GrOffr Takes Group Buying to a Whole Other Level
Michael Hines — May 18, 2011 — Business
References: groffr & springwise
Add houses to the growing list of things you can buy online as a part of a group. An Indian daily deals website called GrOffr offers users the chance to go in on properties, along with cars and electronics.
GrOffr is based in Mumbai and sources all of its housing deals itself. The listings look like a normal real estate ad, with the exception that you will be told how much you will save by using GrOffr. There is also a time limit on when you must buy the place.
Although this may sound strange, it is apparently a big hit as the site has already moved $25 million in real estate. I can see how this would be a hit in India, as many people can't afford to buy things such as cars and homes on their own, but they can with the help of a few other people. Whether or not this type of deal could be executed in America remains to be seen, although I think it would be a big hit with regards to rental property.
GrOffr is based in Mumbai and sources all of its housing deals itself. The listings look like a normal real estate ad, with the exception that you will be told how much you will save by using GrOffr. There is also a time limit on when you must buy the place.
Although this may sound strange, it is apparently a big hit as the site has already moved $25 million in real estate. I can see how this would be a hit in India, as many people can't afford to buy things such as cars and homes on their own, but they can with the help of a few other people. Whether or not this type of deal could be executed in America remains to be seen, although I think it would be a big hit with regards to rental property.
Trend Themes
1. Group Real Estate Buying - Disruptive innovation opportunity: Introducing group buying for real estate, allowing people to pool resources and afford homes and properties they couldn't otherwise.
2. Online Group Buying - Disruptive innovation opportunity: Expanding group buying beyond traditional retail items, allowing people to purchase high-value items collectively.
3. Time-limited Deals - Disruptive innovation opportunity: Creating urgency and driving sales by offering time-limited deals on real estate, encouraging faster decision-making and reducing inventory.
Industry Implications
1. Real Estate - Disruptive innovation opportunity: Introducing new business models and platforms in the real estate industry that enable group buying and time-limited deals.
2. E-commerce - Disruptive innovation opportunity: Incorporating group buying models into online retail platforms, expanding the scope of products and services that can be purchased collectively.
3. Technology - Disruptive innovation opportunity: Developing technological solutions that facilitate secure and efficient online group buying, enhancing user experience and trust in the process.
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