New Ways of Purchasing Goods

You may have heard of priceline.com, the website made famous by William Shatner.  This website allows you to participate in an electronic auction, where you offer a price that you’re willing to pay for common items such as hotel rooms… Well, it appears that the Chinese have come up with their own variation of innovative e-commerce.  There is a website called teambuy.com that facilitates group buying.  People agree on a place and time to meet, then enter the store in crowds of up to 500 people at once. The crowds tell the store owners that they all want to buy, say a TV or a stereo, but everyone wants 10 to 30% off the retail price.

2 comments

  1. That does sound pretty interesting. Does it work? Do they all have to buy the same item in order to get a discount? Do stores even carry 500 TVs in inventory?

    I think I would be more inclined to just wait for a sale…!

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