Suleman drops out for online 99p store
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 and everything is 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% of those visiting the site go on to spend money.
About 40% of orders come from expats in 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%,' 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%.
Growing interest from expats - about 40% of orders have come from Brits living in Europe - has prompted Suleman to consider franchising the concept and expanding overseas
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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 and everything is 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% of those visiting the site go on to spend money.
About 40% of orders come from expats in 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%,' 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%.
Growing interest from expats - about 40% of orders have come from Brits living in Europe - has prompted Suleman to consider franchising the concept and expanding overseas
For Full Article Please Click Here
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