Group Buy Engine is a California based company whose mission is to serve as THE platform for vendors looking to sell products and services online in grouped sales.
Group Buy Engine wanted to introduce an advanced, Magento based online marketplace for group buying of performance auto parts, for different vertical segments in the consumer market. The group buy mechanism they envisioned was very different from conventional group deals, and the company believed that providing such a unique marketplace would give them a significant edge over their competitors.
The company chose Folio3 as its development partner for this venture, due to Folio3’s expertise in both the Magento platform as well as in group buy systems design and implementation.
Based on Group Buy Engine’s requirements, Folio3 designed and developed a unique, Magento based online marketplace for group buys called GangUp within just 8 months. The platform enables Group Buy Engine to offer both multi-tiered, discount based group buy deals to visitors, as well as over a dozen other types of group buy based discount deals from other vendors simultaneously. The solution works by offering multiple discount tiers (tied to number of interested buyers) for every group buying auction/deal. This discount keeps on increasing based on the number of interested and committed buyers. Once enough buyers show their interest, the group buying deal goes in two phase where each buyer then has to show their commitment to buying the product, in order to unlock the first discount tier. Once this is done, then after a pre-set time period the deal becomes live and the committed buyers can then make their payments and place their orders. The platform also provides the following functionality.
Thanks to Folio3 efforts, the GangUp marketplace was a huge success, surpassing Group Buy Engine’s quarterly sales target from just the first three group buy deals it offered. Aside from sales, the platform has also helped Group Buy Engine enhance their bottom line, by forging partnerships with numerous vendors, who are now selling their products on the GangUp marketplace, in return for a share in their sales revenue.
Group Buy Engine was so happy with the success of the GangUp marketplace that it has engaged Folio3 as its long term Magento development partner, to help them further enhance and maintain the GangUp marketplace.
“I can’t thank Folio3 enough for making our vision a reality. This idea was new in our industry and we weren’t sure whether it would deliver, but the system that Folio3 built was worth it in the end. I’m very pleased about what we’ve achieved with this new marketplace, and very proud of the praise that it gets from our vendors”.