group buying - wikipedia, the free encyclopedia

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en.wikipedia.org/wiki/Group_buying

Group buyingFrom Wikipedia, the free encyclopedia

Group buying, also known as collective buying, offers products and services at significantly reduced prices on

the condition that a minimum number of buyers would make the purchase. Origins of group buying can be traced t

China[citation needed] where tungu or team buying was executed to get discount prices from retailer when a

large group of people were willing to buy the same item. In recent time, group buying websites have emerged as a

major player in online shopping business. Typically, these websites feature a "deal of the day", with the deal kickin

in once a set number of people agree to buy the product or service. Buyers then print off a voucher to claim their

discount at the retailer.[1] Many of the group-buying sites work by negotiating deals with local merchants and

promising to deliver crowds in exchange for discounts.[2]

Contents

1 History

2 Business model

3 Origins of tungu

4 Asia

5 Europe and North America

6 South America

7 Australia

8 New Zealand

9 Rising competition

10 See also

11 References12 External links

History

In 2000, with financial backing from Microsoft, co-founder Paul Allen started an e-commerce start-up called

Mercata with a business plan dubbed "We Commerce". The website offered high end electronic deals to shopper

online. Individual web shoppers would sign up en-masse to buy the same product and the price of the product

would fall as more people signed up to buy it. However, the website was shut down in 2001 as it could notcompete with websites like Amazon.com.[3]

Recently, group buying has been taken online in numerous forms, although group buys prior to 2009 usually

referred to the grouping of industrial products for wholesale market (especially in China). Modern day online grou

buys are a variation of the tungu buying that occurs in China.[4][5] Under tungu, an item must be bought in a

minimum quantity or dollar amount, otherwise the seller will not allow the purchase. Since individuals typically do

not need multiples of one item or do not have the resources to buy in bulk, group buys allow people to invite other

to purchase in bulk jointly. These group buys often result in better prices for the individual buyers or ensure that a

scarce or obscure item is available for sale. Group buys were, in the past, often organized by like-minded online
http://en.wikipedia.org/wiki/Dollarhttp://en.wikipedia.org/wiki/Group_buying#cite_note-4http://en.wikipedia.org/wiki/Group_buying#cite_note-5http://en.wikipedia.org/wiki/Amazon.comhttp://en.wikipedia.org/wiki/Microsofthttp://en.wikipedia.org/wiki/Paul_Allenhttp://en.wikipedia.org/wiki/Group_buying#Referenceshttp://en.wikipedia.org/wiki/Group_buying#See_alsohttp://en.wikipedia.org/wiki/Group_buying#New_Zealandhttp://en.wikipedia.org/wiki/Group_buying#Australiahttp://en.wikipedia.org/wiki/Group_buying#South_Americahttp://en.wikipedia.org/wiki/Group_buying#Europe_and_North_Americahttp://en.wikipedia.org/wiki/Group_buying#Origins_of_tu.C3.A1ng.C3.B2uhttp://en.wikipedia.org/wiki/Group_buying#Business_modelhttp://en.wikipedia.org/wiki/Group_buying#Historyhttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Dollarhttp://en.wikipedia.org/wiki/Group_buying#cite_note-5http://en.wikipedia.org/wiki/Group_buying#cite_note-4http://en.wikipedia.org/wiki/Group_buying#cite_note-3http://en.wikipedia.org/wiki/Amazon.comhttp://en.wikipedia.org/w/index.php?title=Mercata&action=edit&redlink=1http://en.wikipedia.org/wiki/Paul_Allenhttp://en.wikipedia.org/wiki/Microsofthttp://en.wikipedia.org/wiki/Group_buying#External_linkshttp://en.wikipedia.org/wiki/Group_buying#Referenceshttp://en.wikipedia.org/wiki/Group_buying#See_alsohttp://en.wikipedia.org/wiki/Group_buying#Rising_competitionhttp://en.wikipedia.org/wiki/Group_buying#New_Zealandhttp://en.wikipedia.org/wiki/Group_buying#Australiahttp://en.wikipedia.org/wiki/Group_buying#South_Americahttp://en.wikipedia.org/wiki/Group_buying#Europe_and_North_Americahttp://en.wikipedia.org/wiki/Group_buying#Asiahttp://en.wikipedia.org/wiki/Group_buying#Origins_of_tu.C3.A1ng.C3.B2uhttp://en.wikipedia.org/wiki/Group_buying#Business_modelhttp://en.wikipedia.org/wiki/Group_buying#Historyhttp://en.wikipedia.org/wiki/Group_buying#cite_note-2http://en.wikipedia.org/wiki/Group_buying#cite_note-1http://en.wikipedia.org/wiki/Deal_of_the_dayhttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/China


