What is Social Buying
Social Buying is poised to revolutionize online payments, offering retailers a new avenue for generating additional revenue.
Developed by Cobuyr, Social Buying empowers consumers to make purchases in groups with friends, family, colleagues, and members of various communities for the first time.
Thanks to innovative technologies, Social Buying enhances the shopping experience by integrating the social dynamics of group buying, which have traditionally been limited to in-store or mobile app interactions (similar to how Uber allows you to split a taxi fare).
The rise of Social Buying is fueled by consumers' desire to shop collaboratively online, combined with advancements in technology that integrate payments, e-commerce, customer relationship management (CRM), analytics, and artificial intelligence (AI).
In contrast to traditional payment methods, which only allow retailers to sell to one customer at a time - where Customer A visits an e-commerce site, selects a product, and completes a single-party payment transaction - Social Buying enables retailers to cater to multiple customers simultaneously. In this model, Customer A can invite Customers B, C, and D to join in the purchase during checkout, resulting in a multi-party payment transaction.
It's crucial to distinguish Social Buying from simple split payments, which merely divide the cost of a product. Social Buying involves group purchasing with significant real-time engagement and interaction throughout the payment process, both before and after the transaction is completed while enabling co-buyres to split the order by cost and by number of products in the basket.
The benefits for retailers are substantial:
Reduced customer acquisition costs, as multiple customers can be secured in a single transaction.
Increased average order value, as customers tend to spend more collectively.
Preservation of profit margins without the need for discounts to attract and retain customers.
Access to networks of eager buyers based on personal connections.
Valuable insights into the relationships and networks of thousands of customers.
What excites me most about group buying is the wealth of data retailers across many industries can harness to better connect with, engage, and serve their customers.
Historically, retailers have focused on marketing to individual customers. With group payments, they can now tap into their customers' social circles, unlocking a treasure trove of data that provides unparalleled insights into purchasing behaviors, such as who is buying with whom and the motivations behind those choices.
Welcome to the era of Social Buying pioneered by Cobuyr.