"Group buying" usually evokes images of families at Costco loading shopping carts with toilet paper in bulk; however, the concept is making a modernized comeback via social media, giving consumers access to deals at high-end retailers.
The newly launched SocialBuy will allow consumers to score the best deals on everything from designer labels and facials to four-star dinners and cruises. For deals that accumulate enough interest, buyers can save up to 90 percent through a "savings in numbers" model.
SocialBuy offers a local "Deal of the Day" for consumers, including popular Los Angeles shops such as Sprinkles Cupcakes, Dolce Group, and Sunset Tan. SocialBuy.com also has an outpost for San Francisco where deals on local entertainment, restaurants, shopping and beauty will be highlighted.
Group Buying Sites
Socialbuy Uses Social Media to Find Luxury Bargains
Trend Themes
1. Group Buying - Disruptive innovation opportunity: Explore new ways to leverage social media and group buying models to offer consumers access to deals at high-end retailers.
2. Luxury Deals - Disruptive innovation opportunity: Develop platforms that curate exclusive discounts on luxury products and experiences to attract affluent consumers.
3. Local Deals - Disruptive innovation opportunity: Create localized platforms that offer daily deals on entertainment, restaurants, shopping, and beauty to cater to specific regions.
Industry Implications
1. E-commerce - Disruptive innovation opportunity: Integrate group buying features into e-commerce platforms to enhance customer engagement and generate sales.
2. Hospitality - Disruptive innovation opportunity: Collaborate with group buying sites to provide exclusive deals on luxury dining experiences, hotel stays, and travel packages.
3. Retail - Disruptive innovation opportunity: Partner with group buying platforms to offer limited-time promotions on high-end fashion, beauty products, and accessories.