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shoppers through Internet forums. Now these shoppers have also started to leverage the group buying model forpurposes of buying other consumer durables. Group buying sites are back in demand as small businesses look for

ways to promote their products to budget-conscious consumers in a weak global economy. [6] Group buying is als

used for purchasing real estate properties.[7] Real Estate Group Buying is very popular in India where websites lik

Group Bookings offers group deals on various properties.[8]

Business model

If subscribers to a discount website are tempted by a discount offer, they enter their payment details online and

wait. Once a minimum number of people sign up for the same offer, the deal is confirmed and a voucher is sent to

their inboxes. Shops, restaurants and other retailers that partner with these discount websites have to take hefty

price cuts. But it means they have instant access to a whole new group of customers.[9] The online group buying

market is fragmented among hundreds of smaller players worldwide. The model has little barriers to entry and has

gained attention from shoppers and businesses alike globally...[10] According to SmartMoney, by August 2010,

there were more than 500 group-buying sites worldwide, including local sites that cater only to a single city in som

instances.[11]

Origins of tungu

Tungu, which translates as team buyingorgroup buying(also known asstore mobbing), is a recently

developed shopping strategy originating in the People's Republic of China. Several people - sometimes friends, bu

possibly strangers connected over the internet - agreed to approach a vendor of a specific product in order to

haggle with the proprietor as a group in order to get discounts. The entire group agreed to purchase the same item

The shoppers benefitted by paying less, and the business benefitted by selling multiple items at once. [12]

The tungu phenomenon has been most successful in mainland China, where buyers have leveraged the power of

group buying, which has led to English language media, such as msn.com, profiling the tungu buying process. Thpopularity of the strategy in China is often attributed to the Chinese tradition of bargaining for the purchase of good

of all types. Tungu buying also ameliorates a traditional distrust of goods purchased from unknown sellers as

individual members of the buying group can vouch for a particular seller's quality to the rest of the group. [13]

Asia

In China, group buys usually happened when dealing with industrial items such as single-board computers. [14] Chin

had over 1,215 group-buying sites at the end of August 2010 compared with only 100 in March of the same

ear.[15]

English-language group-buying platforms are also becoming popular. Online group buying gainedprominence in other parts of Asia during 2010 with new websites in Taipei, Singapore, Hong Kong,[16] Thailand,

Malaysia and the Philippines.

In Iran the first group buy website was launched in summer 2011, only six months later in January 2012 eighteen

group buy websites were operative.[citation needed]

Europe and North America

Recent developments in group buying have led to a wide increase of appearances of similar phenomena in Europe
http://en.wikipedia.org/wiki/North_Americahttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Philippineshttp://en.wikipedia.org/wiki/Malaysiahttp://en.wikipedia.org/wiki/Thailandhttp://en.wikipedia.org/wiki/Group_buying#cite_note-16http://en.wikipedia.org/wiki/Hong_Konghttp://en.wikipedia.org/wiki/Singaporehttp://en.wikipedia.org/wiki/Taipeihttp://en.wikipedia.org/wiki/Group_buying#cite_note-15http://en.wikipedia.org/wiki/Group_buying#cite_note-slate-14http://en.wikipedia.org/wiki/Single-board_computerhttp://en.wikipedia.org/wiki/Group_buying#cite_note-msn-13http://en.wikipedia.org/wiki/MSNhttp://en.wikipedia.org/wiki/English_languagehttp://en.wikipedia.org/wiki/Group_buying#cite_note-12http://en.wikipedia.org/wiki/Hagglinghttp://en.wikipedia.org/wiki/Internethttp://en.wikipedia.org/wiki/People%27s_Republic_of_Chinahttp://en.wikipedia.org/wiki/Group_buying#cite_note-11http://en.wikipedia.org/wiki/SmartMoneyhttp://en.wikipedia.org/wiki/Group_buying#cite_note-10http://en.wikipedia.org/wiki/Group_buying#cite_note-9http://en.wikipedia.org/wiki/Group_buying#cite_note-8http://en.wikipedia.org/wiki/Group_buying#cite_note-7http://en.wikipedia.org/wiki/Group_buying#cite_note-6http://en.wikipedia.org/wiki/Internet_forums


