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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 [ citation needed ] where tuángòu or team buying was executed to get discount prices from retailer when a large group of people were willing to buy the same item. In recent time, group buying websites have emerged as a major player in online shopping business. Typically, these websites feature a " deal of the day ", with the deal kicking in once a set number of people agree to buy the product or service.

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http://en.wikipedia.org/wiki/Group_buying
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