Everything you wanted to know about group buying
What is group buying
Group buying allows providing attractive collective deals with significant discounts. Being offered for a short term, such deals give your customers a sense of urgency and exclusivity making them add a product to cart without long-term thinking and hesitating.
The business that runs the deal pays nothing upfront. So if the minimum of required purchases is not conducted, the business pays nothing at all. But if the deal goes through, everybody is happy – the consumers get their product or service with discount and the merchant gets vast numbers of a particular product\service sold in specified period of time.
How it works
- Select a product for group buying.
- Specify the discount amount and the period within which the deal is active.
For example, 10 phones can be bought with 20% discount within 3 days.
- Make the deal active in your store.
- People make a purchase and advertise this phone to their friends because if 10 phones are not sold within three days, the deal won’t go through and people won’t get the phone with 20% off.
- If the deal goes through, send the product to your customers.
Benefits of group buying
Promoting your new product\service
Collective buying can be effectively used to launch new products or services.
Significant discounts attract people, increase their loyalty and turn them into your regular buyers.
Group purchasing scheme can create brand awareness for relatively unknown businesses, reduce business costs and increase competitiveness in the local area.
Being organized at city level, group deals help merchants to geo-target customers.
Fast promotion via social networking sites
Collective bargaining is a great way of your website promotion. No money is spent, but real traffic is drawn. You buyers share your offers with their friends in Facebook, Twitter, or Google +. Thereby they band together to get better deals or discounts.
How to arrange group buying on your website
Native Magento functionality doesn’t allow arranging collective buying. It means that if you want to boost-up your business, you should:
- Install the Group Deals extension from aheadWorks.
- Set up deal’s conditions.
- Start the deal!
Why Group Deals is the best solution for group buying
|With the Group Deals Magento extension, you CAN:
With the Group Deals Magento extension, you GET:
With the Group Deals Magento extension, you are EMPOWERED TO:
CE version price: $299
Learn more about this extension for collective buying on the Group Deals page.