Group buying or collective buying is fast gaining popularity among business owners. The idea originally hailed from China where it is known as Tuangou. Online group buying was first introduced through an e-commerce start-up, Mercata, ten years ago and they had dubbed this business plan as “We Commerce”. For those business owners who are still trying to grasp the concept of this phenomenon, let me break it down for you.
Let’s say you are a subscriber to a discount website or a daily deals site as it is more popularly known nowadays. You would see various offers on product discounts on the site and if you are interested, you would just need to enter your payment details and wait until the minimum number of people is reached.…
