Platform for Purchasing Groups

Academic Program: Industrial Engineering and Management

Purpose/Essence of the Project

Lowering consumer prices by forming a purchasing group.

Describe the Product/Project

The project involves developing an online platform for managing and joining purchasing groups for private consumers. The system allows for pooling purchasing power, for creating product bundles, and for dynamic pricing that progressively lowers costs as more participants join. Additionally, it incorporates recommendation and personalization mechanisms to improve user experience and financial efficiency.

How Was the Idea Born?

The idea was born from recognizing the gap between high prices for the individual consumer and the significant markdowns available for large-quantity purchases. We realized that currently there is no available, simple solution that allows consumers to band together in a smart, automated way. This prompted the need for a platform that connects users with similar needs and leverages their purchasing power.

Why Did You Choose This Project?

As students who are just starting out, and deal among other things with moving into their first apartment and high expenses, we experienced the financial difficulty firsthand. We chose this issue in order to create a practical solution that lowers costs and helps young consumers to manage their expenses more wisely. The project combines a social aspect with a clear financial benefit.

Is the Project Connected with a Personal Story of Yours or of Someone You Know?

In recent years, we’ve moved into our own apartments, and had our first encounter with the numerous expenses involved. While buying electrical goods, furniture, housewares, and other products, we found that the price differences between a single purchase and a large-volume purchase can be very significant. At the same time, we realized that the individual consumer has almost no ability to enjoy the prices given to organizations or large groups. This experience reinforced our understanding of the need for a solution that will allow consumers to unite easily and leverage their joint purchasing power.

What Need Does It Address and for What Population?

The system allows private consumers to benefit from the discounts of wholesale purchases without the need to purchase large quantities on their own. It simplifies the process of grouping together, saves time and effort, and makes lower prices accessible to a wide public. Thus, it contributes to lowering the cost of living, and improves the consumer’s bargaining position with suppliers.