Monday, 11 October 2010

How Group Buying Is Changing the Retail Game & Why Reviews Matter

Everyone (including AOL last week) is jumping on the group purchasing bandwagon as Groupon, who were profitable seven months after inception, is now on track to become the fastest company to reach $1 billion in sales.
But this group buying phenomenon is also pushing businesses to improve their customer experience.  In fact, reviews and discounted buying are two very powerful strategies that result in the same implication for business.
  • Reviews drive sales, and can point to how to improve products. 
  • Discount buying sites drive sales, but require brands to become better to retain profitable customers. 
  • Both underscore that how you build your products and business matters most. 
Make your products exceptional.  
  • This will enable success on group buying sites.  And listening to customer feedback can help you get there.
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