Plukka.com Business Model: Fresh approach to Group Buying
A new startup called Plukka.com is an e-commerce site focused on high-end designer jewelry, takes a whole new approach to group buying.
- Browse through their listings of various jewelry items.
- When you’ve found what you want, you add the item to your cart
- Even though your credit card is blocked for the original amount, the transaction only goes through after the final amount has been calculated.
- See, prices on the jewelry at Plukka slowly go down as more and more people want to buy it.
- It becomes available on the site for one or two days, and if even one person wants to buy it, Plukka will make it.
- The time period also extends to allow for more potential buyers, and the more people who purchase, the more the price drops.
- At the end of the event, the final low price is the same for everyone, whether you were the first to buy or the last.
The video below describes the business model