Currently incubated at Plan9, recently graduated from Founder Institute Islamabad with Arzish Azam becoming World’s Youngest Founder Institute Graduate Ever. JustPrice is among the top 100 startups participating this year in the Startup Expo.
JustPrice Is A Shopping Comparison Engine That Helps You Find The Best Products By Providing A Comparison From All The Top Online Stores Of Pakistan. JustPrice Provides You All The Information Like Price, Warranty, Shipping, Returns Which You Need To Make An Informed Shopping Decision. JustPrice Is Your Companion For Online Shopping In Pakistan. JustPrice Is Going To Redefine The Way Shopping Works In This Country By Empowering The Buyers.
This is what the founder Arzish Azam had to say when we interviewed him:
- What made you choose this field?
Being an introvert I always felt like a misfit. At the age of 16 when I was in college I started my first business. It felt so great that eventually it consumed a lot of my time and by the end of the 12th grade I had made enough money to become self-sustainable and I germinated the idea of shopping comparison when I was buying my first laptop online and I had to visit about 5 different sites before making the final purchase.
- Were you passionate about it from the start or did you just had an epiphany?
I have been passionate about a lot of things, but I love this idea, I’m committed to this. The way this product will add value to the online shopping experience of consumers is something that drives me.
- What’s your business model? How do you plan to make/sustain revenue in the long-run?
Our model is based on the popular affiliate marketing model that is widely popular in the west with the rise of eCommerce but right now we are the only company who is taking affiliate marketing to the next level in Pakistan. We believe on delivering value not only to the consumers but also to the vendors that is why we only get a commission if our referred buyer makes a purchase.
- Who do you consider your competitors and how do you plan to beat the market? What’s your unique selling point?
Right now, we don’t have any credible competitors but we are ready to face the heat if any big player steps in the market. Our USP has always been to provide accurate information. We will beat the market by insuring information integrity to build trust between the vendor and the buyer because in a recent repost on the growth of ecommerce by Nadeem Hussain of Tameer Bank, he said that one of the major hurdles in the growth of ecommerce is the mistrust of consumers in online retail methodologies.
- Have you valuated your company? What’s your current and expected market share?
We cannot share the current valuation of the company. Generally Shopping Sites see an increase of upto 30% in sales after getting listed on Shopping Comparison Engines like JustPrice.pk. In Pakistan our current market share may be upto $30 million, 30% of the $100 million eCommerce market, but in the next five years we will have a market share of $1.5 billion of the $5 billion eCommerce industry according to experts.
- What’s your target market and why did you choose this market?
We are targeting the online shopping consumers of Pakistan. Internet Users in Pakistan have seen a tremendous increase to 13.8% in 2014 from 10.9% in 2013 due to the introduction of 3G/4G and cheap smartphones. As Industry Experts have said, eCommerce in Pakistan is projected to grow to more then $5 billion by 2020.
- Do you think that Pakistan will have enough demand for this product/service in the next 5 years? If so, have you done any demand analysis?
We’ve done customer surveys of our own as well as international reports suggest that as the online shopping industry of Pakistan grows the need of shopping comparison will rise. Right now there are 2000+ Online Shopping Sites in Pakistan.
- Do you think that your service/product will woo the investors? Can it bring international investment in Pakistan?
We’ve already received offers from some Angel Investors, but right now we are not looking for any funding. The eCommerce Industry in Pakistan is very promising and it has already received huge amounts of funding from international and national sources. Our product is going to drive the eCommerce Industry of Pakistan.
- How do you plan to innovate? What is your five-year growth plan?
We are going to become a complete Shopping Search Engine. Innovation is a continuing process and we have and may pivot our product in the future for the need of innovation but our main focus is customer satisfaction.
- How many team members are there at the moment? Are they fresh out of college/undergrads or are they experienced professionals? How do you plan to scale your team in the next 12 months?
We have a limited team right now with 4 people from Tech and Business background. We recently got incubation at Plan9 where we are currently hiring people in multiple positions. We are going to scale up the team in the next 12 months to better suit the demands of our consumers, we are currently hiring content writers for our dedicated shopping blog because we believe that is a true pain point of our consumers.
I, Arzish Azam, recently graduated from the inaugural semester of Founder Institute in Islamabad and I won the title of W’ld’s Youngest Founder Institute Graduate’ amongst the 1650+ graduates from 58 countries around the globe.
