Group buying stalls in Asia

The Asia Pacific group buying market is in consolidation mode due to intense competition, according to a new report from Daily Deal Media. According to the new report 798 daily deal sites shut down globally in the second half of 2011. In Asia the contraction was profound with 1,348 Asian daily deal sites swithcing to becoming …

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Posted Tuesday 24th January 2012 00:27 GMT

Anonymous Coward

Set the wayback machine to

Set the wayback machine to 2000 or so.

Anytime just before letsbuyit.com collapsed will do.

Although letsbuyit.com was more about group buying than daily Groupon-style deals.

http://news.bbc.co.uk/1/hi/business/1092257.stm 29 Dec 2000

"European web retailer LetsBuyIt.com has filed for a suspension of its debt payments and suspended trading in its shares.

LetsBuyIt.com is the latest web retailer to run into financial trouble this year. The firm's business model is unique, though, allowing shoppers to "co-buy" - i.e. make joint purchases - in order to qualify for bulk discounts.

Launched in April 1999 in Sweden, the company now operates in 14 countries and 12 languages in Western Europe.

LetsBuyIt.com continues to make losses, and hopes that an extra 80m euros ($74m, £50m) will enable it to survive until it reaches profitability.

[continues]"

And the rest, obviously, is history.

As reported also right here on El Reg:

http://www.theregister.co.uk/2001/01/18/letsbuyit_com_very_very_nearly/

Other Letsbuyit Stories right here on El Reg (follow the link above to get to them):

CoShopper in talks to buy Letsbuyit.com

Letsbuyit.com bosses resign en masse

Letsbuyit shares go down the toilet

Letsbuyit.com teeters over debt abyss

Letsbuyit wants £48m to help it into the black