The Buying.com Prime Protocol: Introducing WeBuy PART II
First we took a look at Buying.com’s Prime Protocol and its three main products. Now, let’s dive deeper into one of those products, WeBuy — the social group buying network making bulk pricing available to everyone.
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What is WeBuy and How Does it Fit into the Prime Protocol?
WeBuy is one of three main decentralized e-commerce products in Buying.com’s Prime Protocol. Working alongside iDistribute (a micro-distribution network) and Genesis (a retailer-generated inventory), WeBuy allows both consumers and small sellers to purchase directly from manufacturers, wholesalers and distributors. This is called social group buying and many of us have experienced with big names like Sam’s Club, Costco and even Alibaba. But, what makes this business model possible in practice is something that’s typically less understood — Minimum Order Quantity.
Minimum Order Quantity or MOQ for short, is the amount necessary to obtain the best possible pricing direct from manufacturers and wholesalers or exclusive distributors. This is often an easy number to meet for big businesses with sufficient money and resources, but for smaller sellers, qualifying for bulk pricing is typically far out of reach. Buying.com is changing that.
With the Buying.com app and WeBuy’s decentralized network, Buying.com makes it possible for e-commerce businesses to essentially pool their resources. In a Business to Business model, a handful of small sellers are able to join forces to achieve minimum purchase requirements and unlock bulk pricing. This is a major step in giving small businesses equal opportunity in a competitive market.
But what if together these small businesses still cannot meet the MOQ? In cases where sellers working together are still unable to meet the minimum quantity, Buying.com opens it up to consumers in a B2C or Business to Consumer model. Consumers can join in on the effort with small sellers to help everyone reach the best pricing possible.
How does WeBuy Benefit Sellers and Consumers?
WeBuy gives both sellers and consumers greater opportunity in an e-commerce market currently dominated by larger players. It allows decentralized group buying among multiple businesses and consumers, giving small sellers access to the best pricing and a much needed leg up in the market. Meanwhile, consumers benefit from wholesale pricing typically unavailable to them.
Another benefit to sellers is an increase in their market reach. Small businesses can now deal directly with consumers via the Buying.com platform, and so their potential market is no longer limited by an inability to reach minimum order quantity requirements. With this comes the opportunity for small sellers to offer special products or liquidate overruns in inventory by reaching out directly to consumers.
In Conclusion
Buying.com’s innovative Prime Protocol is decentralizing e-commerce and giving small sellers and consumers equal opportunity in an industry previously dominated by big-box retailers. The WeBuy product is the first step in making this all possible. By allowing businesses and consumers to work together to obtain bulk pricing, a more level playing field and a new generation for e-commerce are possible.
Stay tuned for more information on iDistribute and Genesis, two more product pieces within the Prime Protocol.
