Kameko Oliver
Atlanta, GA (USA)
Role(s):
Founder/Owner/Principal
Social Entertainanment Shopping, Inc.
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Startup
Location:
Atlanta
Industry:
Internet
Year Founded:
2009
Number Employees:
1-10 people
Description:
(URL removed) will introduce an innovative way for consumers to shop online for the latest high-end consumer electronics at low-end prices. We call this new shopping method "Social Entertainment Shopping." The core concept of Social Entertainment Shopping consists of incorporating a social network within a penny auction, and e-commerce shopping environment. Our primary products will consist of: unlocked mobile phones, netbooks, digital cameras, and various high-end consumer electronics. (URL removed) will be the Internet’s first half penny auction, half e-commerce store. This unique combination affords us many benefits unavailable to traditional e-commerce, and penny auction sites. Our e-commerce customers will be able to shop on (URL removed) the traditional way by adding a store product to their shopping cart, entering their personal information, and completing the checkout process. Our penny auction customers will instead, be able to shop by way of auction. For our penny auctions, bidders will purchase “Bid Bux” in denominations of 30, 50, 100, 300 or 700, paying 75 cents for each bid. Each auction starts at $0.01, and every bid placed increases the price of the product by one penny, and the auction’s countdown clock by as much as 20 seconds. By extending the auction timer with each bid, we allow participants a small opportunity to submit a new bid. This ultimately helps to eliminate last minute sniping. Penny auctions will be the most profitable component of (URL removed), with profit margins sometimes exceeding 3500%
Example of a penny auction sale: an iPhone sells for $198.45 in a penny auction.
Total cost for PennyGrabber: iPhone (with shipping & handling), from Apple is around $400.
Total income for PennyGrabber: $198.45 + 19,845 * $0.75 = $15,082.20!!!!
With items selling for less than half retail price, with the right marketing, there will always be shoppers interested in shopping on (URL removed)! One of the major advantages PennyGrabber will have over its competitors such as Swoopo, and Amazon, is our ability to allow customers to vote for any e-commerce store product to be placed into our penny auction queue, for a potential savings of up to 90% or more off our store price. By offering both an e-commerce, and penny auction store, we appeal to both the premium price shopper and the bargain hunters.
The money required in getting the company organized, has been provided by the founders. To make this company a reality, there will be an amount needed of $1,700,000.00. The founders will be investing $30,000.00 leaving a balance of $1,670,000.00, which will come as a loan, or investment. The $1,700,000.00 is the complete amount needed to open and operate this business optimally. The money will be allocated to satisfy all requirements such as operation expenses, salaries, utilities, rent, inventory, and marketing. This business plan will show the components that make up, and accomplish this exciting business venture.