What is Group Buying in Retail? Explained

Group buying, also known as collective buying or bulk buying, is a purchasing model in which a group of consumers comes together to leverage their collective purchasing power for discounts on products or services. In retail, group buying typically occurs online through platforms that negotiate deals with businesses. Consumers benefit from lower prices or exclusive offers when a certain number of participants commit to making a purchase. This model encourages social sharing and collaboration, creating a win-win scenario where consumers enjoy discounted prices, and businesses attract a larger customer base through the power of collective buying.