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and North America. While the original strategy for group buying in China was self-organized and executed, most o

the group buying in Europe and North America is done only through online intermediaries. Interested buyers are,

most often, asked for credit card details, which will be charged only when a required number of buyers registers.

Almost without an exception, intermediaries charge vendors a percentage fee in the range of up to 50% of the tota

value of the whole deal. Due to this business model, group buying remains limited to the physical services sector

and is not seeing growth as with the original strategy in the People's Republic of China. Nevertheless, intermediarie

with fairly identical business models are appearing daily, especially across the United Kingdom and Germany. The

most notable characteristic of all those intermediaries is the selected deals orientation towards local markets, boun

to cities and towns. Leaders include Groupon (and their United Kingdom's spinoff, MyCityDeal), LivingSocial,

Plum district, Yingo and BuyWithMe (Bought by GILT in winter 2011), with hundreds of copycats in different

languages. The Groupon and other group buying sites business model is working with local retail stores and

restaurants with location-targeted coupons but national chains also participating. Gap participated in a Groupon

promotion during summer of 2010 that generated over $10 million in sales in one day. Nordstrom has also joined

Groupon as a vendor.[17]

South America

South America as an emerging market has yet to see popularization of new purchasing models such as groupbuying. First intermediaries appeared recently in Brazil with slightly different business models than those proposed

Europe. Notably, the difference is in the way volume discount is achieved, as a post-purchase rebate instead of an

instant discount, allowing for an immediate buyer's purchase. Major criticism for such model is in the lack of

aggregation and unfit differentiation between buyers - those that wish to purchase immediately at any price and

those that are willing to sacrifice time for discounts, eventually costing the vendor potential profits. In Colombia,

Groupon was launched in July 2010 and, within one year, the largest media companies of the country launched the

own group buying websites QueBuenaCompra (http://www.quebuenacompra.com/) and Downtown Colombia

(http://www.downtown.com.co/) , proving there is market for several big players.

Australia

On January 20, 2010, Yahoo!7 (an Australian subsidiary of Yahoo Inc.) bought a local group buying company by

the name of Spreets. Yahoo!7 bought 100% share of the group discount company for $40 million. As of January

2011, Spreets has more than 500,000 members and has sold over 274,000 vouchers in its lifetime of less than 2

ears. Through this acquisition, Yahoo has joined a cluster of corporate investors including Microsoft, PBL Media

Ten Network, and original Facebook investor Klaus Hommels who are pursuing growth in this new business

model.[18]

New ZealandOn March 22, 2011, the popular New Zealand auction site Trade Me has launched a local group buying site calle

Treat Me.

Rising competition

Google launched their own daily deals site in 2011 called "Google Offers" after its $6 billion acquisition offer to

