Co-Buying BuyaPowa Launch
BuyaPowa – a new form of group-buying website launched this September – promises the kind of discounts previously only available to retailers. It offers products in three categories: technology, beauty and family.
Like Groupon, BuyaPowa gives consumers the ability to team up in order to purchase items at discounted bulk-buy prices. The brainchild of former HMV director Gideon Lask, the site lists items for a limited period, and only releases them once enough people have signed up for the deal.
Unlike Groupon and its cohorts, however, which simply sell products at set discount prices, BuyaPowa’s merchandise decreases in price as more people opt to buy it. And the person who brings in the most co-buyers receives the item for free. For example, an iPad cover at a retail price of £34.99 could fall to as little as £17.99 if more than 75 co-buyers sign up. Those who buy early risk having to pay the full price, motivating them to get friends and family involved later in the process.