How 99 Speedmart Become Successful?
99 Speedmart is a mini market that has 1,750 outlets in Malaysia in the latest update. It has been founded by Lee Thiam Wah in the 1987 in Klang, Selangor, Malaysia. They provide more than 3000 types of groceries to their customers.
Their founder, Lee Thiam Wah, started his business with a simple start and through personal interaction with their suppliers and customers. The number 99 is selected as in the Chinese culture it represents the longevity and continuity.
Mr. Lee later expands his business to different places in Malaysia with their own expansion strategy. This is how 99 Speedmart become successful in their business.
99 Speedmart offers qualitied and essential products for daily use for every customer. Their company concept is to consistently provide good quality products to their customer while their stores are ready stocked with arrays of groceries for their customers.
Therefore, as the product offered in 99 Speedmart are good and always satisfies the customer’s need, they gain more customers year by year until their brand spread to the whole Malaysia.
99 Speedmart has a strong strength with their pricings. Although 99 Speedmart are known for their low price, they still provide good quality products without having to pay a high price.
All the products are sold at their lowest price and reasonable price to their customers. When compared to other competitors such as Tesco or Giant, most of their products are actually cheaper compared to them.
One of the secret to 99 Speedmart’s success is related to their strategic location. Most of their outlets are located near neighbourhood centers or near housing areas. 99 Speedmart promotes the ‘Near n Save’ concept to save time for their customers to get their goods and products.
Other than that, compare to other marts or shopping complex, 99 Speedmart does not have a large shop which leads to less labour. However, they can still maintain a higher productivity for their businesses.
Although they have less manpower, but this can help to decrease the overhead cost which is ongoing expenses for operating a business. When they save the cost from that, they will pass it to the customers which is why they can sell cheaper goods and products to their customers.
As one of the largest mini mart chains in Malaysia, 99 Speedmart portrays a friendly image to the public and customers. They always offers campaigns to help others who are in need in the Malaysia society.
For instance, during the COVID-19 pandemic, 99 Speedmart offers the White Flag Campaign for those in need. This is a vey good way to improve their reputation and image as a lot of people are suffering during this pandemic.
They provide 1000 packages of necessary foods and groceries daily for those who are needing help. This kind action is definitely a huge factor for 99 Speedmart to become successful business as people will surely willing to trust and buy from a generous and kind mart that help others.