These social shopping sites get local businesses to offer significant discounts and sells the product or service in bulk to anyone who signs up that day. LivingSocial has an additional element in that the more people that purchase, the lower the price drops. If you sign up at 8am when the price is $20 and by the end of the day it’s at $10, you’re only charged $10.
Do you find that getting 50% off is just too good of a deal to pass up?
Then you should probably stop using those sites. The prices are great, but if you’re buying simply because the prices are low, you’re buying for the wrong reason.
However, if you’re buying because you were interested in whatever was being offered that day anyway and now you can get it for cheap, then knock yourself out!
For example, there were two offers recently that I was interested in. The first was paintball for two people for $50. I have no plans to go paintballing, but the price was really good and I wanted to jump on it before the offer expired. I almost did it, but held off because I knew it wasn’t something important, just something that sounds awesome (who doesn’t like getting hit with tiny balls of pain that hurt like hell when they hit you?)
The other deal was $20 for a $40 tab at a bar down the street. I don’t go there too often, but being able to go and buy a few rounds with friends for half price seems pretty good. I’ll be able to impress my friends, have a good time, and save money at the same time.
Do you see the difference? Do you think you can hold off on purchases even if they look really good?
On the flipside, a friend of mine has started a new social buying site, Just My Lux, which ofers luzury items around Washington, D.C. Local businesses offering huge discounts? Sounds pretty awesome. Who knows, maybe there’s something you’re interested that will can be have for less. Looking for a cheaper round of golf that will impress a colleague? Want to go on a nice date but are afraid to spend all that money? As opposed to Groupon and LivingSocial, this has the opportunity to save you a significant amount of money. Head over and sign up and in a few weeks we’ll see some cool products.
Do you Groupon? Why or why not?