July 6
Group buying the new social media trend
A new “group buying” trend is emerging on the web, in which consumers effectively band together to get better deals or discounts when purchasing products and services.
Most group buying sites tend to offer localized deals and discounts in specific cities. Typical offers include percentage discounts at participating restaurants, coupons for savings off a minimum purchase at retail stores, two-for-one event ticket specials and other similar deals. Typically, each promotion only becomes valid if enough members sign up for it, encouraging viral sharing of individual deals. If the minimum sign-up is not met, the deal does not proceed and no one’s credit card is charged.
One of the flagship group buying web services is GroupOn:
Other services like LivingSocial have also raised significant funding.
A fleet of other competitors are cropping up as well, from Tippr to Lifebooker and a number of smaller localized deal sites.
Although still technically in its early stages, group buying is poised to become one of the bigger trends to emerge in 2010.
Short URL & Title:
Group buying the new social media trend — http://www.torbenrick.eu/t/r/vpl
