- CNTV English - CCTV News

Group purchase catches on in China

08-06-2010 08:36 BJT

Watch Video

Play Video

A new way to buy things on the Internet is becoming more and more popular among young people. Instead of shopping on an individual basis, netizens are putting their orders together to get a better deal.

If you search the keyword "Group Buy" in Chinese, you'll find more than 100 million results. Industry observers say there are nearly one thousand websites organizing group purchases in China. The annual turnover is estimated at a minimum of one billion yuan.

It all started when American website Groupon went online in November 2008 and soon became a commercial success.

Chen Sxhousong, Analysts international, said, "Groupon can achieve a gross profit ration of 10 percent. That's quite high. The business model is no doubt very lucrative. That's why many Chinese companies followed.", a Chinese group buy website went online in March this year. It started making profit in May. The founder believes in rapid growth.

Wu Bo, Founder & CEO,, said, "The trend of group buying is catching on all over the world. Groupon's success in the US inspired businessmen elsewhere and we saw explosive growth."

The merchandise on group buy websites is sometimes unbelievably cheap. For example, more than 5 thousand people joined a group purchase and bought concert tickets for 35 yuan each. The original price was 150 yuan per ticket.

A group buy participant said, "Many group buy events attract a large number of consumers, it makes you feel safer to join them."

Many other group buy enthusiasts believe they have found a new lifestyle. They will look for reasonably-priced goods and services almost everyday on the Internet.

Editor:Zhang Jingya |Source:

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program