Groupon was rejected. Google Offers functions much like Groupon as well as its competitor LivingSocial. Users
http://en.wikipedia.org/wiki/LivingSocialhttp://en.wikipedia.org/wiki/Google_Offershttp://en.wikipedia.org/wiki/Googlehttp://en.wikipedia.org/w/index.php?title=Treat_Me&action=edit&redlink=1http://en.wikipedia.org/wiki/Trade_Mehttp://en.wikipedia.org/wiki/New_Zealandhttp://en.wikipedia.org/wiki/Group_buying#cite_note-18http://en.wikipedia.org/wiki/Klaus_Hommelshttp://en.wikipedia.org/wiki/Facebookhttp://en.wikipedia.org/wiki/Ten_Networkhttp://en.wikipedia.org/wiki/PBL_Mediahttp://en.wikipedia.org/w/index.php?title=Spreets&action=edit&redlink=1http://en.wikipedia.org/wiki/Yahoo_Inc.http://en.wikipedia.org/wiki/Australiahttp://en.wikipedia.org/wiki/Yahoo!7http://www.downtown.com.co/http://www.quebuenacompra.com/http://en.wikipedia.org/wiki/Grouponhttp://en.wikipedia.org/wiki/Colombiahttp://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/South_Americahttp://en.wikipedia.org/wiki/Group_buying#cite_note-17http://en.wikipedia.org/wiki/Nordstromhttp://en.wikipedia.org/wiki/Gap_(clothing_retailer)http://en.wikipedia.org/wiki/BuyWithMehttp://en.wikipedia.org/wiki/Plum_districthttp://en.wikipedia.org/wiki/LivingSocialhttp://en.wikipedia.org/wiki/Groupon_MyCityDealhttp://en.wikipedia.org/wiki/Grouponhttp://en.wikipedia.org/wiki/Germanyhttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/Service_(economics)http://en.wikipedia.org/wiki/North_America


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receive daily emails with local deals, which carry some preset time limit. Once the deal reaches the minimum

number of customers, all the users will receive the deal. The business model will remain the same.[19] Facebook's

'Facebook deals' application was launced in five European countries in January 2011. The application works on a

similar group buying model.[20] Group buying has become so popular that a new company called BetHalf has

brought daily deals to the online poker community[21] which had worldwide revenues exceeding $4 billion USD in

2007.

See also

Economy of scale

References

1. ^ "Yahoo nabs Aussie-NZ group buying site" (http://www.nbr.co.nz/article/yahoo-nabs-aussie-nz-group-buying-

site-ck-83984/) . http://www.nbr.co.nz/article/yahoo-nabs-aussie-nz-group-buying-site-ck-83984/. Retrieved 201

02-05.

2. ^ Boehret, Katherine (March 24, 2010). "A Deal on a Haircut? That's What Friends Are For"

(http://online.wsj.com/article/SB10001424052748704896104575139692395314862.html) . The Wall Street Journa

http://online.wsj.com/article/SB10001424052748704896104575139692395314862.html. Retrieved 2011-02-07.

3. ^ "Group Discount Sites Lure Small Business" (http://www.thestreet.com/story/10678710/group-discount-sites-

lure-small-business.html#/) . http://www.thestreet.com/story/10678710/group-discount-sites-lure-small-

business.html#/. Retrieved 2011-02-07.

4. ^ "How does group buying work?" (http://thedealer.com.au/deals-blog/industry/how-does-group-buying-work/) .

http://thedealer.com.au/deals-blog/industry/how-does-group-buying-work/. Retrieved 2011-06-14.

5. ^ "Consumer power: Shop affronts" (http://www.economist.com/node/7121669/print?story_id=7121669) .

economist.com. 29 June 2006. http://www.economist.com/node/7121669/print?story_id=7121669. Retrieved

March 12, 2012.

6. ^ "Group discount sites lure small businesses" (http://www.thestreet.com/story/10678710/1/group-discount-sites

lure-small-business.html#/) . http://www.thestreet.com/story/10678710/1/group-discount-sites-lure-small-

business.html#/. Retrieved 2011-02-05.

7. ^ "Group Buying A better way to buy your dream home" (http://www.sify.com/finance/Group-Buying-A-better-

way-to-buy-your-dream-home-news-Personal-Finance-ljprkXjihbb.html) . http://www.sify.com/finance/Group-

Buying-A-better-way-to-buy-your-dream-home-news-Personal-Finance-ljprkXjihbb.html. Retrieved 2012-04-24.

8. ^ "Group Bookings" (http://www.groupbookings.in/) . http://www.groupbookings.in/. Retrieved 2012-04-24.

9. ^ "Is Group Buying really a good deal" (http://www.bbc.co.uk/news/business-12368985) . BBC News. 2011-02-

05. http://www.bbc.co.uk/news/business-12368985. Retrieved 2011-02-05.

