Is http://ubuyibuy.com slowing down? Or do Hongkongers just not care for Italian food? Their current (at the time of this writing) deal has been up more than half the day already and has only sold 35 coupons — low considering their first several daily deals were consistently around 200, with one from AMC Threatre selling 1500.
Something else different with this deal is the deal timer, which currently reads 60 hours remaining. Is this a three day deal? This multi-day or week long strategy is what other sites like http://funshare.com (which I learned of bc they tweeted me after my last post) and http://twangoo.com are doing to make up for having a smaller audience. But I’ve heard of another strategy.
When I was in Shanghai a couple months ago for the World Expo I met the founders of another Groupon clone, http://cooltuan.com. With them there was some joking about these clone sites just buying all the coupons themselves and giving them away to their large extended families and friends. There was also some suggesting that other mainland knockoffs were absolutely using this strategy, especially at first.
For all these sites, the real Groupon included, you can’t NOT sell all the coupons. The base number doesn’t function as a real minimum anymore, it just has to be set high enough to encourage early, excited deal seekers to send it to a couple of friends. And, what it’s really about, especially when you’re a clone site hoping to stand out from the other 200 on the block and be purchased for hundreds of millions, is showing off how far ABOVE the minimum you’re selling.
As the plan goes, once you get some press for that, then hopefully the bandwagon effect will have worked and you can slowly phase to over to all genuine buys.
I’m not saying http://ubuyibuy.com is doing this, I think the fact they now have over 40,000 Facebook fans is proof they are legit. Nevertheless, seeing their numbers drop a little bit, and now the extended time makes me think perhaps something is up. Their Taiwan site is also showing 60 hours remaining on it’s current deal.
Anyhow. It’s raining in Seoul.