Group buying is a new power in the hands of consumers. Consumers get together and go to a store to get themselves a good bargain. This practice is useful to both the consumers as well as the manufacturers or service providers. The customers get hefty discounts and the manufacturer gets good profit by selling more number of products. The trend of group buying is more prevalent in services market as compared to the product market.
Group Buying – For Small Businesses
Group buying is very useful to small businesses especially the new ones. A new and small business usually has a tough time dealing with competition from already established players in the industry. Giving discounts to a group of people beyond a certain number ensures new customers and profits too.