10. ^ "The other contender in the Group Buying Clone Wars"

(http://www.cnbc.com/id/40495538/The_Other_Contenders_in_the_Group_Buying_Clone_Wars) .

http://www.cnbc.com/id/40495538/The_Other_Contenders_in_the_Group_Buying_Clone_Wars. Retrieved 2011-

02-05.

11. ^ "Surge in Group Buying sites means weaker deals" (http://www.smartmoney.com/spending/deals/a-surge-in-

group-buying-sites-means-weaker-deals/) . http://www.smartmoney.com/spending/deals/a-surge-in-group-buying

sites-means-weaker-deals/. Retrieved 2011-02-05.

12. ^ "How a store mob works" (http://storemob.com/how-a-store-mob-works/) . http://storemob.com/how-a-store-

mob-works/. Retrieved 2008-09-17.

13. ^ Montlake, Simon (2007-12-05). "China's new shopping craze: 'team buying'"

(http://articles.moneycentral.msn.com/SavingandDebt/FindDealsOnline/ChinasNewShoppingCrazeTeamBuying.asp

x) . MSN.com.

http://articles.moneycentral.msn.com/SavingandDebt/FindDealsOnline/ChinasNewShoppingCrazeTeamBuying.aspx

. Retrieved 2007-12-26.
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14. ^ Gottlieb, Bruce (2000-07-26). "Does Group-Shopping Work?" (http://www.slate.com/id/86925/) . Slate.

http://www.slate.com/id/86925/. Retrieved 2007-12-26.

15. ^ "Ministry of Commerce certifies 29 group-buying websites in first for fast-growing industry"

(http://business.globaltimes.cn/business/industries/2010-10/587888.html/) .

http://business.globaltimes.cn/business/industries/2010-10/587888.html/. Retrieved 2011-02-06.

16. ^ "ubuyibuy.com: Hong Kong launches Groupons for Asia" (http://www.cnngo.com/hong-kong/ubuyibuycom-

hong-kong-launches-groupons-asia-093696/) . http://www.cnngo.com/hong-kong/ubuyibuycom-hong-kong-

launches-groupons-asia-093696/. Retrieved 2011-02-07.

17. ^ "The other contenders in the Group Buying clone wars"(http://www.cnbc.com/id/40495538/The_Other_Contenders_in_the_Group_Buying_Clone_Wars) .

http://www.cnbc.com/id/40495538/The_Other_Contenders_in_the_Group_Buying_Clone_Wars. Retrieved 2011-

02-05.

18. ^ Stafford, Patrick (20 January 2011). "Australias leading group-buying Spreets site bought by Yahoo!7 for $40

million" (http://www.smartcompany.com.au/retail/20110120-australia-s-leading-group-buying-spreets-site-bought

by-yahoo-7-for-40-million.html/) . http://www.smartcompany.com.au/retail/20110120-australia-s-leading-group-

buying-spreets-site-bought-by-yahoo-7-for-40-million.html/. Retrieved 2011-02-05.

19. ^ Lee, Amy (2011-01-21). "Google Offers, Groupon Competitor coming soon"

(http://www.huffingtonpost.com/2011/01/21/google-offers-launch_n_812207.html/) .Huff ington Post.

http://www.huffingtonpost.com/2011/01/21/google-offers-launch_n_812207.html/. Retrieved 2011-02-05.

20. ^ "Facebooks Groupon-Like Service Goes Global" (http://dealbook.nytimes.com/2011/01/31/facebooks-grouponlike-service-goes-global/?scp=2&sq=groupon&st=cse/) . The New York Times. 2011-01-31.

http://dealbook.nytimes.com/2011/01/31/facebooks-groupon-like-service-goes-global/?

scp=2&sq=groupon&st=cse/. Retrieved 2011-02-05.

21. ^ "BetHalf.com announces the launch of its new daily deals service accessdate=2011-08-31"

(http://www.igamingbusiness.com/content/bethalfcom-announces-launch-its-new-daily-deals-service/) .

http://www.igamingbusiness.com/content/bethalfcom-announces-launch-its-new-daily-deals-service/.

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