4040100. Tuangou. Products and services offered at a volume discount Group buying, also known as collective buying, offers products and services at significantly reduced prices on the condition that a minimum number of buyers would make the purchase. Origins of group buying can be traced to China, where it is known as Tuán Gòu (Chinese: 团购), or team buying.[1] In recent times, group buying websites such as Pinduoduo in China have emerged in the online shopping business.
Typically, these websites feature a "deal of the day", with the deal kicking in when a set number of people agree to buy the product or service. Buyers then print off a voucher to claim their discount at the retailer. Many of the group-buying sites work by negotiating deals with local merchants and promising to deliver a higher foot count in exchange for better prices.
In 2000, with financial backing from Microsoft, co-founder Paul Allen started an e-commerce start-up called Mercata with a business plan dubbed "We Commerce".
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