Group Buying Online – 4 Websites to Check Out

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Today’s guest post is contributed by Kate Willson, who writes on the topics of top online colleges.  She welcomes your comments at her email Id:

Group Buying Online: 4 Websites

Sure, lots of us still clip coupons from the local paper and are always quick to mail out our rebate forms to get our money back, but how many of us participate in online savings programs that send coupons for local businesses directly to our email accounts? How many of us are even aware that these programs exist?

Coupon and promotion sites have grown recently into the latest money-saving craze on the internet, giving rise to new terms like ‘group buying’ and ‘social network consuming.’ The founders of these sites are looking to leverage the power of social media in order to save consumers money, create sales revenue for businesses, and earn a profit via service fees for organizing the whole package. What this means for you? Huge-savings!

These sites are simple to use and offer many opportunities to save money while patronizing local and national businesses. Basically, they work something like this: you sign up at the site, and you get daily emails about local deals and coupons, which you can then decide to purchase if you’d like or pass up the deal for another one later on. They also have credit opportunities if you refer friends to use the service. Usually these sites will have a limited time span for the deal to go through, and if not enough people pledge to purchase the deal or coupon or rebate, the deal gets canceled. Of course, every site will have its own differences, so you’ll want to look out for what’s best for you. Before you sign up, feel free to do a little more research and make sure the one you choose supports businesses near you.

The sites benefit consumers and businesses because they not only allow people who buy things to save money while enjoying what they most often would usually buy anyway, but also protect businesses that might otherwise lose money with these sales if there was a low turnout of consumers willing to purchase the product. The idea is that in order to break even or make a little bit of profit with these deals, the business needs to attract a certain amount of sales traffic, so often these sites build in a kill switch that stops the deal if a certain amount of pledges haven’t been made. The site refunds the money, thus saving consumers and businesses from a bad transaction.

So, if you’re still interested, here are four online group buying websites to check out:

Groupon, of all the group buying web sites, has earned perhaps the most since opening up shop in 2008.

Jasmere allows you to access its discounts without signing up or joining an online club.

8coupons is based around the number eight: eight deals a day, prices around eight dollars for items, and so on.

Deals.Woot aggregates deals from across the internet, with a sponsored deals section and a community deals section that lists deals recommended by users.

How about you all? Have you ever used group buying websites? If so, which ones did you use? Please share your experiences by commenting below!

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