising data collection. Additionally, measures like encryption, data minimisation, and regular security audits will safeguard user information, ensuring compliance with regulations and fostering trust.
To conclude, FairPear aims to disrupt the retail sector, driven my consumer concerns and supported by advanced technologies. By addressing issues such as price transparency, data privacy and economic inequalities. FairPear will promote a more sustainable retail environment while empowering consumers to make informed choices.
Akter, S., & Wamba, S. F. (2016). Big data analytics in E-commerce: A systematic review and agenda for future research. Electronic Markets, 26(2), 173–194.
Shahriar, A., Katina, M., Uddin, M.R., McCarthy, G. & Mahfuzur, R. 2022, “Transforming business using digital innovations: the application of AI, blockchain, cloud and data analytics”, Annals of Operations Research, vol. 308, no. 1-2, pp. 7-39
