Suleman drops out for 99p
WITH rising food prices, shopping around for a cheaper deal is high on the agenda for consumers, which is good news for entrepreneur Suleman Sacranie.
Suleman, 21, abandoned his chemistry degree at Leicester University, to launch discount food website 99pshopper.com earlier this month.
The site offers brand name products, with everything priced at 99p or less. Further reductions are available to bulk buyers.
Suleman, from Leicester, says the idea was inspired by his father and grandfather, who have run a string of shops. ‘Last summer I knew I didn’t want to return to university. I was thinking about the family’s shops and the rise of discount stores during the recession and came up with the idea of an online discount store.’
The site registered 12,000 hits in the first two days and Suleman says about 50 per cent of those visiting the site go on to spend money.
About 40 per cent of orders come from expats in Continental Europe and Suleman is considering expanding overseas.
‘Most online retailers work on a two per cent ratio of buyers to visitors. For us the ratio is closer to 50 per cent,’ says Suleman.
And although 99pshopper.com can’t match the huge profit margins of the major supermarkets, with a strategy of careful product selection and volume sales, the business is aiming for a margin of ten to 15 per cent.
Growing interest from expats – about 40 per cent of orders have come from Brits living in Europe – has prompted Suleman to consider franchising the concept and expanding overseas
WITH rising food prices, shopping around for a cheaper deal is high on the agenda for consumers, which is good news for entrepreneur Suleman Sacranie.
Suleman, 21, abandoned his chemistry degree at Leicester University, to launch discount food website 99pshopper.com earlier this month.
The site offers brand name products, with everything priced at 99p or less. Further reductions are available to bulk buyers.
Suleman, from Leicester, says the idea was inspired by his father and grandfather, who have run a string of shops. ‘Last summer I knew I didn’t want to return to university. I was thinking about the family’s shops and the rise of discount stores during the recession and came up with the idea of an online discount store.’
The site registered 12,000 hits in the first two days and Suleman says about 50 per cent of those visiting the site go on to spend money.
About 40 per cent of orders come from expats in Continental Europe and Suleman is considering expanding overseas.
‘Most online retailers work on a two per cent ratio of buyers to visitors. For us the ratio is closer to 50 per cent,’ says Suleman.
And although 99pshopper.com can’t match the huge profit margins of the major supermarkets, with a strategy of careful product selection and volume sales, the business is aiming for a margin of ten to 15 per cent.
Growing interest from expats – about 40 per cent of orders have come from Brits living in Europe – has prompted Suleman to consider franchising the concept and expanding overseas
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