subject: The Group Buying Phenomenon: Why it's so popular [print this page] The Group Buying Phenomenon: Why it's so popular
Group buying has hit Vancouver, and the world, by Storm! Group buying sites, offer local coupons and can save you 50-75% but only honour them once a minimum number of people purchase them. They encourage you to use your social networks to spread the word about the daily deal so it reaches that minimum amount and the "deal is on."
These coupons offer amazing, unbeatable deals for local attractions, services, and businesses. They can only be purchased that 1 day, but you don't have to redeem them right away. Each coupon has an expiry date, details exactly what the coupon can be used towards, and any exceptions if applicable. In Vancouver, various group buying sites have offered coupons for salons, restaurants, tourist attractions, ice cream, yoga, and make-it-yourself wine shops.
So why has group buying become the newest phenomenon in Vancouver? Maybe because it leverages the power of Social Media! They make it easy to tweet and post Facebook updates of their daily deals, and then the power of "word-of-mouth" and referral marketing takes over. Many group buying sites will even offer cash for referrals!
How to buy coupons
Group buying is a great way to save money and try new things. Many coupons offer savings of at least 50%, but most can save you closer to 75% off normal rates for that product or service. You can sign up for a daily email with their current coupon, or check their website each day. When you see a coupon you like, click the buy button, enter your credit card information, and your coupons are electronically delivered to you.
Refer others to the deal with your unique referral code and when they purchase their first coupon, you get a referral fee that can be used towards your next coupon.
Benefits for businesses
The benefits for the consumer are obvious. But why would a business want to offer such high discounts? First of all, it is great exposure and cheap advertising. Group buying websites take a small portion of the coupons actually sold. The advertiser sets the minimum and maximum number of coupons they are willing to sell. People will use social media and word-of-mouth to promote their business
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