Chapter
The Cost Efficiency of Group Buying for Physical Products
53:18 - 57:32 (04:14)
The practice of group buying for physical products is cheaper as companies do not have to spend on marketing expenses. However, this strategy is not applicable to digital products with zero cost of goods sold.
Clips
Group buying of physical products can be cheaper as it eliminates the cost of marketing and allows for batch delivery to a central location.
53:18 - 55:33 (02:15)
Summary
Group buying of physical products can be cheaper as it eliminates the cost of marketing and allows for batch delivery to a central location. This approach may not work as well for digital products with low cost of goods sold.
ChapterThe Cost Efficiency of Group Buying for Physical Products
Episode#129 - Why Elon Musk Is the Greatest Dropshipper and A Low Key Company Making Millions From Politics
PodcastMy First Million
"Buy One, Get Two Free" type of promotions work because of the psychology behind the deal.
55:33 - 56:29 (00:55)
Summary
"Buy One, Get Two Free" type of promotions work because of the psychology behind the deal. By offering an attractive deal, businesses are able to turn their customers into marketers and effectively boost sales.
ChapterThe Cost Efficiency of Group Buying for Physical Products
Episode#129 - Why Elon Musk Is the Greatest Dropshipper and A Low Key Company Making Millions From Politics
PodcastMy First Million
The store Two Free Boots has taken the concept of group buying to the extreme by selling products for free if enough people buy them.
56:29 - 57:32 (01:02)
Summary
The store Two Free Boots has taken the concept of group buying to the extreme by selling products for free if enough people buy them. The success of this strategy has potential for online retailers to use and expand upon.