{"id":8144,"date":"2011-03-28T05:03:31","date_gmt":"2011-03-28T05:03:31","guid":{"rendered":""},"modified":"2011-03-28T05:03:31","modified_gmt":"2011-03-28T05:03:31","slug":"China-coupon-companies-not-afraid-of-Groupon","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=8144","title":{"rendered":"China coupon companies not afraid of Groupon"},"content":{"rendered":"

Following the trends of the millions of like-minded Chinese<\/strong>, is completely fascinated by group buying, which has completely overwhelmed eCommerce in a country where getting the best possible discount is virtually a national pastime.<\/p>\n

\u201cEver since, I\u2019ve gotten in the habit of using it to buy meals every time I go to a restaurant,\u201d she said.<\/p>\n

In group buying, websites offer goods or services at a special low price, but on the condition that a minimum number of customers get in on it.<\/p>\n

Thanks to the Chinese zeal for a bargain and the country\u2019s huge internet market \u2014 its online users are estimated at more than 450-millio<\/strong>n \u2014 practically anything can be bought or sold or here.<\/p>\n

On the country\u2019s first site, lashou.com, buyers can purchase DVDs, sweets, beauty creams, hotel rooms, fruits and vegetables, basketball shoes, tablet computers, wedding portraits and a myriad of other offerings.<\/p>\n

Each item shows how many buyers must commit for the \u201cgreat offer\u201d to become a reality. Sometimes all it takes is five or ten people.<\/p>\n

In September, taobao.com \u2014 China\u2019s answer to eBay \u2014 launched its first group-buying offer<\/strong> with a batch of 205 ultra-compact Smart cars at a price of 135,000 yuan, nearly 25 percent off the regular price.<\/p>\n

They sold out in just under three and a half hours.<\/p>\n

China had 1,880 group-buying sites at the end of 2010, up from 1,215<\/strong> at the end of August, according to the China E-business Research Centre.<\/p>\n

China\u2019s overall e-commerce activity rose 22 percent last year<\/strong>. Growth expectations are nonetheless high, and experts say online consumer spending could double within two years.<\/p>\n

With giants like Groupon and Tencent entering the fray, 2011 will be a tough year for smaller sites like lashou.com (China’s first site), jumei.com\u2019s Leo Chen said.<\/p>\n

But lashou.com Chief Executive Wu Bo is confident about his company\u2019s home field advantage.<\/p>\n

\u201cWe do not need to be afraid of Groupon,\u201d<\/strong> Wu said.
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