GROUP BUYING

Group buying or community group buying (CGB) model is referred to as another form of e-commerce where the minimum number of consumers buy goods and services at reduced prices. The concept of group buying works like cooperatives, where a large number of people buy from a merchant or Service Providers.
 
Group buying is a popular trend in China, which has one of the highest e-commerce uses in the world. Large players such as Pinduoduo, Meituan, and Didi are competing with each other to tap this market.

Collective (or group) buying models aren’t just disruptive because they empower consumers to get great deals. They also cut out the traditional distributors in the supply network, helping keep costs really low for consumers by passing bulk buy savings directly to them. 

In the last decade or so, the importance of e-commerce in our lives has increased exponentially. But it has been the Covid-19 pandemic that has made e-commerce usage increase tenfold. From groceries to medicines, clothes to appliances, when getting out of the house is near impossible, ordering online saves the day. And perhaps the next big evolution in the e-commerce arena is the rise of what is known as ‘Community Group Buying’, a means in which residents in a specified area can purchase goods in larger numbers for lower prices or with special offers, making it a win-win scenario for buyers and sellers alike. The idea is rapidly catching on in residential areas and more and more tech platforms are catering to these consumer needs.

Potential home buyers connect with one another through a common platform like
” Gingerprops.in ” usually provided by a third party or a group buying company (referred to as company hence forth), and form a group. The company then goes to the builder with a couple of orders and negotiates for possible discounts.

The members of the buyer group can share common Costs involved such as a home loan, lawyers’ fee and consultant fee’s. needed to complete the transaction.
Bank loans can be availed easily and at better proposition as the banks like to get bulk business through group buyers.
Buyers can avail discounts in various Costings like concession in processing fee or complete waiver of processing fee, lower interest rates and also can avail waiver in the Pre Close and Part payment of the loan amount.