eSwarm: Group Buying Online
Buyers register for a free account then join current swarms (groups of buyers) or create new ones. Swarms can be focused on any consumer good, debt refinancing, pre-paid gift and debit cards and even insurance products. Sellers then bid for the business.
The theory is that the larger the swarm, the more attractive it will be to sellers. Once a seller lodges a first bid, membership to the swarm is frozen and other businesses have 48 hours to counter bid.
eSwarm also provides charities and organizations with a fundraising tool; creators of swarms can stipulate that a percentage of the total sale is donated to their charity of choice.
There is not a lot of activity on the site as yet, but it is growing. CEO Tim Newcomb says that eSwarm is a “global economic revolution;” it’s not, but it does have potential.
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