Only a few months old, group buying site Numberspay has already shown it is able to generate revenue while saving its customers money.
The site works by finding discounts for groups of college students on popular products like Ray Ban sunglasses or iPod accessories. When a preset number of buyers is found, the product is sold at a deep discount. As more people pledge to buy the product, the price gets even lower.
Numberspay currently discovers products by searching for retailers who offer lower costs for buyers in bulk. But founders Steven Pecora, Darrin Cromwell, Matthew Conetta, and Cosmin Ghotta hope to one day partner with manufacturers directly to get even better deals. Numberspay also plans to expand beyond just college students.
No one's calling it a boom, but big business is back to mining for talent among recent graduates.
