For newcomers in China group purchasing or tuangou is a revelation, depending whether you are buying or selling. Flash mobs of buyers, organized by the internet, appear in groups at stores and demand hefty discounts in exchange for quantity. Sam Flemming of CIC, who is analyzing the buzz on the internet, tells Scott Tong of Market Radio, this great concept might as well become China’s next export product, starting with the Chinese in other parts of the world.
Sam Flemming: What good is the store, right? You can do all the research, you can talk to 10,000 other people who already have the product and give you their personal recommendation. It’s fundamentally changing the rules of commerce.